Section 178 Obligation to notify the appropriate regulator: acquisitions of controlF1F2X1
United Kingdom
A person who decides to acquire or increase control over a UK authorised person must give the appropriate regulator notice in writing before making the acquisition.
For the purposes of calculations relating to this section, 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.
This section does not apply if the only regulated activity for which the UK authorised person has a Part 4A permission is the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).
In this Part, “the appropriate regulator” means—
where the UK authorised person is a PRA-authorised person, the PRA;
in any other case, the FCA.
In this Part, a notice given under this section is a “section 178 notice” and a person giving notice is a “section 178 notice-giver”.
Annotations
Textual amendments
- F1
Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)
- F2
Words in Pt. 12 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
- F3
S. 178(2ZA) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 44
- F4
S. 178(2A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Editorial notes
- X1
The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.
Notes on Part XII
Modifications
- C1
Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))
- C2
Pt. 12 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(d)(e))
- C3
Pt. 12 excluded (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(7)
- C4
Pt. 12 applied (with modifications) (13.8.2017 for specified purposes, 13.10.2017 in so far as nt already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(b)(iii)(3)(c), Sch. 6 para. 5 (with reg. 3)
- C5
Pt. 12 excluded (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 8
- C6
Pt. 12 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(10)
- C7
Pt. 12 applied (with modifications) (11.8.2022) by S.I. 2017/692, Sch. 6B para. 1 (as inserted by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(2)(c), 12(4))
- C8
Pt. 12 applied (with modifications) (30.6.2026) by S.I. 2017/692, Sch. 6B paras. 1, 2, 5 (as substituted by The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (S.I. 2026/621), regs. 1(2)(5), 37)