National Security and Investment Act 2021

May 4, 2021

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<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-1"><num>PART 1</num><heading>Call-in for national security</heading><chapter eId="part-1-chapter-1"><num>CHAPTER 1</num><heading>Call-in power</heading><section eId="section-1"><num>1</num><heading>Call-in notice for national security purposes</heading><subsection eId="section-1-1"><num>(1)</num><intro>The Secretary of State may give a notice if the Secretary of State reasonably suspects that—</intro><level class="para1" eId="section-1-1-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or qualifying asset, and the event has given rise to or may give rise to a risk to national security, or</content></level><level class="para1" eId="section-1-1-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or qualifying asset, and the event may give rise to a risk to national security.</content></level></subsection><subsection eId="section-1-2"><num>(2)</num><content>For the purposes of this Act, in considering whether a trigger event has taken place, or whether arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place, the effect of section 13(1) (notifiable acquisitions that are void) must be disregarded.</content></subsection><subsection eId="section-1-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a call-in notice.</content></subsection><subsection eId="section-1-4"><num>(4)</num><intro>If the Secretary of State decides to give a call-in notice, the notice must be given to—</intro><level class="para1" eId="section-1-4-a"><num>(a)</num><content>the acquirer,</content></level><level class="para1" eId="section-1-4-b"><num>(b)</num><content>if the trigger event relates to a qualifying entity, the entity, and</content></level><level class="para1" eId="section-1-4-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-1-5"><num>(5)</num><content>The call-in notice must include a description of the trigger event to which it relates and state the names of the persons to whom the notice is given.</content></subsection><subsection eId="section-1-6"><num>(6)</num><content>The Secretary of State may not give a call-in notice unless a statement has been published (and not withdrawn) for the purposes of section 3.</content></subsection><subsection eId="section-1-7"><num>(7)</num><content>The Secretary of State must have regard to that statement before giving a call-in notice.</content></subsection><subsection eId="section-1-8"><num>(8)</num><content>But nothing in the statement limits the power to give a call-in notice.</content></subsection></section><section eId="section-2"><num>2</num><heading>Further provision about call-in notices</heading><subsection eId="section-2-1"><num>(1)</num><content>No more than one call-in notice may be given in relation to each trigger event.</content></subsection><subsection eId="section-2-2"><num>(2)</num><intro>Subject to subsections (3) and (4), a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-2-a"><num>(a)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para1" eId="section-2-2-b"><num>(b)</num><content>may not be given after the end of the period of 5 years beginning with the day on which the trigger event took place.</content></level></subsection><subsection eId="section-2-3"><num>(3)</num><content>Subsection (2)(b) does not apply where the trigger event is one in relation to which section 13(1) has effect.</content></subsection><subsection eId="section-2-4"><num>(4)</num><intro>In relation to a trigger event taking place during the period beginning with 12 November 2020 and ending with the day before commencement day, a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-4-a"><num>(a)</num><content>if the Secretary of State became aware of the trigger event before commencement day, may not be given after the end of the period of 6 months beginning with commencement day,</content></level><level class="para1" eId="section-2-4-b"><num>(b)</num><intro>if the Secretary of State became aware of the trigger event on or after commencement day—</intro><level class="para2" eId="section-2-4-b-i"><num>(i)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para2" eId="section-2-4-b-ii"><num>(ii)</num><content>may not be given after the end of the period of 5 years beginning with commencement day.</content></level></level></subsection><subsection eId="section-2-5"><num>(5)</num><content>In this section “<term refersTo="#term-commencement-day" eId="term-commencement-day">commencement day</term>” means the day on which this section comes into force.</content></subsection><subsection eId="section-2-6"><num>(6)</num><content>This section is subject to section 22 (and see section 62).</content></subsection></section><section eId="section-3"><num>3</num><heading>Statement about exercise of call-in power</heading><subsection eId="section-3-1"><num>(1)</num><content>The Secretary of State may publish a statement for the purposes of this section if the requirements set out in section 4(1) are satisfied.</content></subsection><subsection eId="section-3-2"><num>(2)</num><content>The statement is a statement prepared by the Secretary of State that sets out how the Secretary of State expects to exercise the power to give a call-in notice.</content></subsection><subsection eId="section-3-3"><num>(3)</num><intro>The statement may include, in particular—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>details of sectors of the economy in relation to which the Secretary of State considers that trigger events are more likely to give rise to a risk to national security,</content></level><level class="para1" eId="section-3-3-b"><num>(b)</num><content>details of the trigger events, qualifying entities and qualifying assets in relation to which the Secretary of State expects to exercise the power to give a call-in notice, and</content></level><level class="para1" eId="section-3-3-c"><num>(c)</num><content>details of factors that the Secretary of State expects to take into account when deciding whether or not to exercise the power.</content></level></subsection><subsection eId="section-3-4"><num>(4)</num><content>The Secretary of State must review a statement published under this section at least once every 5 years.</content></subsection><subsection eId="section-3-5"><num>(5)</num><content>A statement published under this section may be amended or replaced by a subsequent statement, and this section and section 4 apply in relation to any amended or replacement statement as in relation to the original statement.</content></subsection><subsection eId="section-3-6"><num>(6)</num><content>Nothing in a statement published under this section affects the power of the Secretary of State to make notifiable acquisition regulations (see section 6).</content></subsection></section><section eId="section-4"><num>4</num><heading>Consultation and parliamentary procedure</heading><subsection eId="section-4-1"><num>(1)</num><intro>Before the Secretary of State may publish a statement for the purposes of section 3 the Secretary of State must—</intro><level class="para1" eId="section-4-1-a"><num>(a)</num><content>carry out such consultation as the Secretary of State thinks appropriate in relation to a draft of the statement,</content></level><level class="para1" eId="section-4-1-b"><num>(b)</num><content>make any changes to the draft that appear to the Secretary of State to be necessary in view of the responses to the consultation, and</content></level><level class="para1" eId="section-4-1-c"><num>(c)</num><content>lay the statement before Parliament.</content></level></subsection><subsection eId="section-4-2"><num>(2)</num><content>Either House of Parliament may at any time before the expiry of the 40-day period resolve not to approve the statement.</content></subsection><subsection eId="section-4-3"><num>(3)</num><content>If either House of Parliament resolves not to approve the statement under subsection (2), the Secretary of State must withdraw the statement.</content></subsection><subsection eId="section-4-4"><num>(4)</num><content>Any such resolution under subsection (2) does not affect the validity of a call-in notice given following the publication of the statement prior to its withdrawal, and does not affect the publication of a new statement.</content></subsection><subsection eId="section-4-5"><num>(5)</num><content>“The 40-day period” is the period of 40 days beginning with the day on which the statement is laid before Parliament (or, if it is not laid before each House of Parliament on the same day, the later of the days on which it is laid).</content></subsection><subsection eId="section-4-6"><num>(6)</num><content>When calculating the 40-day period, ignore any period during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.</content></subsection><subsection eId="section-4-7"><num>(7)</num><content>The requirements in subsection (1)(a) and (b) may be met by consultation carried out before this section comes into force.</content></subsection></section></chapter><chapter eId="part-1-chapter-2"><num>CHAPTER 2</num><heading>Interpretation</heading><section eId="section-5"><num>5</num><heading>Meaning of “trigger event” and “acquirer”</heading><subsection eId="section-5-1"><num>(1)</num><intro>For the purposes of this Act, a “trigger event” takes place when—</intro><level class="para1" eId="section-5-1-a"><num>(a)</num><content>a person gains control of a qualifying entity, as set out in section 8, or</content></level><level class="para1" eId="section-5-1-b"><num>(b)</num><content>a person gains control of a qualifying asset, as set out in section 9.</content></level></subsection><subsection eId="section-5-2"><num>(2)</num><content>In this Act “<term refersTo="#term-acquirer" eId="term-acquirer">acquirer</term>” means the person who gains the control referred to in subsection (1) (or in relation to a trigger event that has not yet taken place, would gain that control).</content></subsection></section><section eId="section-6"><num>6</num><heading>Notifiable acquisitions</heading><subsection eId="section-6-1"><num>(1)</num><content>The Secretary of State may make regulations for the purposes of this section (“<term refersTo="#term-notifiable-acquisition-regulations" eId="term-notifiable-acquisition-regulations">notifiable acquisition regulations</term>”).</content></subsection><subsection eId="section-6-2"><num>(2)</num><content>A notifiable acquisition takes place when a person gains control, by virtue of one or more of the cases described in subsection (2), (5) or (6) of section 8, of a qualifying entity of a specified description.</content></subsection><subsection eId="section-6-3"><num>(3)</num><content>But a notifiable acquisition does not take place if complying with the requirement to give a mandatory notice under section 14(1) would be impossible for the person within subsection (2).</content></subsection><subsection eId="section-6-4"><num>(4)</num><content>A description of qualifying entity that is specified must include provision that the entity carries on activities in the United Kingdom which are of a specified description (whether or not it also carries on other activities).</content></subsection><subsection eId="section-6-5"><num>(5)</num><intro>Notifiable acquisition regulations may—</intro><level class="para1" eId="section-6-5-a"><num>(a)</num><content>amend this section in relation to the circumstances in which a notifiable acquisition takes place or does not take place,</content></level><level class="para1" eId="section-6-5-b"><num>(b)</num><content>make provision for exemptions by reference to the characteristics of the person within subsection (2),</content></level><level class="para1" eId="section-6-5-c"><num>(c)</num><content>make consequential amendments of other provisions of this Act.</content></level></subsection><subsection eId="section-6-6"><num>(6)</num><content>Notifiable acquisition regulations may by virtue of subsection (5)(a) include, in particular, provision about the circumstances in which the gaining of control of a qualifying asset of a specified description is a notifiable acquisition.</content></subsection><subsection eId="section-6-7"><num>(7)</num><content>A description specified under subsection (6) may only include qualifying assets within section 7(6) if it includes provision that any such asset is used in connection with activities carried on in the United Kingdom which are of a specified description (whether or not it is also used in connection with other activities).</content></subsection><subsection eId="section-6-8"><num>(8)</num><content>In this section “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in notifiable acquisition regulations.