(1) A proposed acquirer shall not, directly or indirectly, acquire a qualifying holding in a payment institution without having previously notified the Bank in writing of the intended size of the holding.
(2) A proposed acquirer who has a qualifying holding in a payment institution shall not, directly or indirectly, increase the size of the holding without having previously notified the Bank in writing of the intended size of the holding if, as a result of the increase -
(a) the percentage of the capital of, or the voting rights in, the payment institution that the proposed acquirer holds would reach or exceed a prescribed percentage, or
(b) in the case of a proposed acquirer that is a company or other body corporate, the payment institution would become the proposed acquirer’s subsidiary.
(3) A person shall not, directly or indirectly, dispose of a qualifying holding in a payment institution without having previously notified the Bank in writing of the intended size of the holding.
…