(1) For the purposes of section 405, a person ("the acquirer") acquires a 50% stake in a UK authorised person ("A") on first falling within any of the cases set out in subsection (2).
(2) The cases are where the acquirer -
(a) holds 50% or more of the shares in A;
(b) holds 50% or more of the shares in a parent undertaking ("P") of A;
(c) is entitled to exercise, or control the exercise of, 50% or more of the voting power in A; or
(d) is entitled to exercise, or control the exercise of, 50% or more of the voting power in P.
(3) In subsection (2) "the acquirer" means -
(a) the acquirer;
(b) any of the acquirer's associates; or
(c) the acquirer and any of his associates.
(4) "Associate", "shares" and "voting power" have the same meaning as in section 422.