</content></subsection></section><section eId="section-7"><num>7</num><heading>Qualifying entities and assets</heading><subsection eId="section-7-1"><num>(1)</num><content>This section defines “qualifying entity” and “<term refersTo="#term-qualifying-asset" eId="term-qualifying-asset">qualifying asset</term>” for the purposes of this Act.</content></subsection><subsection eId="section-7-2"><num>(2)</num><content>A “qualifying entity” is (subject to subsection (3)) any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.</content></subsection><subsection eId="section-7-3"><num>(3)</num><intro>An entity which is formed or recognised under the law of a country or territory outside the United Kingdom is a “qualifying entity” only if it—</intro><level class="para1" eId="section-7-3-a"><num>(a)</num><content>carries on activities in the United Kingdom, or</content></level><level class="para1" eId="section-7-3-b"><num>(b)</num><content>supplies goods or services to persons in the United Kingdom.</content></level></subsection><subsection eId="section-7-4"><num>(4)</num><intro>A “qualifying asset” is (subject to subsection (6)) an asset of any of the following types—</intro><level class="para1" eId="section-7-4-a"><num>(a)</num><content>land,</content></level><level class="para1" eId="section-7-4-b"><num>(b)</num><content>tangible (or, in Scotland, corporeal) moveable property,</content></level><level class="para1" eId="section-7-4-c"><num>(c)</num><content>ideas, information or techniques which have industrial, commercial or other economic value.</content></level></subsection><subsection eId="section-7-5"><num>(5)</num><intro>Examples of assets within subsection (4)(c) include—</intro><level class="para1" eId="section-7-5-a"><num>(a)</num><content>trade secrets,</content></level><level class="para1" eId="section-7-5-b"><num>(b)</num><content>databases,</content></level><level class="para1" eId="section-7-5-c"><num>(c)</num><content>source code,</content></level><level class="para1" eId="section-7-5-d"><num>(d)</num><content>algorithms,</content></level><level class="para1" eId="section-7-5-e"><num>(e)</num><content>formulae,</content></level><level class="para1" eId="section-7-5-f"><num>(f)</num><content>designs,</content></level><level class="para1" eId="section-7-5-g"><num>(g)</num><content>plans, drawings and specifications,</content></level><level class="para1" eId="section-7-5-h"><num>(h)</num><content>software.</content></level></subsection><subsection eId="section-7-6"><num>(6)</num><intro>Land or moveable property situated outside the United Kingdom or the territorial sea, or any asset within subsection (4)(c), is a “qualifying asset” only if it is used in connection with—</intro><level class="para1" eId="section-7-6-a"><num>(a)</num><content>activities carried on in the United Kingdom, or</content></level><level class="para1" eId="section-7-6-b"><num>(b)</num><content>the supply of goods or services to persons in the United Kingdom.</content></level></subsection></section><section eId="section-8"><num>8</num><heading>Control of entities</heading><subsection eId="section-8-1"><num>(1)</num><content>For the purposes of this Act, a person gains control of a qualifying entity if the person acquires a right or interest in, or in relation to, the entity and as a result one or more of the cases described in this section arises.</content></subsection><subsection eId="section-8-2"><num>(2)</num><intro>The first case is where the percentage of the shares that the person holds in the entity increases—</intro><level class="para1" eId="section-8-2-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-2-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-2-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection><subsection eId="section-8-3"><num>(3)</num><intro>In subsection (2), the reference to holding a percentage of shares is—</intro><level class="para1" eId="section-8-3-a"><num>(a)</num><content>in the case of an entity that has a share capital, to holding shares comprised in the issued share capital of the entity of a nominal value (in aggregate) of that percentage of the share capital,</content></level><level class="para1" eId="section-8-3-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to holding a right to a share of that percentage of the capital or profits of the entity,</content></level><level class="para1" eId="section-8-3-c"><num>(c)</num><content>in the case of a limited liability partnership, to holding a right to a share of that percentage of any surplus assets of the partnership on a winding up.</content></level></subsection><subsection eId="section-8-4"><num>(4)</num><content>For the purposes of subsection (3)(c), to the extent that rights to share in any surplus assets of the limited liability partnership on a winding up are not expressly provided for, each member of the partnership is to be treated as holding the right to an equal share of such assets.</content></subsection><subsection eId="section-8-5"><num>(5)</num><intro>The second case is where the percentage of the voting rights that the person holds in the entity increases—</intro><level class="para1" eId="section-8-5-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-5-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-5-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection><subsection eId="section-8-6"><num>(6)</num><content>The third case is where the acquisition is of voting rights in the entity that (whether alone or together with other voting rights held by the person) enable the person to secure or prevent the passage of any class of resolution governing the affairs of the entity.</content></subsection><subsection eId="section-8-7"><num>(7)</num><intro>In subsections (5) and (6), a reference to the voting rights in an entity is—</intro><level class="para1" eId="section-8-7-a"><num>(a)</num><content>in the case of an entity that has a share capital, to the rights conferred on shareholders in respect of their shares to vote at general meetings of the entity on all or substantially all matters,</content></level><level class="para1" eId="section-8-7-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to the rights conferred on members to vote at general meetings of the entity on all or substantially all matters,</content></level><wrapUp>and, in the case of an entity that does not have general meetings at which matters are decided by such votes, includes any rights in relation to the entity that are of the equivalent effect.</wrapUp></subsection><subsection eId="section-8-8"><num>(8)</num><content>The fourth case is (subject to subsection (9)) where the acquisition, whether alone or together with other interests or rights held by the person, enables the person materially to influence the policy of the entity.</content></subsection><subsection eId="section-8-9"><num>(9)</num><content>Subsection (8) does not include a case where the person already holds any interest or right that enables the person materially to influence the policy of the entity.</content></subsection></section><section eId="section-9"><num>9</num><heading>Control of assets</heading><subsection eId="section-9-1"><num>(1)</num><intro>For the purposes of this Act, a person gains control of a qualifying asset if the person acquires a right or interest in, or in relation to, the asset and as a result the person is able—</intro><level class="para1" eId="section-9-1-a"><num>(a)</num><content>to use the asset, or use it to a greater extent than prior to the acquisition, or</content></level><level class="para1" eId="section-9-1-b"><num>(b)</num><content>to direct or control how the asset is used, or direct or control how it is used to a greater extent than prior to the acquisition.</content></level><wrapUp>This is subject to section 11.</wrapUp></subsection><subsection eId="section-9-2"><num>(2)</num><content>In this section, references to the use of an asset include references to its exploitation, alteration, manipulation, disposal or destruction.</content></subsection></section><section eId="section-10"><num>10</num><heading>Holding and acquiring interests and rights: supplementary</heading><subsection eId="section-10-1"><num>(1)</num><content>Schedule 1 provides for particular cases in which a person is to be treated for the purposes of this Act as holding an interest or right.</content></subsection><subsection eId="section-10-2"><num>(2)</num><intro>A person is to be treated for the purposes of this Act as acquiring an interest or right (to the extent that the person would not otherwise be regarded as doing so) where—</intro><level class="para1" eId="section-10-2-a"><num>(a)</num><content>the interest or right becomes treated as held by the person by virtue of Schedule 1, or</content></level><level class="para1" eId="section-10-2-b"><num>(b)</num><content>the person is already treated as holding the interest or right by virtue of that Schedule and something occurs in relation to the interest or right which would be regarded as its acquisition by the person (including by virtue of paragraph (a)) if the person was not already treated as holding it.</content></level></subsection></section><section eId="section-11"><num>11</num><heading>Exceptions relating to control of assets</heading><subsection eId="section-11-1"><num>(1)</num><content>For the purposes of this Act a person is not to be regarded as gaining control of a qualifying asset by reason of an acquisition made by an individual for purposes that are wholly or mainly outside the individual's trade, business or craft.</content></subsection><subsection eId="section-11-2"><num>(2)</num><intro>Subsection (1) does not apply in relation to an asset that—</intro><level class="para1" eId="section-11-2-a"><num>(a)</num><content>is land, or</content></level><level class="para1" eId="section-11-2-b"><num>(b)</num><intro>falls within any of the following (as it has effect from time to time)—</intro><level class="para2" eId="section-11-2-b-i"><num>(i)</num><content>the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),</content></level><level class="para2" eId="section-11-2-b-ii"><num>(ii)</num><content>article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),</content></level><level class="para2" eId="section-11-2-b-iii"><num>(iii)</num><content>Annex I or IV to Council Regulation <ref eId="c00001" href="http://www.legislation.gov.uk/european/regulation/2009/0428">(EC) No 428/2009</ref> of 5 May 2009,</content></level><level class="para2" eId="section-11-2-b-iv"><num>(iv)</num><content>Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,</content></level><level class="para2" eId="section-11-2-b-v"><num>(v)</num><content>Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.</content></level></level></subsection><subsection eId="section-11-3"><num>(3)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-11-3-a"><num>(a)</num><content>amend subsection (2) so as to add, vary or remove any asset or description of asset,</content></level><level class="para1" eId="section-11-3-b"><num>(b)</num><content>prescribe other circumstances, or descriptions of circumstances, in which a person is not to be regarded for the purposes of this Act as gaining control of a qualifying asset.</content></level></subsection></section><section eId="section-12"><num>12</num><heading>Trigger events: supplementary</heading><subsection eId="section-12-1"><num>(1)</num><content>If a trigger event takes place over a period of more than one day, or if it is unclear when during a period of more than one day the event has taken place, it is treated for the purposes of this Act as taking place on the last day of the period.</content></subsection><subsection eId="section-12-2"><num>(2)</num><content>Subsections (3) and (4) apply if a person enters into an agreement or arrangement that enables the person (contingently or not) to do something in the future that would result in a trigger event taking place.</content></subsection><subsection eId="section-12-3"><num>(3)</num><content>For the purposes of this Act, entering into the agreement or arrangement does not necessarily establish that arrangements are in progress or contemplation which, if carried into effect, would result in a trigger event taking place.</content></subsection><subsection eId="section-12-4"><num>(4)</num><content>The question of whether such arrangements are in progress or contemplation (at the time of entry into the agreement or arrangement or subsequently) is to be determined by reference to all the circumstances, including how likely it is in practice that person will do the thing that would result in a trigger event taking place.