[(1) For the purposes of this Part, a person (“A”) reduces control over a UK authorised person (“B”) whenever—
(a) the percentage of shares which A holds in B or in a parent undertaking of B (“P”) decreases by any of the steps mentioned in subsection (2);
(b) the percentage of voting power which A holds in B or P decreases by any of the steps mentioned in subsection (2); or
(c) A ceases to be a parent undertaking of B.
(2) The steps are—
(a) from 50% or more to less than 50%;
(b) from 30% or more to less than
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