(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.