</content></subsection></section></chapter><chapter eId="part-1-chapter-3"><num>CHAPTER 3</num><heading>Approval of notifiable acquisition</heading><section eId="section-13"><num>13</num><heading>Approval of notifiable acquisition</heading><subsection eId="section-13-1"><num>(1)</num><content>A notifiable acquisition that is completed without the approval of the Secretary of State is void.</content></subsection><subsection eId="section-13-2"><num>(2)</num><intro>The Secretary of State may approve a notifiable acquisition by—</intro><level class="para1" eId="section-13-2-a"><num>(a)</num><content>giving a notification under section 14(8)(b)(ii),</content></level><level class="para1" eId="section-13-2-b"><num>(b)</num><content>making a final order under section 26, subject to subsection (3),</content></level><level class="para1" eId="section-13-2-c"><num>(c)</num><content>giving a final notification under section 26.</content></level></subsection><subsection eId="section-13-3"><num>(3)</num><content>A notifiable acquisition, in relation to which a final order has been made, that is completed otherwise than in accordance with the final order, is void.</content></subsection></section></chapter><chapter eId="part-1-chapter-4"><num>CHAPTER 4</num><heading>Procedure</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-procedure-in-respect-of-notifiable-acquisition"><heading>Procedure in respect of notifiable acquisition</heading><section eId="section-14"><num>14</num><heading>Mandatory notification procedure</heading><subsection eId="section-14-1"><num>(1)</num><content>Subject to subsection (2), a person must give notice to the Secretary of State before the person, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2).</content></subsection><subsection eId="section-14-2"><num>(2)</num><content>Subsection (1) does not apply if the Secretary of State has already given a call-in notice, which has not been revoked, in relation to the proposed notifiable acquisition.</content></subsection><subsection eId="section-14-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a mandatory notice.</content></subsection><subsection eId="section-14-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a mandatory notice.</content></subsection><subsection eId="section-14-5"><num>(5)</num><content>As soon as reasonably practicable after receiving a mandatory notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-14-6"><num>(6)</num><intro>The Secretary of State may reject the mandatory notice on one or more of the following grounds—</intro><level class="para1" eId="section-14-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-14-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-14-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the proposed notifiable acquisition.</content></level></subsection><subsection eId="section-14-7"><num>(7)</num><content>If the mandatory notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who gave the notice.</content></subsection><subsection eId="section-14-8"><num>(8)</num><intro>If the mandatory notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-14-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-14-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-14-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the proposed notifiable acquisition, or</content></level><level class="para2" eId="section-14-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the proposed notifiable acquisition.</content></level></level></subsection><subsection eId="section-14-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the mandatory notice.</content></subsection><subsection eId="section-14-10"><num>(10)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the mandatory notice and such other persons as the Secretary of State considers appropriate.</content></subsection></section><section eId="section-15"><num>15</num><heading>Requirement to consider retrospective validation without application</heading><subsection eId="section-15-1"><num>(1)</num><content>This section and section 16 apply to a notifiable acquisition that is completed without the approval of the Secretary of State and, accordingly, is void (see section 13(1)).</content></subsection><subsection eId="section-15-2"><num>(2)</num><intro>The Secretary of State must, before the end of the period of 6 months beginning with the day on which the Secretary of State becomes aware of the notifiable acquisition—</intro><level class="para1" eId="section-15-2-a"><num>(a)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para1" eId="section-15-2-b"><num>(b)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></subsection><subsection eId="section-15-3"><num>(3)</num><content>The effect of a validation notice given under this section or section 16 or 17, is that the notifiable acquisition to which it relates is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection><subsection eId="section-15-4"><num>(4)</num><intro>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content>the person who was required to give a mandatory notice to the Secretary of State in relation to the acquisition (see section 14(1)), and</content></level><level class="para1" eId="section-15-4-b"><num>(b)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection></section><section eId="section-16"><num>16</num><heading>Application for retrospective validation of notifiable acquisition</heading><subsection eId="section-16-1"><num>(1)</num><content>Any person materially affected by the fact that a notifiable acquisition to which this section applies (see section 15(1)) is void, may apply to the Secretary of State for a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-16-2"><num>(2)</num><content>An application under subsection (1) is referred to in this Act as a validation application.</content></subsection><subsection eId="section-16-3"><num>(3)</num><content>The Secretary of State may by regulations prescribe the form and content of a validation application.</content></subsection><subsection eId="section-16-4"><num>(4)</num><content>Subject to subsection (8), as soon as reasonably practicable after receiving a validation application, the Secretary of State must decide whether to reject or accept the application.</content></subsection><subsection eId="section-16-5"><num>(5)</num><intro>The Secretary of State may reject the application on one or more of the following grounds—</intro><level class="para1" eId="section-16-5-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-16-5-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-16-5-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the acquisition.</content></level></subsection><subsection eId="section-16-6"><num>(6)</num><content>If the application is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who made the application.</content></subsection><subsection eId="section-16-7"><num>(7)</num><intro>If the application is accepted, the Secretary of State must—</intro><level class="para1" eId="section-16-7-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-16-7-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-16-7-b-i"><num>(i)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para2" eId="section-16-7-b-ii"><num>(ii)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></level></subsection><subsection eId="section-16-8"><num>(8)</num><content>The Secretary of State is not required to consider a validation application in relation to an acquisition if, in the opinion of the Secretary of State, there has been no material change in circumstances since a previous validation application in relation to the acquisition was made.</content></subsection><subsection eId="section-16-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who made the validation application and such other persons as the Secretary of State considers appropriate;</content></hcontainer><hcontainer name="definition"><content>the “review period” is the period of 30 working days beginning with the day on which the notification under subsection (7)(a) is given to the person who made the validation application.</content></hcontainer></subsection></section><section eId="section-17"><num>17</num><heading>Retrospective validation of notifiable acquisition following call-in</heading><subsection eId="section-17-1"><num>(1)</num><intro>This section applies where the Secretary of State has given a call-in notice pursuant to—</intro><level class="para1" eId="section-17-1-a"><num>(a)</num><content>subsection (2)(a) of section 15, or</content></level><level class="para1" eId="section-17-1-b"><num>(b)</num><content>subsection (7)(b)(i) of section 16,</content></level><wrapUp>(and, accordingly, the trigger event to which the call-in notice relates is, or includes, a notifiable acquisition to which those sections apply.)</wrapUp></subsection><subsection eId="section-17-2"><num>(2)</num><content>If the Secretary of State gives a final notification in relation to the call-in notice, the Secretary of State must also give a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-17-3"><num>(3)</num><intro>A validation notice under this section must be given to—</intro><level class="para1" eId="section-17-3-a"><num>(a)</num><content>each person to whom the final notification is given,</content></level><level class="para1" eId="section-17-3-b"><num>(b)</num><content>the person (if any) who made an application in relation to the acquisition under section 16, and</content></level><level class="para1" eId="section-17-3-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-17-4"><num>(4)</num><content>Subsection (5) applies if the Secretary of State makes a final order in relation to the call-in notice.</content></subsection><subsection eId="section-17-5"><num>(5)</num><content>So much of the notifiable acquisition as would, had it been completed after the making of the final order, have been completed in accordance with the order is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-voluntary-notification-of-trigger-event"><heading>Voluntary notification of trigger event</heading><section eId="section-18"><num>18</num><heading>Voluntary notification procedure</heading><subsection eId="section-18-1"><num>(1)</num><intro>This section does not apply in relation to—</intro><level class="para1" eId="section-18-1-a"><num>(a)</num><content>arrangements which would result in a notifiable acquisition,</content></level><level class="para1" eId="section-18-1-b"><num>(b)</num><content>a trigger event that is, or includes, a notifiable acquisition.</content></level></subsection><subsection eId="section-18-2"><num>(2)</num><intro>A seller, acquirer or the qualifying entity concerned may give a notice to the Secretary of State stating that —</intro><level class="para1" eId="section-18-2-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or a qualifying asset, or</content></level><level class="para1" eId="section-18-2-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or a qualifying asset.</content></level></subsection><subsection eId="section-18-3"><num>(3)</num><content>A notice under subsection (2) is referred to in this Act as a voluntary notice.</content></subsection><subsection eId="section-18-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a voluntary notice.</content></subsection><subsection eId="section-18-5"><num>(5)</num><content>As soon as reasonably practicable after receiving the voluntary notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-18-6"><num>(6)</num><intro>The Secretary of State may reject the voluntary notice on one or more of the following grounds—</intro><level class="para1" eId="section-18-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-18-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-18-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice,</content></level><level class="para1" eId="section-18-6-d"><num>(d)</num><content>there is no reasonable prospect of being able to give a call-in notice due to the operation of the time-limits in subsection (2) or (4) of section 2.</content></level></subsection><subsection eId="section-18-7"><num>(7)</num><content>If the voluntary notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to each relevant person.</content></subsection><subsection eId="section-18-8"><num>(8)</num><intro>If the voluntary notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-18-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-18-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-18-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the trigger event, or</content></level><level class="para2" eId="section-18-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the trigger event.</content></level></level></subsection><subsection eId="section-18-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the voluntary notice; but this does not affect the operation of the time-limits in subsections (2) and (4) of section 2.