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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
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185. Assessment: general

(1) Where the appropriate regulator receives a section 178 notice, it must -

(a) determine whether to approve the acquisition to which it relates unconditionally; or

(b) propose to -

(i) approve the acquisition subject to conditions (see section 187); or

(ii) object to the acquisition.

(2) The appropriate regulator must -

(a) consider the suitability of the section 178 notice-giver and the financial soundness of the acquisition in order to ensure the sound and prudent management of the UK authorised person;

(b) have regard to the likely influence that the section 178 notice-giver will have on the UK authorised person; and

(c) disregard the economic needs of the market.

(3) The appropriate regulator may only object to an acquisition -

(a) if there are reasonable grounds for doing so on the basis of the matters set out in section 186; or

(b) if the information provided by the section 178 notice-giver is incomplete.

Comparing proposed amendment...