The FCA has updated its webpage on change in control notifications to announce the publication of new forms to be used by persons wishing to become a controller of a firm authorised under MiFID II. The FCA notes that a notification should be sent as soon as a decision has been made to acquire a control in an authorised firm. The FCA has 60 working days (excluding any interruption period) to assess a change of control case. This period begins on the day the FCA acknowledges receipt of a complete section 178 notice. The FCA notes that one of the following forms should be completed:
- corporate controllers form (MiFID), for the use where the prospective controller is a limited company or a limited liability partnership;
- partnership controllers form (MiFID), for the use where the prospective controller is a partnership;
- individual controllers form (MiFID), where the prospective controller is an individual;
- trust controllers form (MiFID), where the prospective controller is a trustee, settler or beneficiary of a trust; and
- intragroup transactions form (MiFID), where the prospective controller is a firm undertaking an internal reorganisation.
View New FCA MiFID II change in control forms, 2 January 2018