</content></subsection><subsection eId="section-18-10"><num>(10)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the voluntary notice and such other persons as the Secretary of State considers appropriate,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-seller" eId="term-seller">seller</term>”, in relation to a trigger event, means a person who has ceded control of the qualifying entity or a qualifying asset (or in relation to a trigger event that has not yet taken place, would cede that control).</content></hcontainer></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-information-etc"><heading>Information, etc</heading><section eId="section-19"><num>19</num><heading>Power to require information</heading><subsection eId="section-19-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person to provide any information in relation to the exercise of the Secretary of State's functions under this Act which—</intro><level class="para1" eId="section-19-1-a"><num>(a)</num><content>is specified or described in the notice, or falls within a category of information specified or described in the notice, and</content></level><level class="para1" eId="section-19-1-b"><num>(b)</num><content>is within that person's possession or power.</content></level></subsection><subsection eId="section-19-2"><num>(2)</num><content>The Secretary of State is not to require the provision of information under this section except where the requirement to provide information is proportionate to the use to which the information is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection><subsection eId="section-19-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an information notice.</content></subsection><subsection eId="section-19-4"><num>(4)</num><intro>An information notice may—</intro><level class="para1" eId="section-19-4-a"><num>(a)</num><content>specify the manner in which the information is to be provided,</content></level><level class="para1" eId="section-19-4-b"><num>(b)</num><intro>specify a time limit for—</intro><level class="para2" eId="section-19-4-b-i"><num>(i)</num><content>providing the information,</content></level><level class="para2" eId="section-19-4-b-ii"><num>(ii)</num><content>notifying the Secretary of State that the information is not in the person's possession or power, or</content></level></level><level class="para1" eId="section-19-4-c"><num>(c)</num><content>require the person to provide any information within their possession or power which would enable the Secretary of State to find the information required by the notice.</content></level></subsection><subsection eId="section-19-5"><num>(5)</num><intro>An information notice must—</intro><level class="para1" eId="section-19-5-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-19-5-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection><subsection eId="section-19-6"><num>(6)</num><content>A person is not required under this section to provide any information which that person could not be compelled to provide in evidence in civil proceedings before the court.</content></subsection><subsection eId="section-19-7"><num>(7)</num><content>A reference in this section to the provision of information includes a reference to the provision of a legible and intelligible copy of information recorded otherwise than in legible form.</content></subsection><subsection eId="section-19-8"><num>(8)</num><content>A person to whom information is provided under this section may copy the information.</content></subsection><subsection eId="section-19-9"><num>(9)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-19-9-a"><num>(a)</num><content>in relation to England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-19-9-b"><num>(b)</num><content>in relation to Scotland, the Court of Session, and</content></level><level class="para1" eId="section-19-9-c"><num>(c)</num><content>in relation to a person outside the United Kingdom, the High Court of England and Wales.</content></level></subsection></section><section eId="section-20"><num>20</num><heading>Attendance of witnesses</heading><subsection eId="section-20-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person—</intro><level class="para1" eId="section-20-1-a"><num>(a)</num><content>to attend at a time and place specified in the notice, and</content></level><level class="para1" eId="section-20-1-b"><num>(b)</num><content>to give evidence to the Secretary of State in relation to the exercise of the Secretary of State's functions under this Act.</content></level></subsection><subsection eId="section-20-2"><num>(2)</num><content>The Secretary of State is not to require the giving of evidence under this section except where the requirement to give evidence is proportionate to the use to which the evidence is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection><subsection eId="section-20-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an attendance notice.</content></subsection><subsection eId="section-20-4"><num>(4)</num><intro>An attendance notice must—</intro><level class="para1" eId="section-20-4-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-20-4-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection><subsection eId="section-20-5"><num>(5)</num><content>A person is not required under this section to give any evidence which that person could not be compelled to give in civil proceedings before the court.</content></subsection><subsection eId="section-20-6"><num>(6)</num><content>A person is not required, in compliance with an attendance notice, to go more than 10 miles from their place of residence unless necessary travelling expenses are paid or offered to that person.</content></subsection><subsection eId="section-20-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-20-7-a"><num>(a)</num><content>in relation to evidence given in England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-20-7-b"><num>(b)</num><content>in relation to evidence given in Scotland, the Court of Session, and</content></level><level class="para1" eId="section-20-7-c"><num>(c)</num><content>in relation to evidence given outside the United Kingdom, the High Court of England and Wales.</content></level></subsection></section><section eId="section-21"><num>21</num><heading>Information notices and attendance notices: persons outside the UK</heading><subsection eId="section-21-1"><num>(1)</num><content>The Secretary of State may give an information notice or an attendance notice to a person outside the United Kingdom only if the person falls within subsection (2), (3) or (4) of this section.</content></subsection><subsection eId="section-21-2"><num>(2)</num><intro>A person falls within this subsection if the person is—</intro><level class="para1" eId="section-21-2-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-21-2-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-21-2-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-2-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-21-3"><num>(3)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-3-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity which is formed or recognised under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-3-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity of that description,</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection><subsection eId="section-21-4"><num>(4)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-4-a"><num>(a)</num><intro>a trigger event has taken place in relation to a qualifying asset which —</intro><level class="para2" eId="section-21-4-a-i"><num>(i)</num><content>is within section 7(4)(a) or (b) and is situated in the United Kingdom or the territorial sea, or</content></level><level class="para2" eId="section-21-4-a-ii"><num>(ii)</num><content>is within section 7(4)(c) and is used in connection with activities carried on in the United Kingdom, or</content></level></level><level class="para1" eId="section-21-4-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying asset within paragraph (a),</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection></section><section eId="section-22"><num>22</num><heading>False or misleading information</heading><subsection eId="section-22-1"><num>(1)</num><intro>This section applies where false or misleading information is provided to the Secretary of State—</intro><level class="para1" eId="section-22-1-a"><num>(a)</num><content>in a mandatory notice,</content></level><level class="para1" eId="section-22-1-b"><num>(b)</num><content>in a validation application,</content></level><level class="para1" eId="section-22-1-c"><num>(c)</num><content>in a voluntary notice,</content></level><level class="para1" eId="section-22-1-d"><num>(d)</num><content>in response to an information notice, or</content></level><level class="para1" eId="section-22-1-e"><num>(e)</num><content>in response to an attendance notice.</content></level></subsection><subsection eId="section-22-2"><num>(2)</num><content>Where a decision made by the Secretary of State under this Act is materially affected by the false or misleading information, the Secretary of State may reconsider the decision and may affirm, vary or revoke it.</content></subsection><subsection eId="section-22-3"><num>(3)</num><content>Where a decision is varied or revoked under this section, the Secretary of State must give notice to that effect to such persons as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-22-4"><num>(4)</num><intro>If a revoked decision was—</intro><level class="para1" eId="section-22-4-a"><num>(a)</num><content>a decision to give a call-in notice,</content></level><level class="para1" eId="section-22-4-b"><num>(b)</num><content>a decision to make or revoke a final order, or</content></level><level class="para1" eId="section-22-4-c"><num>(c)</num><content>a decision to give a final notification,</content></level><wrapUp>the Secretary of State may give a further call-in notice and section 2(1) does not apply.</wrapUp></subsection><subsection eId="section-22-5"><num>(5)</num><content>Where a decision is revoked under this section, the time limits in section 2(2) and (4) do not apply to the case concerned, but a call-in notice (or a further call-in notice) may not be given after the end of the period of 6 months beginning with the day on which the information was discovered to be false or misleading.</content></subsection></section></hcontainer></chapter></part>

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-1-chapter-1"><num>CHAPTER 1</num><heading>Call-in power</heading><section eId="section-1"><num>1</num><heading>Call-in notice for national security purposes</heading><subsection eId="section-1-1"><num>(1)</num><intro>The Secretary of State may give a notice if the Secretary of State reasonably suspects that—</intro><level class="para1" eId="section-1-1-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or qualifying asset, and the event has given rise to or may give rise to a risk to national security, or</content></level><level class="para1" eId="section-1-1-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or qualifying asset, and the event may give rise to a risk to national security.</content></level></subsection><subsection eId="section-1-2"><num>(2)</num><content>For the purposes of this Act, in considering whether a trigger event has taken place, or whether arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place, the effect of section 13(1) (notifiable acquisitions that are void) must be disregarded.</content></subsection><subsection eId="section-1-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a call-in notice.</content></subsection><subsection eId="section-1-4"><num>(4)</num><intro>If the Secretary of State decides to give a call-in notice, the notice must be given to—</intro><level class="para1" eId="section-1-4-a"><num>(a)</num><content>the acquirer,</content></level><level class="para1" eId="section-1-4-b"><num>(b)</num><content>if the trigger event relates to a qualifying entity, the entity, and</content></level><level class="para1" eId="section-1-4-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-1-5"><num>(5)</num><content>The call-in notice must include a description of the trigger event to which it relates and state the names of the persons to whom the notice is given.</content></subsection><subsection eId="section-1-6"><num>(6)</num><content>The Secretary of State may not give a call-in notice unless a statement has been published (and not withdrawn) for the purposes of section 3.</content></subsection><subsection eId="section-1-7"><num>(7)</num><content>The Secretary of State must have regard to that statement before giving a call-in notice.</content></subsection><subsection eId="section-1-8"><num>(8)</num><content>But nothing in the statement limits the power to give a call-in notice.