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control

      1. 47(1) (except67 in (2)67 and (2A)118) (in relation to the acquisition, increase or reduction of control of a firm) the relationship between a person and the firm or other undertaking of which the person is a controller.47
      1. (2) (67in SYSC 8 and SYSC 1067):211676747
        1. (a) the relationship between a parent undertaking and a subsidiary, in all cases referred to in articles 22(1) and (2) of the Accounting Directive; or211
        1. (b) a similar relationship between any natural or legal person and an undertaking.211

    [Note: article 4(1)(35)(b)211

    of MiFID]47

      1. (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
      1. (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:
        1. (a) the percentage of shares A holds in B or a parent undertaking ("P") of B increases by any of the following steps:
          1. (i) from less than 20% to 20% or more;
          1. (ii) from less than 30% to 30% or more;
          1. (iii) from less than 50% to 50% or more;
        1. (b) the percentage of voting power A holds in B or P increases by any of the steps mentioned above; or
        1. (c) A becomes a parent undertaking of B.
      1. (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:
        1. (a) the percentage of shares which A holds in B or a parent undertaking ("P") of B decreases by any of the following steps:
          1. (i) from 50% or more to less than 50%;
          1. (ii) from 30% or more to less than 30%;
          1. (iii) from 20% or more to less than 20%;
        1. (b) the percentage of voting power which A holds in B or P decreases by any of the steps mentioned above; or
        1. (c) A ceases to be a parent undertaking of B.
      1. (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:
        1. (a) 10% or more of the shares in B or a parent undertaking ("P") of B;
        1. (b) 10% or more of the voting power in B or P;
        1. (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.
      1. (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