SCHEDULES

SCHEDULE 13Ownership of licensed bodies

Part 1Introductory

Material interest

I13

1

For the purposes of this Part of this Act, a person holds a material interest in a body (“B”) if the person—

a

holds at least 10% of the shares in B,

b

is able to exercise significant influence over the management of B by virtue of the person's shareholding in B,

c

holds at least 10% of the shares in a parent undertaking (“P”) of B,

d

is able to exercise significant influence over the management of P by virtue of the person's shareholding in P,

e

is entitled to exercise, or control the exercise of, voting power in B which, if it consists of voting rights, constitutes at least 10% of the voting rights in B,

f

is able to exercise significant influence over the management of B by virtue of the person's entitlement to exercise, or control the exercise of, voting rights in B,

g

is entitled to exercise, or control the exercise of, voting power in P which, if it consists of voting rights, constitutes at least 10% of the voting rights in P,

h

is able to exercise significant influence over the management of P by virtue of the person's entitlement to exercise, or control the exercise of, voting rights in P.

2

Licensing rules made by the relevant licensing authority may provide—

a

that the references in sub-paragraph (1) to 10% are to have effect as references to such lesser percentage as may be specified in the rules;

b

that in relation to a partnership, for the purposes of this Part a person has a material interest in the partnership if he is a partner (whether or not the person has a material interest by virtue of sub-paragraph (1)).

3

For the purposes of sub-paragraph (1) “the person” means—

a

the person,

b

any of the person's associates, or

c

the person and any of the person's associates taken together.

4

For the purposes of this Schedule, material interests held by virtue of different paragraphs of sub-paragraph (1) are restricted interests of different kinds.