</content></subsection></section><section eId="section-2"><num>2</num><heading>Further provision about call-in notices</heading><subsection eId="section-2-1"><num>(1)</num><content>No more than one call-in notice may be given in relation to each trigger event.</content></subsection><subsection eId="section-2-2"><num>(2)</num><intro>Subject to subsections (3) and (4), a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-2-a"><num>(a)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para1" eId="section-2-2-b"><num>(b)</num><content>may not be given after the end of the period of 5 years beginning with the day on which the trigger event took place.</content></level></subsection><subsection eId="section-2-3"><num>(3)</num><content>Subsection (2)(b) does not apply where the trigger event is one in relation to which section 13(1) has effect.</content></subsection><subsection eId="section-2-4"><num>(4)</num><intro>In relation to a trigger event taking place during the period beginning with 12 November 2020 and ending with the day before commencement day, a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-4-a"><num>(a)</num><content>if the Secretary of State became aware of the trigger event before commencement day, may not be given after the end of the period of 6 months beginning with commencement day,</content></level><level class="para1" eId="section-2-4-b"><num>(b)</num><intro>if the Secretary of State became aware of the trigger event on or after commencement day—</intro><level class="para2" eId="section-2-4-b-i"><num>(i)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para2" eId="section-2-4-b-ii"><num>(ii)</num><content>may not be given after the end of the period of 5 years beginning with commencement day.</content></level></level></subsection><subsection eId="section-2-5"><num>(5)</num><content>In this section “<term refersTo="#term-commencement-day" eId="term-commencement-day">commencement day</term>” means the day on which this section comes into force.</content></subsection><subsection eId="section-2-6"><num>(6)</num><content>This section is subject to section 22 (and see section 62).</content></subsection></section><section eId="section-3"><num>3</num><heading>Statement about exercise of call-in power</heading><subsection eId="section-3-1"><num>(1)</num><content>The Secretary of State may publish a statement for the purposes of this section if the requirements set out in section 4(1) are satisfied.</content></subsection><subsection eId="section-3-2"><num>(2)</num><content>The statement is a statement prepared by the Secretary of State that sets out how the Secretary of State expects to exercise the power to give a call-in notice.</content></subsection><subsection eId="section-3-3"><num>(3)</num><intro>The statement may include, in particular—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>details of sectors of the economy in relation to which the Secretary of State considers that trigger events are more likely to give rise to a risk to national security,</content></level><level class="para1" eId="section-3-3-b"><num>(b)</num><content>details of the trigger events, qualifying entities and qualifying assets in relation to which the Secretary of State expects to exercise the power to give a call-in notice, and</content></level><level class="para1" eId="section-3-3-c"><num>(c)</num><content>details of factors that the Secretary of State expects to take into account when deciding whether or not to exercise the power.</content></level></subsection><subsection eId="section-3-4"><num>(4)</num><content>The Secretary of State must review a statement published under this section at least once every 5 years.</content></subsection><subsection eId="section-3-5"><num>(5)</num><content>A statement published under this section may be amended or replaced by a subsequent statement, and this section and section 4 apply in relation to any amended or replacement statement as in relation to the original statement.</content></subsection><subsection eId="section-3-6"><num>(6)</num><content>Nothing in a statement published under this section affects the power of the Secretary of State to make notifiable acquisition regulations (see section 6).</content></subsection></section><section eId="section-4"><num>4</num><heading>Consultation and parliamentary procedure</heading><subsection eId="section-4-1"><num>(1)</num><intro>Before the Secretary of State may publish a statement for the purposes of section 3 the Secretary of State must—</intro><level class="para1" eId="section-4-1-a"><num>(a)</num><content>carry out such consultation as the Secretary of State thinks appropriate in relation to a draft of the statement,</content></level><level class="para1" eId="section-4-1-b"><num>(b)</num><content>make any changes to the draft that appear to the Secretary of State to be necessary in view of the responses to the consultation, and</content></level><level class="para1" eId="section-4-1-c"><num>(c)</num><content>lay the statement before Parliament.</content></level></subsection><subsection eId="section-4-2"><num>(2)</num><content>Either House of Parliament may at any time before the expiry of the 40-day period resolve not to approve the statement.</content></subsection><subsection eId="section-4-3"><num>(3)</num><content>If either House of Parliament resolves not to approve the statement under subsection (2), the Secretary of State must withdraw the statement.</content></subsection><subsection eId="section-4-4"><num>(4)</num><content>Any such resolution under subsection (2) does not affect the validity of a call-in notice given following the publication of the statement prior to its withdrawal, and does not affect the publication of a new statement.</content></subsection><subsection eId="section-4-5"><num>(5)</num><content>“The 40-day period” is the period of 40 days beginning with the day on which the statement is laid before Parliament (or, if it is not laid before each House of Parliament on the same day, the later of the days on which it is laid).</content></subsection><subsection eId="section-4-6"><num>(6)</num><content>When calculating the 40-day period, ignore any period during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.</content></subsection><subsection eId="section-4-7"><num>(7)</num><content>The requirements in subsection (1)(a) and (b) may be met by consultation carried out before this section comes into force.</content></subsection></section></chapter>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1"><num>1</num><heading>Call-in notice for national security purposes</heading><subsection eId="section-1-1"><num>(1)</num><intro>The Secretary of State may give a notice if the Secretary of State reasonably suspects that—</intro><level class="para1" eId="section-1-1-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or qualifying asset, and the event has given rise to or may give rise to a risk to national security, or</content></level><level class="para1" eId="section-1-1-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or qualifying asset, and the event may give rise to a risk to national security.</content></level></subsection><subsection eId="section-1-2"><num>(2)</num><content>For the purposes of this Act, in considering whether a trigger event has taken place, or whether arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place, the effect of section 13(1) (notifiable acquisitions that are void) must be disregarded.</content></subsection><subsection eId="section-1-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a call-in notice.</content></subsection><subsection eId="section-1-4"><num>(4)</num><intro>If the Secretary of State decides to give a call-in notice, the notice must be given to—</intro><level class="para1" eId="section-1-4-a"><num>(a)</num><content>the acquirer,</content></level><level class="para1" eId="section-1-4-b"><num>(b)</num><content>if the trigger event relates to a qualifying entity, the entity, and</content></level><level class="para1" eId="section-1-4-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-1-5"><num>(5)</num><content>The call-in notice must include a description of the trigger event to which it relates and state the names of the persons to whom the notice is given.</content></subsection><subsection eId="section-1-6"><num>(6)</num><content>The Secretary of State may not give a call-in notice unless a statement has been published (and not withdrawn) for the purposes of section 3.</content></subsection><subsection eId="section-1-7"><num>(7)</num><content>The Secretary of State must have regard to that statement before giving a call-in notice.</content></subsection><subsection eId="section-1-8"><num>(8)</num><content>But nothing in the statement limits the power to give a call-in notice.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-1"><num>(1)</num><intro>The Secretary of State may give a notice if the Secretary of State reasonably suspects that—</intro><level class="para1" eId="section-1-1-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or qualifying asset, and the event has given rise to or may give rise to a risk to national security, or</content></level><level class="para1" eId="section-1-1-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or qualifying asset, and the event may give rise to a risk to national security.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-2"><num>(2)</num><content>For the purposes of this Act, in considering whether a trigger event has taken place, or whether arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place, the effect of section 13(1) (notifiable acquisitions that are void) must be disregarded.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-4"><num>(4)</num><intro>If the Secretary of State decides to give a call-in notice, the notice must be given to—</intro><level class="para1" eId="section-1-4-a"><num>(a)</num><content>the acquirer,</content></level><level class="para1" eId="section-1-4-b"><num>(b)</num><content>if the trigger event relates to a qualifying entity, the entity, and</content></level><level class="para1" eId="section-1-4-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-5"><num>(5)</num><content>The call-in notice must include a description of the trigger event to which it relates and state the names of the persons to whom the notice is given.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-6"><num>(6)</num><content>The Secretary of State may not give a call-in notice unless a statement has been published (and not withdrawn) for the purposes of section 3.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-7"><num>(7)</num><content>The Secretary of State must have regard to that statement before giving a call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-8"><num>(8)</num><content>But nothing in the statement limits the power to give a call-in notice.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2"><num>2</num><heading>Further provision about call-in notices</heading><subsection eId="section-2-1"><num>(1)</num><content>No more than one call-in notice may be given in relation to each trigger event.</content></subsection><subsection eId="section-2-2"><num>(2)</num><intro>Subject to subsections (3) and (4), a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-2-a"><num>(a)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para1" eId="section-2-2-b"><num>(b)</num><content>may not be given after the end of the period of 5 years beginning with the day on which the trigger event took place.</content></level></subsection><subsection eId="section-2-3"><num>(3)</num><content>Subsection (2)(b) does not apply where the trigger event is one in relation to which section 13(1) has effect.</content></subsection><subsection eId="section-2-4"><num>(4)</num><intro>In relation to a trigger event taking place during the period beginning with 12 November 2020 and ending with the day before commencement day, a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-4-a"><num>(a)</num><content>if the Secretary of State became aware of the trigger event before commencement day, may not be given after the end of the period of 6 months beginning with commencement day,</content></level><level class="para1" eId="section-2-4-b"><num>(b)</num><intro>if the Secretary of State became aware of the trigger event on or after commencement day—</intro><level class="para2" eId="section-2-4-b-i"><num>(i)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para2" eId="section-2-4-b-ii"><num>(ii)</num><content>may not be given after the end of the period of 5 years beginning with commencement day.</content></level></level></subsection><subsection eId="section-2-5"><num>(5)</num><content>In this section “<term refersTo="#term-commencement-day" eId="term-commencement-day">commencement day</term>” means the day on which this section comes into force.