Section 11
{1)
of Securities Markets Order, 2013
In considering a notice of control, the Authority may give a decision notice of objection to the acquirer unless it is satisfied that the approval requirements are met.
(2)
The approval requirements are that -
{a} the acquirer is a fit and proper person to have the control over the regulated person that he has or would have if he acquired the control in question; and
{b)
the interests of investors would not be threatened by the acquirer's control or by his acquiring that control.
(3)
In deciding whether the approval requirements are met, the Authority must have regard, in relation to the control that the acquirer -
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(a}
has over the regulated person; or
(b} will have over the regulated person if the proposal to which the notice of control relates is carried into effect, to its regulatory objectives under this Order.
(4)
If the Authority gives a decision notice under subsection ( 1) but considers that the approval requirements would be met if the person to whom a notice is given were to take, or refrain from taking, a particular step, the notice must identify that step.
(5)
A person to whom a decision notice under subsection (1) is given may refer the matter to the Panel.
Objection to existing control.