The following Corporate Crime guidance note provides comprehensive and up to date legal information covering:
Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires individuals or corporate bodies wishing to acquire or increase control in a UK authorised firm to seek prior approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). An existing controller must also notify the FCA or PRA when decreasing or ceasing control in a firm. SUP 11 in the FCA Handbook and the Change in Control Part of the PRA Rulebook give full details of the thresholds and requirements.
Notifications for acquiring or increasing control are known as section 178 notifications and should be submitted to the FCA or the PRA as soon as a decision is made to acquire. Prior approval from the appropriate regulator is needed before there is any acquisition or increase in control.
For further information on the change of control regime, see Practice Notes:
FSMA 2000 controllers regime—key concepts
Obligations of controllers—acquiring and increasing control
Obligations of controllers—reducing or ceasing control
FSMA 2000 controllers regime—obligations for firms
FSMA 2000 controllers regime—fund managers
Enforcement of the FSMA 2000 controllers regime
FSMA 2000, Part XII covers FSMA 2000, ss 178–192, which were substantially amended as of 21 March 2009 by SI 2009/534,
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234