</content></subsection><subsection eId="section-2-6"><num>(6)</num><content>This section is subject to section 22 (and see section 62).</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-1"><num>(1)</num><content>No more than one call-in notice may be given in relation to each trigger event.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-2"><num>(2)</num><intro>Subject to subsections (3) and (4), a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-2-a"><num>(a)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para1" eId="section-2-2-b"><num>(b)</num><content>may not be given after the end of the period of 5 years beginning with the day on which the trigger event took place.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-3"><num>(3)</num><content>Subsection (2)(b) does not apply where the trigger event is one in relation to which section 13(1) has effect.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-4"><num>(4)</num><intro>In relation to a trigger event taking place during the period beginning with 12 November 2020 and ending with the day before commencement day, a call-in notice given on the grounds mentioned in section 1(1)(a)—</intro><level class="para1" eId="section-2-4-a"><num>(a)</num><content>if the Secretary of State became aware of the trigger event before commencement day, may not be given after the end of the period of 6 months beginning with commencement day,</content></level><level class="para1" eId="section-2-4-b"><num>(b)</num><intro>if the Secretary of State became aware of the trigger event on or after commencement day—</intro><level class="para2" eId="section-2-4-b-i"><num>(i)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para2" eId="section-2-4-b-ii"><num>(ii)</num><content>may not be given after the end of the period of 5 years beginning with commencement day.</content></level></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-a"><num>(a)</num><content>if the Secretary of State became aware of the trigger event before commencement day, may not be given after the end of the period of 6 months beginning with commencement day,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-b"><num>(b)</num><intro>if the Secretary of State became aware of the trigger event on or after commencement day—</intro><level class="para2" eId="section-2-4-b-i"><num>(i)</num><content>may not be given after the end of the period of 6 months beginning with the day on which the Secretary of State became aware of the trigger event, and</content></level><level class="para2" eId="section-2-4-b-ii"><num>(ii)</num><content>may not be given after the end of the period of 5 years beginning with commencement day.</content></level></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-5"><num>(5)</num><content>In this section “<term refersTo="#term-commencement-day" eId="term-commencement-day">commencement day</term>” means the day on which this section comes into force.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-6"><num>(6)</num><content>This section is subject to section 22 (and see section 62).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3"><num>3</num><heading>Statement about exercise of call-in power</heading><subsection eId="section-3-1"><num>(1)</num><content>The Secretary of State may publish a statement for the purposes of this section if the requirements set out in section 4(1) are satisfied.</content></subsection><subsection eId="section-3-2"><num>(2)</num><content>The statement is a statement prepared by the Secretary of State that sets out how the Secretary of State expects to exercise the power to give a call-in notice.</content></subsection><subsection eId="section-3-3"><num>(3)</num><intro>The statement may include, in particular—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>details of sectors of the economy in relation to which the Secretary of State considers that trigger events are more likely to give rise to a risk to national security,</content></level><level class="para1" eId="section-3-3-b"><num>(b)</num><content>details of the trigger events, qualifying entities and qualifying assets in relation to which the Secretary of State expects to exercise the power to give a call-in notice, and</content></level><level class="para1" eId="section-3-3-c"><num>(c)</num><content>details of factors that the Secretary of State expects to take into account when deciding whether or not to exercise the power.</content></level></subsection><subsection eId="section-3-4"><num>(4)</num><content>The Secretary of State must review a statement published under this section at least once every 5 years.</content></subsection><subsection eId="section-3-5"><num>(5)</num><content>A statement published under this section may be amended or replaced by a subsequent statement, and this section and section 4 apply in relation to any amended or replacement statement as in relation to the original statement.</content></subsection><subsection eId="section-3-6"><num>(6)</num><content>Nothing in a statement published under this section affects the power of the Secretary of State to make notifiable acquisition regulations (see section 6).</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-1"><num>(1)</num><content>The Secretary of State may publish a statement for the purposes of this section if the requirements set out in section 4(1) are satisfied.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-2"><num>(2)</num><content>The statement is a statement prepared by the Secretary of State that sets out how the Secretary of State expects to exercise the power to give a call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-3"><num>(3)</num><intro>The statement may include, in particular—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>details of sectors of the economy in relation to which the Secretary of State considers that trigger events are more likely to give rise to a risk to national security,</content></level><level class="para1" eId="section-3-3-b"><num>(b)</num><content>details of the trigger events, qualifying entities and qualifying assets in relation to which the Secretary of State expects to exercise the power to give a call-in notice, and</content></level><level class="para1" eId="section-3-3-c"><num>(c)</num><content>details of factors that the Secretary of State expects to take into account when deciding whether or not to exercise the power.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-4"><num>(4)</num><content>The Secretary of State must review a statement published under this section at least once every 5 years.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-5"><num>(5)</num><content>A statement published under this section may be amended or replaced by a subsequent statement, and this section and section 4 apply in relation to any amended or replacement statement as in relation to the original statement.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-6"><num>(6)</num><content>Nothing in a statement published under this section affects the power of the Secretary of State to make notifiable acquisition regulations (see section 6).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4"><num>4</num><heading>Consultation and parliamentary procedure</heading><subsection eId="section-4-1"><num>(1)</num><intro>Before the Secretary of State may publish a statement for the purposes of section 3 the Secretary of State must—</intro><level class="para1" eId="section-4-1-a"><num>(a)</num><content>carry out such consultation as the Secretary of State thinks appropriate in relation to a draft of the statement,</content></level><level class="para1" eId="section-4-1-b"><num>(b)</num><content>make any changes to the draft that appear to the Secretary of State to be necessary in view of the responses to the consultation, and</content></level><level class="para1" eId="section-4-1-c"><num>(c)</num><content>lay the statement before Parliament.</content></level></subsection><subsection eId="section-4-2"><num>(2)</num><content>Either House of Parliament may at any time before the expiry of the 40-day period resolve not to approve the statement.</content></subsection><subsection eId="section-4-3"><num>(3)</num><content>If either House of Parliament resolves not to approve the statement under subsection (2), the Secretary of State must withdraw the statement.</content></subsection><subsection eId="section-4-4"><num>(4)</num><content>Any such resolution under subsection (2) does not affect the validity of a call-in notice given following the publication of the statement prior to its withdrawal, and does not affect the publication of a new statement.</content></subsection><subsection eId="section-4-5"><num>(5)</num><content>“The 40-day period” is the period of 40 days beginning with the day on which the statement is laid before Parliament (or, if it is not laid before each House of Parliament on the same day, the later of the days on which it is laid).</content></subsection><subsection eId="section-4-6"><num>(6)</num><content>When calculating the 40-day period, ignore any period during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.</content></subsection><subsection eId="section-4-7"><num>(7)</num><content>The requirements in subsection (1)(a) and (b) may be met by consultation carried out before this section comes into force.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-1"><num>(1)</num><intro>Before the Secretary of State may publish a statement for the purposes of section 3 the Secretary of State must—</intro><level class="para1" eId="section-4-1-a"><num>(a)</num><content>carry out such consultation as the Secretary of State thinks appropriate in relation to a draft of the statement,</content></level><level class="para1" eId="section-4-1-b"><num>(b)</num><content>make any changes to the draft that appear to the Secretary of State to be necessary in view of the responses to the consultation, and</content></level><level class="para1" eId="section-4-1-c"><num>(c)</num><content>lay the statement before Parliament.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-2"><num>(2)</num><content>Either House of Parliament may at any time before the expiry of the 40-day period resolve not to approve the statement.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-3"><num>(3)</num><content>If either House of Parliament resolves not to approve the statement under subsection (2), the Secretary of State must withdraw the statement.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-4"><num>(4)</num><content>Any such resolution under subsection (2) does not affect the validity of a call-in notice given following the publication of the statement prior to its withdrawal, and does not affect the publication of a new statement.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-5"><num>(5)</num><content>“The 40-day period” is the period of 40 days beginning with the day on which the statement is laid before Parliament (or, if it is not laid before each House of Parliament on the same day, the later of the days on which it is laid).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-6"><num>(6)</num><content>When calculating the 40-day period, ignore any period during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-7"><num>(7)</num><content>The requirements in subsection (1)(a) and (b) may be met by consultation carried out before this section comes into force.</content></subsection>

