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Click here to view amending instruments for this sectionREC 4.2C Control over a UK RIE

REC 4.2C.1
01/04/2013
FCA
12Section 301A(1) of chapter2 1A of Part XVIII of the Act places an obligation on 2a person who decides to acquire or increase control (see sections 301D and 301E of the Act) over a UK RIE2to notify the3 FCA32, before making the acquisition2. Furthermore, those persons are required to obtain the3 FCA's3 approval before2 acquiring control 2or increasing the level of control held2.
REC 4.2C.2
01/04/2013
FCA
The3 FCA3 will approve an acquisition 2or an increase in 2control if it is satisfied that the acquisition 2by the person seeking approval does not pose a threat to the sound and prudent management of any financial market operated by the UK RIE2 (see section 301F(4) of the Act). 4The reference to any financial market is to be read as including a reference to any auction platform as a result of the RAP regulations.2
REC 4.2C.3
01/04/2013
FCA
If a proposed 2acquirer 2has complied with the obligation to notify, the procedure the3 FCA3 will follow if it approves or does not approve of that person 2acquiring or increasing control 2is set out in sections22 301F and 301G 2of the Act.
REC 4.2C.4
28/03/2009
2[deleted]2
REC 4.2C.5
28/03/2009
2[deleted]2
REC 4.2C.6
01/04/2013
FCA
The3 FCA's3 internal arrangements provide for any decisions to refuse to approve an2 acquisition or2 object to an existing control to be taken at an appropriately senior level.
REC 4.2C.7
01/04/2013
FCA
If the3 FCA3 refuses to approve2an acquisition2 or objects to an existing control, the person concerned may refer the matter to the Tribunal (see EG 2.39).55
REC 4.2C.8
01/04/2013
FCA
The powers the3 FCA3 can exercise in the event that a person acquires or continues to exercise control notwithstanding the3 FCA's3 refusal to approve the acquisition of control or the3 FCA's3 objection to the exercise of control are set out in 2sections 301J and 301K 2of the Act.
REC 4.2C.9
28/03/2009
FCA
The offences for which a person who fails to comply with the obligations set out in Chapter 1A of Part XVIII of the Act is liable are set out in section 2301L 2of the Act.