350.This section imposes a requirement on persons who propose to acquire control (or acquire an additional kind of control) or increase their control over a UK authorised person to give the Authority a “notice of control” informing them of their intentions.  What constitutes “control” and a “kind of control” for these purposes is described in section 179.  The circumstances in which a person is taken to “increase” their control are set out in section 180.
351.Subsection (2) provides for passive acquirers of control.  These are persons who acquire control without themselves taking any action, for example, through inheriting a large number of shares.  A passive acquirer may not be able to notify the Authority in advance, but under this subsection, they must do so within fourteen days of first becoming aware that they have acquired the control.
352.A person who is required by subsection (1) to notify the Authority of his proposal to acquire or increase control is also required by subsection (3) to make a further notification when the acquisition or increase has taken place.
353.Subsection (4) defines the range of authorised persons with whose control this Part is concerned.  In line with single market directive requirements this is limited to authorised persons incorporated in or formed under the law of any part of the United Kingdom, “UK authorised persons”.  This is because under the single market directives, the supervision of those who have control is subject to home State regulation.  The requirements do however cover all classes of UK authorised persons and not just those included in the scope of the single market directives.
Commentary on Sections Part Xii: Control Over Authorised Persons Section 178: Obligation to notify the Authority