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-1-chapter-2"><num>CHAPTER 2</num><heading>Interpretation</heading><section eId="section-5"><num>5</num><heading>Meaning of “trigger event” and “acquirer”</heading><subsection eId="section-5-1"><num>(1)</num><intro>For the purposes of this Act, a “trigger event” takes place when—</intro><level class="para1" eId="section-5-1-a"><num>(a)</num><content>a person gains control of a qualifying entity, as set out in section 8, or</content></level><level class="para1" eId="section-5-1-b"><num>(b)</num><content>a person gains control of a qualifying asset, as set out in section 9.</content></level></subsection><subsection eId="section-5-2"><num>(2)</num><content>In this Act “<term refersTo="#term-acquirer" eId="term-acquirer">acquirer</term>” means the person who gains the control referred to in subsection (1) (or in relation to a trigger event that has not yet taken place, would gain that control).</content></subsection></section><section eId="section-6"><num>6</num><heading>Notifiable acquisitions</heading><subsection eId="section-6-1"><num>(1)</num><content>The Secretary of State may make regulations for the purposes of this section (“<term refersTo="#term-notifiable-acquisition-regulations" eId="term-notifiable-acquisition-regulations">notifiable acquisition regulations</term>”).</content></subsection><subsection eId="section-6-2"><num>(2)</num><content>A notifiable acquisition takes place when a person gains control, by virtue of one or more of the cases described in subsection (2), (5) or (6) of section 8, of a qualifying entity of a specified description.</content></subsection><subsection eId="section-6-3"><num>(3)</num><content>But a notifiable acquisition does not take place if complying with the requirement to give a mandatory notice under section 14(1) would be impossible for the person within subsection (2).</content></subsection><subsection eId="section-6-4"><num>(4)</num><content>A description of qualifying entity that is specified must include provision that the entity carries on activities in the United Kingdom which are of a specified description (whether or not it also carries on other activities).</content></subsection><subsection eId="section-6-5"><num>(5)</num><intro>Notifiable acquisition regulations may—</intro><level class="para1" eId="section-6-5-a"><num>(a)</num><content>amend this section in relation to the circumstances in which a notifiable acquisition takes place or does not take place,</content></level><level class="para1" eId="section-6-5-b"><num>(b)</num><content>make provision for exemptions by reference to the characteristics of the person within subsection (2),</content></level><level class="para1" eId="section-6-5-c"><num>(c)</num><content>make consequential amendments of other provisions of this Act.</content></level></subsection><subsection eId="section-6-6"><num>(6)</num><content>Notifiable acquisition regulations may by virtue of subsection (5)(a) include, in particular, provision about the circumstances in which the gaining of control of a qualifying asset of a specified description is a notifiable acquisition.</content></subsection><subsection eId="section-6-7"><num>(7)</num><content>A description specified under subsection (6) may only include qualifying assets within section 7(6) if it includes provision that any such asset is used in connection with activities carried on in the United Kingdom which are of a specified description (whether or not it is also used in connection with other activities).</content></subsection><subsection eId="section-6-8"><num>(8)</num><content>In this section “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in notifiable acquisition regulations.</content></subsection></section><section eId="section-7"><num>7</num><heading>Qualifying entities and assets</heading><subsection eId="section-7-1"><num>(1)</num><content>This section defines “qualifying entity” and “<term refersTo="#term-qualifying-asset" eId="term-qualifying-asset">qualifying asset</term>” for the purposes of this Act.</content></subsection><subsection eId="section-7-2"><num>(2)</num><content>A “qualifying entity” is (subject to subsection (3)) any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.</content></subsection><subsection eId="section-7-3"><num>(3)</num><intro>An entity which is formed or recognised under the law of a country or territory outside the United Kingdom is a “qualifying entity” only if it—</intro><level class="para1" eId="section-7-3-a"><num>(a)</num><content>carries on activities in the United Kingdom, or</content></level><level class="para1" eId="section-7-3-b"><num>(b)</num><content>supplies goods or services to persons in the United Kingdom.</content></level></subsection><subsection eId="section-7-4"><num>(4)</num><intro>A “qualifying asset” is (subject to subsection (6)) an asset of any of the following types—</intro><level class="para1" eId="section-7-4-a"><num>(a)</num><content>land,</content></level><level class="para1" eId="section-7-4-b"><num>(b)</num><content>tangible (or, in Scotland, corporeal) moveable property,</content></level><level class="para1" eId="section-7-4-c"><num>(c)</num><content>ideas, information or techniques which have industrial, commercial or other economic value.</content></level></subsection><subsection eId="section-7-5"><num>(5)</num><intro>Examples of assets within subsection (4)(c) include—</intro><level class="para1" eId="section-7-5-a"><num>(a)</num><content>trade secrets,</content></level><level class="para1" eId="section-7-5-b"><num>(b)</num><content>databases,</content></level><level class="para1" eId="section-7-5-c"><num>(c)</num><content>source code,</content></level><level class="para1" eId="section-7-5-d"><num>(d)</num><content>algorithms,</content></level><level class="para1" eId="section-7-5-e"><num>(e)</num><content>formulae,</content></level><level class="para1" eId="section-7-5-f"><num>(f)</num><content>designs,</content></level><level class="para1" eId="section-7-5-g"><num>(g)</num><content>plans, drawings and specifications,</content></level><level class="para1" eId="section-7-5-h"><num>(h)</num><content>software.</content></level></subsection><subsection eId="section-7-6"><num>(6)</num><intro>Land or moveable property situated outside the United Kingdom or the territorial sea, or any asset within subsection (4)(c), is a “qualifying asset” only if it is used in connection with—</intro><level class="para1" eId="section-7-6-a"><num>(a)</num><content>activities carried on in the United Kingdom, or</content></level><level class="para1" eId="section-7-6-b"><num>(b)</num><content>the supply of goods or services to persons in the United Kingdom.</content></level></subsection></section><section eId="section-8"><num>8</num><heading>Control of entities</heading><subsection eId="section-8-1"><num>(1)</num><content>For the purposes of this Act, a person gains control of a qualifying entity if the person acquires a right or interest in, or in relation to, the entity and as a result one or more of the cases described in this section arises.</content></subsection><subsection eId="section-8-2"><num>(2)</num><intro>The first case is where the percentage of the shares that the person holds in the entity increases—</intro><level class="para1" eId="section-8-2-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-2-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-2-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection><subsection eId="section-8-3"><num>(3)</num><intro>In subsection (2), the reference to holding a percentage of shares is—</intro><level class="para1" eId="section-8-3-a"><num>(a)</num><content>in the case of an entity that has a share capital, to holding shares comprised in the issued share capital of the entity of a nominal value (in aggregate) of that percentage of the share capital,</content></level><level class="para1" eId="section-8-3-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to holding a right to a share of that percentage of the capital or profits of the entity,</content></level><level class="para1" eId="section-8-3-c"><num>(c)</num><content>in the case of a limited liability partnership, to holding a right to a share of that percentage of any surplus assets of the partnership on a winding up.</content></level></subsection><subsection eId="section-8-4"><num>(4)</num><content>For the purposes of subsection (3)(c), to the extent that rights to share in any surplus assets of the limited liability partnership on a winding up are not expressly provided for, each member of the partnership is to be treated as holding the right to an equal share of such assets.</content></subsection><subsection eId="section-8-5"><num>(5)</num><intro>The second case is where the percentage of the voting rights that the person holds in the entity increases—</intro><level class="para1" eId="section-8-5-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-5-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-5-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection><subsection eId="section-8-6"><num>(6)</num><content>The third case is where the acquisition is of voting rights in the entity that (whether alone or together with other voting rights held by the person) enable the person to secure or prevent the passage of any class of resolution governing the affairs of the entity.</content></subsection><subsection eId="section-8-7"><num>(7)</num><intro>In subsections (5) and (6), a reference to the voting rights in an entity is—</intro><level class="para1" eId="section-8-7-a"><num>(a)</num><content>in the case of an entity that has a share capital, to the rights conferred on shareholders in respect of their shares to vote at general meetings of the entity on all or substantially all matters,</content></level><level class="para1" eId="section-8-7-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to the rights conferred on members to vote at general meetings of the entity on all or substantially all matters,</content></level><wrapUp>and, in the case of an entity that does not have general meetings at which matters are decided by such votes, includes any rights in relation to the entity that are of the equivalent effect.</wrapUp></subsection><subsection eId="section-8-8"><num>(8)</num><content>The fourth case is (subject to subsection (9)) where the acquisition, whether alone or together with other interests or rights held by the person, enables the person materially to influence the policy of the entity.</content></subsection><subsection eId="section-8-9"><num>(9)</num><content>Subsection (8) does not include a case where the person already holds any interest or right that enables the person materially to influence the policy of the entity.</content></subsection></section><section eId="section-9"><num>9</num><heading>Control of assets</heading><subsection eId="section-9-1"><num>(1)</num><intro>For the purposes of this Act, a person gains control of a qualifying asset if the person acquires a right or interest in, or in relation to, the asset and as a result the person is able—</intro><level class="para1" eId="section-9-1-a"><num>(a)</num><content>to use the asset, or use it to a greater extent than prior to the acquisition, or</content></level><level class="para1" eId="section-9-1-b"><num>(b)</num><content>to direct or control how the asset is used, or direct or control how it is used to a greater extent than prior to the acquisition.</content></level><wrapUp>This is subject to section 11.</wrapUp></subsection><subsection eId="section-9-2"><num>(2)</num><content>In this section, references to the use of an asset include references to its exploitation, alteration, manipulation, disposal or destruction.</content></subsection></section><section eId="section-10"><num>10</num><heading>Holding and acquiring interests and rights: supplementary</heading><subsection eId="section-10-1"><num>(1)</num><content>Schedule 1 provides for particular cases in which a person is to be treated for the purposes of this Act as holding an interest or right.</content></subsection><subsection eId="section-10-2"><num>(2)</num><intro>A person is to be treated for the purposes of this Act as acquiring an interest or right (to the extent that the person would not otherwise be regarded as doing so) where—</intro><level class="para1" eId="section-10-2-a"><num>(a)</num><content>the interest or right becomes treated as held by the person by virtue of Schedule 1, or</content></level><level class="para1" eId="section-10-2-b"><num>(b)</num><content>the person is already treated as holding the interest or right by virtue of that Schedule and something occurs in relation to the interest or right which would be regarded as its acquisition by the person (including by virtue of paragraph (a)) if the person was not already treated as holding it.</content></level></subsection></section><section eId="section-11"><num>11</num><heading>Exceptions relating to control of assets</heading><subsection eId="section-11-1"><num>(1)</num><content>For the purposes of this Act a person is not to be regarded as gaining control of a qualifying asset by reason of an acquisition made by an individual for purposes that are wholly or mainly outside the individual's trade, business or craft.</content></subsection><subsection eId="section-11-2"><num>(2)</num><intro>Subsection (1) does not apply in relation to an asset that—</intro><level class="para1" eId="section-11-2-a"><num>(a)</num><content>is land, or</content></level><level class="para1" eId="section-11-2-b"><num>(b)</num><intro>falls within any of the following (as it has effect from time to time)—</intro><level class="para2" eId="section-11-2-b-i"><num>(i)</num><content>the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),</content></level><level class="para2" eId="section-11-2-b-ii"><num>(ii)</num><content>article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),</content></level><level class="para2" eId="section-11-2-b-iii"><num>(iii)</num><content>Annex I or IV to Council Regulation <ref eId="c00001" href="http://www.legislation.gov.uk/european/regulation/2009/0428">(EC) No 428/2009</ref> of 5 May 2009,</content></level><level class="para2" eId="section-11-2-b-iv"><num>(iv)</num><content>Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,</content></level><level class="para2" eId="section-11-2-b-v"><num>(v)</num><content>Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.