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Contents

Part I · Preliminary

6. Reducing control

(1)

For the purposes of this Part, a controller of a regulated person reduces his control over the regulated person if -

(a)

the percentage of shares held by the controller in the regulated person decreases by any of the steps mentioned in subsection (2);

(b)

the percentage of shares held by the controller in a parent undertaking of the regulated person decreases by any of the steps mentioned in subsection (2);

1240

(c)

the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in the regulated person decreases by any of the steps mentioned in subsection (2);

(d)

the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in the parent undertaking decreases by any of the steps mentioned in subsection (2); or

(e)

the controller ceases to be a parent undertaking of the holder of a capital markets services licence unless the controller ceases to have the kind of control concerned over the regulated person as a result.

(2)

The steps are -

(a} from 50 percent or more to 33 percent or more but less than 50 percent;

(b)

from 33 percent or more to 20 or more but less than 33 percent;

(c)

from 20 percent or more to 10 percent or more but less than 20 percent;

(d)

from 10 percent or more to less than 10 percent.

(3)

In subsection (1)(a} to (d), "controller" means-

(a} the controller;

(b)

any of the controller's associates; or

(c)

the controller and any of his associates.

Report

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

General