Part XII Control Over Authorised Persons (ss [178-192)
Part XII Control Over Authorised Persons (ss [178-192)

[178 Obligation to notify the [appropriate regulator]: acquisitions of control]

[(1)     A person who decides to acquire or increase control over a UK authorised person must give the [appropriate regulator] notice in writing before making the acquisition.

(2)     For the purposes of calculations relating to this section, the holding of shares or voting power by a person (“A1”) includes any shares or voting power held by another (“A2”) if A1 and A2 are acting in concert.

[(2ZA)     This section does not apply if the only regulated activity for which the UK authorised person has a Part 4A permission is the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).]

[(2A)     In this Part, “the appropriate regulator” means—

(a)     where the UK authorised person is a PRA-authorised person, the PRA;

(b)     in any other case, the FCA.]

(3)     In this Part, a notice given under this section is a “section 178 notice” and a person giving notice is a “section 178 notice-giver”.]

[179 Requirements for section 178 notices]

[(1)     A section 178 notice must be in such form, include such information and be accompanied by such documents as the [appropriate regulator] may reasonably require.

(2)     [Each regulator] must publish a list of its requirements as to the form, information and accompanying documents for a section 178 notice.

(3)     The [appropriate regulator] may impose different requirements for different cases and may vary or waive requirements in particular cases.]

[180 Acknowledgment of receipt]