GENE 8.1.5 Meaning of decreases control

(1) A controller decreases control over an authorised firm if:
(a) the controller (whether alone or together with 1 or more associates) loses a type of control over the firm;
(b) the controller ceases to be a parent entity of the firm;
(c) the percentage of shares held by the controller (whether alone or together with 1 or more associates) in the firm or in a parent entity of the firm decreases from above a level mentioned in subrule (2) to, or below, that level; or
(d) the percentage of voting power that the controller (whether alone or together with 1 or more associates) is entitled to exercise, or control the exercise of, in the firm or in a parent entity of the firm decreases from above a level mentioned in subrule (2) to, or below, that level.
(2) The levels for decreased control are 74%, 49% and 24%.
Inserted by QFCRA RM/2014-1 (as from 1st February 2014).