7(1)This paragraph applies if a person (“P”) holds a kind of restricted interest in a body (“B”) by virtue of—E+W
(a)holding a particular percentage of the shares in B or a parent undertaking of B, or
(b)an entitlement to exercise, or control the exercise of, a particular percentage of the voting rights in B or a parent undertaking of B.
(2)If the relevant licensing authority approves P's holding of that interest, it is to be treated as also approving P's holding of any lesser restricted interest in B held by P.
(3)A lesser restricted interest is a kind of restricted interest held by P by virtue of—
(a)holding a smaller percentage of the shares mentioned in sub-paragraph (1)(a), or
(b)an entitlement to exercise, or control the exercise of, a smaller percentage of the voting rights mentioned in sub-paragraph (1)(b).
Commencement Information
I1Sch. 13 para. 7 in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)