(1) A person shall not, directly or indirectly, dispose of a qualifying holding in an insurance undertaking or reinsurance undertaking without having previously notified the Bank in writing of the intended size of the holding in the undertaking after the proposed disposal.
(2) A person shall not, directly or indirectly, dispose of part of a qualifying holding in an insurance undertaking or reinsurance undertaking without having previously notified the Bank in writing of the intended size of the holding after the proposed disposal if, as a result of the disposal -
(a) the percentage of the capital of, or the voting rights in, the undertaking that the person holds would fall to or below a prescribed percentage, or
(b) in the case of a person that is a company or other body corporate, the undertaking would cease to be the person's subsidiary undertaking.