(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act (notifying the regulators) [Sections 178 was substituted and 191D inserted by S.I. 2009/534 (see Regulation 3 and Schedule 1).] in relation to a person ("A") who decides to acquire, increase, reduce or cease to have control over a relevant UK authorised person ("B").
(2) This article does not apply where B is an authorised building society or a relevant friendly society.
(3) Where A decides to acquire or increase control over B, A is exempt from the obligation imposed by section 178 unless giving effect to the decision would result in A beginning to be in the position of holding -
(a) 20% or more of the shares in B or in a parent undertaking of B ("P");
(b) 20% 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.
(4) Where A decides to reduce or cease to have control over B, A i
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