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Control of take-overs of licensees, etc.

Commodity Trading Regulations 2001

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Proposed text

—(1) No person shall enter into an agreement to acquire the shares of a person approved under section 5(2) of the Act as a commodity market, or a holder of a licence granted under section 14 of the Act, who is a body corporate, by virtue of which such first-mentioned person would, if the agreement is carried out, obtain effective control of the second-mentioned person or licensee, unless he has notified the Board of his intention to enter into the agreement and has obtained the approval of the Board in writing.(2) For the purposes of this regulation —(a)a person shall be regarded as entering into an agreement by virtue of which he would obtain effective control of a body corporate if the person alone, or acting together with any connected person, would be in a position to control not less than 20% of the voting power in the body corporate concerned or would hold interests in not less than 20% of the issued shares of the body corporate concerned; and(b)a reference to the voting power in a body corporate is a reference to the total number of votes that might be cast in the general meeting of the body corporate.

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