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Version date: 21 March 2009 - onwards
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183. Reducing or ceasing to have control

(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 30%;

(c) from 20% or more to less than 20%.

(3) For the purposes of this Part, a person (''A'') ceases to have control over a UK authorised person (''B'') if A ceases to be in the position of holding -

(a) 10% or more of the shares in B or in a parent undertaking of B (''P'');

(b) 10% or more of the voting power in B or P; or

(c) shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.

Comparing proposed amendment...