{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009/article-4",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009/article-4.json",
  "legislation": "uksi/2009/774",
  "legislation_title": "The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "General exemption in respect of certain non-directive firms",
  "text": "(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act (notifying the regulators) in relation to a person (“A”) who decides to acquire, increase, reduce or cease to have control over a relevant UK authorised person (“B”).\n(2) This article does not apply where B is an authorised building society or a relevant friendly society.\n(3) 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—\n(a) 20% or more of the shares in B or in a parent undertaking of B (“P”);\n(b) 20% or more of the voting power in B or P; or\n(c) shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.\n(4) Where A decides to reduce or cease to have control over B, A is exempt from the obligation imposed by section 191D unless giving effect to the decision would result in A ceasing to be in the position of holding—\n(a) 20% or more of the shares in B or in a parent undertaking of B (“P”);\n(b) 20% or more of the voting power in B or P; or\n(c) shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in art. 4(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 166"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Sections 178 was substituted and 191D inserted by S.I. 2009/534 (see Regulation 3 and Schedule 1)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/774/article/4",
    "retrieved_at": "2026-10-29T03:14:20.587363+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}