Securities Markets Order, 2013 · As enacted · Part I · Preliminary
4. Acquiring control
Official textFrom Attorney General's Chambers, unchanged
For the purposes of this Part, a person acquires control over a regulated person (acquirer) if he -
(a} holds 10 percent or more of the shares in the regulated person;
(b}
is able to exercise significant influence over the management of the regulated person by virtue of his shareholding in the reguJated person;
(c}
holds 10 percent or more of the shares in a parent undertaking of the regulated person;
(d}
is able to exercise significant influence over the senior management of the parent undertaking by virtue of his shareholding in that parent undertaking;
(e}
is entitled to exercise, or control the exercise of, 10 percent or more of the voting power in the regulated person;
({}
is able to exercise significant influence over the management of the regulated person by virtue of his voting power in the regulated person;
is entitled to exercise, or control the exercise of, 10 percent or more of the voting power in the parent undertaking; or 1238
{h} is able to exercise significant influence over the senior management of the parent undertaking by virtue of his voting power in the parent undertaking.
In subsection (1), "acquirer" means -
{a)
the acquirer;
{b)
any of the acquirer's associates; or
{c)
the acquirer and any of his associates.
For the purposes of this Part, each of the following is to be regarded as a kind of control -
{a)
control arising as a result of the holding of shares in the regulated person;
{b)
control arising as a result of the holding of shares in the parent undertaking;
{c} control arising as a result of the entitlement to exercise, or control the exercise of, voting power in the regulated person;
control arising as a result of the entitlement to exercise, or control the exercise of, voting power in the parent undertaking.
For the purposes of this Part, "associate", "shares" and "voting power"
have the same meaning as defined in section 19.
Part II
Part III
Market Operators and Market Infrastructure
Part IV
Self-Regulating Organisations
Part X
Part X.
Part VI
Public Company Statements and Reporting Requirements
Part VII
Capital Markets Services Licence and Representative'S Licence
Part VIII
Books, Audit and Client'S Assets
Part IX
Part X
Intervention Powers of Authority
Part XI
Complaints Committee and Investor Compensation Scheme
Part XII
Financial Markets Services Panel
Part XIII