Section 6
of Securities Markets Order, 2013
Section 6
(1)
For the purposes of this Part, a controller of a regulated person reduces his control over the regulated person if -
(a)
the percentage of shares held by the controller in the regulated person decreases by any of the steps mentioned in subsection (2);
(b)
the percentage of shares held by the controller in a parent undertaking of the regulated person decreases by any of the steps mentioned in subsection (2);
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(c)
the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in the regulated person decreases by any of the steps mentioned in subsection (2);
(d)
the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in the parent undertaking decreases by any of the steps mentioned in subsection (2); or
(e)
the controller ceases to be a parent undertaking of the holder of a capital markets services licence unless the controller ceases to have the kind of control concerned over the regulated person as a result.
(2)
The steps are -
(a} from 50 percent or more to 33 percent or more but less than 50 percent;
(b)
from 33 percent or more to 20 or more but less than 33 percent;
(c)
from 20 percent or more to 10 percent or more but less than 20 percent;
(d)
from 10 percent or more to less than 10 percent.
(3)
In subsection (1)(a} to (d), "controller" means-
(a} the controller;
(b)
any of the controller's associates; or
(c)
the controller and any of his associates.
Acquiring or increasing control notification procedure.