control

1. 47(1) (except67 in (2)67) (in relation to the acquisition, increase or reduction of control of a firm) the relationship between a person and the firm or other undertaking of which the person is a controller.47
2. (2) (67in SYSC 8 and SYSC 1067) control as defined in Article 1 of the Seventh Council67 Directive 83/349/EEC (The Seventh Company Law Directive)67.47

[Note: article 4 (1)(30) of MiFID]47

1. (3) (except in (2)) (in accordance with section 182 of the Act) a controller ("A") (whether acting alone or in concert) increases control over a firm ("B") when:
   1. (a) the percentage of shares A holds in B or a parent undertaking ("P") of B increases by any of the following steps:
      1. (i) from less than 20% to 20% or more;
      2. (ii) from less than 30% to 30% or more;
      3. (iii) from less than 50% to 50% or more;
   2. (b) the percentage of voting power A holds in B or P increases by any of the steps mentioned above; or
   3. (c) A becomes a parent undertaking of B.
2. (4) (except in (2)) (in accordance with section 183 of the Act) a controller ("A") (whether alone or acting in concert) reduces control over a firm ("B") whenever:
   1. (a) the percentage of shares which A holds in B or a parent undertaking ("P") of B decreases by any of the following steps:
      1. (i) from 50% or more to less than 50%;
      2. (ii) from 30% or more to less than 30%;
      3. (iii) from 20% or more to less than 20%;
   2. (b) the percentage of voting power which A holds in B or P decreases by any of the steps mentioned above; or
   3. (c) A ceases to be a parent undertaking of B.
3. (5) (except in (2)) (in accordance with section 183 of the Act) a controller ("A") (whether acting alone or in concert) ceases to have control over a firm ("B") if A ceases to hold any of the following:
   1. (a) 10% or more of the shares in B or a parent undertaking ("P") of B;
   2. (b) 10% or more of the voting power in B or P;
   3. (c) shares or voting power in B or in P as a result of which A is able to exercise significant influence over the management of B.
4. (6) (for the purposes of the calculations in (3) to (5)) the holding of shares or voting power by a person ("A1") includes any shares or voting power held by another ("A2") if A1 and A2 are acting in concert.86