# The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009, Article 4: General exemption in respect of certain non-directive firms

Extent: E+W+S+N.I.

(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”).
(2) This article does not apply where B is an authorised building society or a relevant friendly society.
(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—
(a) 20% or more of the shares in B or in a parent undertaking of B (“P”);
(b) 20% or more of the voting power in B or P; or
(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.
(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—
(a) 20% or more of the shares in B or in a parent undertaking of B (“P”);
(b) 20% or more of the voting power in B or P; or
(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.

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Source: https://www.legislation.gov.uk/uksi/2009/774/article/4 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.