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Notification of certain transactions.
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39.—(1) Any person who proposes to make an acquiring transaction shall notify a supervisory authority in writing of the proposal as soon as may be and shall include with the notification such information concerning the proposed acquiring transaction as may be specified by a supervisory authority from time to time.
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(2) Any person who proposes to make a disposal shall notify a supervisory authority in writing of the proposal as soon as may be and such notification shall include such information concerning the proposed disposal as may be specified by a supervisory authority from time to time.
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(3) On becoming aware of any proposals of the type referred to in subsection (1) or (2) of this section, the authorised investment business firm concerned shall inform the appropriate supervisory authority of such proposed acquiring transactions or disposals that cause holdings to exceed or fall below a qualifying holding or 20 per cent., 33 per cent, or 50 per cent, of the capital held or voting rights, or that cause an authorised investment business firm to become, or cease to be, a subsidiary.
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(4) Where, having received a notification under this section, the supervisory authority is of the opinion that in order to consider, for the purposes of this section, a proposed acquiring transaction it requires further information it may, within one month of the date of receipt by it of a notification, request such further information in writing from any one or more of the persons concerned with the transaction.
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(5) A supervisory authority may approve of, or approve of subject to conditions or requirements or both, or may refuse to approve of an acquiring transaction.
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