Commentary on Sections Schedule 3: Register of people with significant control Schedule 1A: References to people with significant control over a company Significant influence or control
494.The fourth condition is that X has the right to exercise, or actually exercises, significant influence or control over company Y (paragraph 5).
495.This provision will capture individuals who exercise control other than through the first, second or third conditions. ‘Significant influence or control’ is intended to capture individuals with a level of control broadly equivalent to those with an interest in more than 25% of the company’s shares or voting rights.
496.In deciding whether a person has significant influence or control, a person must have regard to guidance about its meaning (paragraph 24). That guidance will be subject to the negative resolution procedure