GEN 8.8.2

(1) A Controller is a Person who, either alone or with any Associate:
(a) Holds 10% or more of the Shares in either the Authorised Person or a Holding Company of that Authorised Person;
(b) is entitled to exercise, or controls the exercise of, 10% or more of the voting rights in either the Authorised Person or a Holding Company of that Authorised Person; or
(c) is able to exercise significant influence over the management of the Authorised Person as a result of Holding Shares or being able to exercise voting rights in the Authorised Person or a Holding Company of that Authorised Person or having a current exercisable right to acquire such Shares or voting rights.
(2) A reference in this Chapter to the term:
(a) "Share" means:
(i) in the case of an Authorised Person, or a Holding Company of an Authorised Person, which has a share capital, its allotted shares;
(ii) in the case of an Authorised Person, or a Holding Company of an Authorised Person, with capital but no share capital, rights to a share in its capital; and
(iii) in the case of an Authorised Person, or a Holding Company of an Authorised Person, without capital, any interest conferring a right to share in its profits or losses or any obligation to contribute to a share of its debt or expenses in the event of its Winding-Up; and
(b) "Holding" means, in respect of a Person, Shares, voting rights or a right to acquire Shares or voting rights in an Authorised Person or a Holding Company of that Authorised Person held by that Person either alone or with any Associate.
(3) The Regulator may make additional rules which:
(a) provide for exemptions from the obligations to notify imposed by Rules 8.8.5, 8.8.9 and Part 10 of the FSMR; or
(b) amend the cases in this Chapter where a person is deemed to be:
(i) acquiring control over an Authorised Person or Recognised Body;
(ii) increasing control over an Authorised Person or Recognised Body;
(iii) reducing or ceasing to have control over an Authorised Person or Recognised Body;
(iv) a Controller of an Authorised Person.