control
- (2A) (in relation to a management company carrying on collective portfolio management or an AIFM143) control as defined in articles 1 and 2 of the Seventh Council Directive 83/349/EEC (The Seventh Company Law Directive).118
[Note: article
4 (1)(30)
- (3) (except in (2) and (2A))118 (in accordance with section 182 of the Act) a controller ("A") (whether acting alone or in concert) increases control over a firm ("B") when:
- (a) the percentage of shares A holds in B or a parent undertaking ("P") of B increases by any of the following steps:
- (i) from less than 20% to 20% or more;
- (ii) from less than 30% to 30% or more;
- (iii) from less than 50% to 50% or more;
- (b) the percentage of voting power A holds in B or P increases by any of the steps mentioned above; or
- (c) A becomes a parent undertaking of B.
- (a) the percentage of shares A holds in B or a parent undertaking ("P") of B increases by any of the following steps:
- (4) (except in (2) and (2A))118 (in accordance with section 183 of the Act) a controller ("A") (whether alone or acting in concert) reduces control over a firm ("B") whenever:
- (a) the percentage of shares which A holds in B or a parent undertaking ("P") of B decreases by any of the following steps:
- (i) from 50% or more to less than 50%;
- (ii) from 30% or more to less than 30%;
- (iii) from 20% or more to less than 20%;
- (b) the percentage of voting power which A holds in B or P decreases by any of the steps mentioned above; or
- (c) A ceases to be a parent undertaking of B.
- (a) the percentage of shares which A holds in B or a parent undertaking ("P") of B decreases by any of the following steps:
- (5) (except in (2) and (2A))118 (in accordance with section 183 of the Act) a controller ("A") (whether acting alone or in concert) ceases to have control over a firm ("B") if A ceases to hold any of the following:
- (a) 10% or more of the shares in B or a parent undertaking ("P") of B;
- (b) 10% or more of the voting power in B or P;
- (c) shares or voting power in B or in P as a result of which A is able to exercise significant influence over the management of B.
- (6) (for the purposes of the calculations in (3) to (5)) the holding of shares or voting power by a person ("A1") includes any shares or voting power held by another ("A2") if A1 and A2 are acting in concert.86