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Change in control of Authorised Persons

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires individuals or corporate bodies wishing to acquire or increase control in a UK authorised firm to seek prior approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). An existing controller must also notify the FCA or PRA when decreasing or ceasing control in a firm. SUP 11 in the FCA Handbook and the Change in Control Part of the PRA Rulebook give full details of the thresholds and requirements.

Notifications for acquiring or increasing control are known as section 178 notifications and should be submitted to the FCA or the PRA as soon as a decision is made to acquire or increase control. Prior approval from the appropriate regulator is needed before there is any acquisition or increase in control.

For further information on the change of control regime, see Practice Notes:

1. •

   FSMA 2000 controllers regime—key concepts

2. •

   Obligations of controllers—acquiring and increasing control

3. •

   Obligations of controllers—reducing