(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act [Sections 178 to 191G were substituted by S.I. 2009/534 and amended by the Financial Services Act 2012, section 26.] in relation to a person ("A") who decides to acquire, increase, reduce or cease to have control over a UK authorised person ("B") who -
(a) carries on regulated activities which are relevant credit activities or activities to which, by virtue of section 39(1D) of the Act, sections 20(1) and (1A) and 23(1A) of the Act do not apply when carried on by B, and
(b) does not carry on any other regulated activities.
(2) 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) 33% or more of the shares in B or in a parent undertaking of B ("P"),
(b) 33% or more of the voting power in B or P, or
(c) shares or voting power in B or P as
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