• Requirement for notification of changes relating to control of Branches

    • GEN 8.8.10

      (1) In the case of an Authorised Person which is a Branch, a written notification to the Regulator must be submitted by a Controller or a Person proposing to become a Controller of that Authorised Person in accordance with (3) in respect of any one of the events specified in (2).
      (2) For the purposes of (1), a notification to the Regulator is required when:
      (a) a Person becomes a Controller;
      (b) an existing Controller proposes to cease being a Controller; or
      (c) an existing Controller's Holding is:
      (i) increased from below 30% to 30% or more;
      (ii) increased from below 50% to 50% or more; or
      (iii) decreased from more than 50% to 50% or less.
      (3) The notification required under (1) must be made by a Controller or Person proposing to become a Controller of a Branch in such form as the Regulator shall prescribe as soon as possible, and in any event, before making the relevant acquisition or disposal.