New forms for section 178 notices and better information for those making change of control notifications
The Financial Services Authority has revised its webpages on change of control for UK regulated firms. There are new forms for individuals and corporate bodies making change of control notifications to the FSA under section 178 of the Financial Services and Markets Act 2000 (FSMA). There is also a new set of frequently asked questions and a quick reference guide.
From the introduction to the revised webpages: “The Financial Services and Markets Act 2000 (FSMA) requires individuals or corporate bodies wishing to acquire or increase control in a UK authorised firm, to seek prior approval from the FSA. A change in control also occurs when an existing controller decreases control. SUP 11 in the Handbook gives full details of the thresholds and requirements. It is a criminal offence under section 191F of FSMA to acquire or increase control without notifying the FSA first. A person who fails to comply with the obligation to notify the FSA in such circumstances is guilty of a criminal offence and is liable on indictment to a fine exceeding the statutory maximum.”
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