</content></level></level></subsection><subsection eId="section-11-3"><num>(3)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-11-3-a"><num>(a)</num><content>amend subsection (2) so as to add, vary or remove any asset or description of asset,</content></level><level class="para1" eId="section-11-3-b"><num>(b)</num><content>prescribe other circumstances, or descriptions of circumstances, in which a person is not to be regarded for the purposes of this Act as gaining control of a qualifying asset.</content></level></subsection></section><section eId="section-12"><num>12</num><heading>Trigger events: supplementary</heading><subsection eId="section-12-1"><num>(1)</num><content>If a trigger event takes place over a period of more than one day, or if it is unclear when during a period of more than one day the event has taken place, it is treated for the purposes of this Act as taking place on the last day of the period.</content></subsection><subsection eId="section-12-2"><num>(2)</num><content>Subsections (3) and (4) apply if a person enters into an agreement or arrangement that enables the person (contingently or not) to do something in the future that would result in a trigger event taking place.</content></subsection><subsection eId="section-12-3"><num>(3)</num><content>For the purposes of this Act, entering into the agreement or arrangement does not necessarily establish that arrangements are in progress or contemplation which, if carried into effect, would result in a trigger event taking place.</content></subsection><subsection eId="section-12-4"><num>(4)</num><content>The question of whether such arrangements are in progress or contemplation (at the time of entry into the agreement or arrangement or subsequently) is to be determined by reference to all the circumstances, including how likely it is in practice that person will do the thing that would result in a trigger event taking place.</content></subsection></section></chapter>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5"><num>5</num><heading>Meaning of “trigger event” and “acquirer”</heading><subsection eId="section-5-1"><num>(1)</num><intro>For the purposes of this Act, a “trigger event” takes place when—</intro><level class="para1" eId="section-5-1-a"><num>(a)</num><content>a person gains control of a qualifying entity, as set out in section 8, or</content></level><level class="para1" eId="section-5-1-b"><num>(b)</num><content>a person gains control of a qualifying asset, as set out in section 9.</content></level></subsection><subsection eId="section-5-2"><num>(2)</num><content>In this Act “<term refersTo="#term-acquirer" eId="term-acquirer">acquirer</term>” means the person who gains the control referred to in subsection (1) (or in relation to a trigger event that has not yet taken place, would gain that control).</content></subsection></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6"><num>6</num><heading>Notifiable acquisitions</heading><subsection eId="section-6-1"><num>(1)</num><content>The Secretary of State may make regulations for the purposes of this section (“<term refersTo="#term-notifiable-acquisition-regulations" eId="term-notifiable-acquisition-regulations">notifiable acquisition regulations</term>”).</content></subsection><subsection eId="section-6-2"><num>(2)</num><content>A notifiable acquisition takes place when a person gains control, by virtue of one or more of the cases described in subsection (2), (5) or (6) of section 8, of a qualifying entity of a specified description.</content></subsection><subsection eId="section-6-3"><num>(3)</num><content>But a notifiable acquisition does not take place if complying with the requirement to give a mandatory notice under section 14(1) would be impossible for the person within subsection (2).</content></subsection><subsection eId="section-6-4"><num>(4)</num><content>A description of qualifying entity that is specified must include provision that the entity carries on activities in the United Kingdom which are of a specified description (whether or not it also carries on other activities).</content></subsection><subsection eId="section-6-5"><num>(5)</num><intro>Notifiable acquisition regulations may—</intro><level class="para1" eId="section-6-5-a"><num>(a)</num><content>amend this section in relation to the circumstances in which a notifiable acquisition takes place or does not take place,</content></level><level class="para1" eId="section-6-5-b"><num>(b)</num><content>make provision for exemptions by reference to the characteristics of the person within subsection (2),</content></level><level class="para1" eId="section-6-5-c"><num>(c)</num><content>make consequential amendments of other provisions of this Act.</content></level></subsection><subsection eId="section-6-6"><num>(6)</num><content>Notifiable acquisition regulations may by virtue of subsection (5)(a) include, in particular, provision about the circumstances in which the gaining of control of a qualifying asset of a specified description is a notifiable acquisition.</content></subsection><subsection eId="section-6-7"><num>(7)</num><content>A description specified under subsection (6) may only include qualifying assets within section 7(6) if it includes provision that any such asset is used in connection with activities carried on in the United Kingdom which are of a specified description (whether or not it is also used in connection with other activities).</content></subsection><subsection eId="section-6-8"><num>(8)</num><content>In this section “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in notifiable acquisition regulations.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-1"><num>(1)</num><content>The Secretary of State may make regulations for the purposes of this section (“<term refersTo="#term-notifiable-acquisition-regulations" eId="term-notifiable-acquisition-regulations">notifiable acquisition regulations</term>”).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-2"><num>(2)</num><content>A notifiable acquisition takes place when a person gains control, by virtue of one or more of the cases described in subsection (2), (5) or (6) of section 8, of a qualifying entity of a specified description.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-3"><num>(3)</num><content>But a notifiable acquisition does not take place if complying with the requirement to give a mandatory notice under section 14(1) would be impossible for the person within subsection (2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-4"><num>(4)</num><content>A description of qualifying entity that is specified must include provision that the entity carries on activities in the United Kingdom which are of a specified description (whether or not it also carries on other activities).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-5"><num>(5)</num><intro>Notifiable acquisition regulations may—</intro><level class="para1" eId="section-6-5-a"><num>(a)</num><content>amend this section in relation to the circumstances in which a notifiable acquisition takes place or does not take place,</content></level><level class="para1" eId="section-6-5-b"><num>(b)</num><content>make provision for exemptions by reference to the characteristics of the person within subsection (2),</content></level><level class="para1" eId="section-6-5-c"><num>(c)</num><content>make consequential amendments of other provisions of this Act.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-6"><num>(6)</num><content>Notifiable acquisition regulations may by virtue of subsection (5)(a) include, in particular, provision about the circumstances in which the gaining of control of a qualifying asset of a specified description is a notifiable acquisition.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-7"><num>(7)</num><content>A description specified under subsection (6) may only include qualifying assets within section 7(6) if it includes provision that any such asset is used in connection with activities carried on in the United Kingdom which are of a specified description (whether or not it is also used in connection with other activities).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-8"><num>(8)</num><content>In this section “<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in notifiable acquisition regulations.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7"><num>7</num><heading>Qualifying entities and assets</heading><subsection eId="section-7-1"><num>(1)</num><content>This section defines “qualifying entity” and “<term refersTo="#term-qualifying-asset" eId="term-qualifying-asset">qualifying asset</term>” for the purposes of this Act.</content></subsection><subsection eId="section-7-2"><num>(2)</num><content>A “qualifying entity” is (subject to subsection (3)) any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.</content></subsection><subsection eId="section-7-3"><num>(3)</num><intro>An entity which is formed or recognised under the law of a country or territory outside the United Kingdom is a “qualifying entity” only if it—</intro><level class="para1" eId="section-7-3-a"><num>(a)</num><content>carries on activities in the United Kingdom, or</content></level><level class="para1" eId="section-7-3-b"><num>(b)</num><content>supplies goods or services to persons in the United Kingdom.</content></level></subsection><subsection eId="section-7-4"><num>(4)</num><intro>A “qualifying asset” is (subject to subsection (6)) an asset of any of the following types—</intro><level class="para1" eId="section-7-4-a"><num>(a)</num><content>land,</content></level><level class="para1" eId="section-7-4-b"><num>(b)</num><content>tangible (or, in Scotland, corporeal) moveable property,</content></level><level class="para1" eId="section-7-4-c"><num>(c)</num><content>ideas, information or techniques which have industrial, commercial or other economic value.</content></level></subsection><subsection eId="section-7-5"><num>(5)</num><intro>Examples of assets within subsection (4)(c) include—</intro><level class="para1" eId="section-7-5-a"><num>(a)</num><content>trade secrets,</content></level><level class="para1" eId="section-7-5-b"><num>(b)</num><content>databases,</content></level><level class="para1" eId="section-7-5-c"><num>(c)</num><content>source code,</content></level><level class="para1" eId="section-7-5-d"><num>(d)</num><content>algorithms,</content></level><level class="para1" eId="section-7-5-e"><num>(e)</num><content>formulae,</content></level><level class="para1" eId="section-7-5-f"><num>(f)</num><content>designs,</content></level><level class="para1" eId="section-7-5-g"><num>(g)</num><content>plans, drawings and specifications,</content></level><level class="para1" eId="section-7-5-h"><num>(h)</num><content>software.</content></level></subsection><subsection eId="section-7-6"><num>(6)</num><intro>Land or moveable property situated outside the United Kingdom or the territorial sea, or any asset within subsection (4)(c), is a “qualifying asset” only if it is used in connection with—</intro><level class="para1" eId="section-7-6-a"><num>(a)</num><content>activities carried on in the United Kingdom, or</content></level><level class="para1" eId="section-7-6-b"><num>(b)</num><content>the supply of goods or services to persons in the United Kingdom.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-1"><num>(1)</num><content>This section defines “qualifying entity” and “<term refersTo="#term-qualifying-asset" eId="term-qualifying-asset">qualifying asset</term>” for the purposes of this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-2"><num>(2)</num><content>A “qualifying entity” is (subject to subsection (3)) any entity, whether or not a legal person, that is not an individual, and includes a company, a limited liability partnership, any other body corporate, a partnership, an unincorporated association and a trust.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-3"><num>(3)</num><intro>An entity which is formed or recognised under the law of a country or territory outside the United Kingdom is a “qualifying entity” only if it—</intro><level class="para1" eId="section-7-3-a"><num>(a)</num><content>carries on activities in the United Kingdom, or</content></level><level class="para1" eId="section-7-3-b"><num>(b)</num><content>supplies goods or services to persons in the United Kingdom.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-4"><num>(4)</num><intro>A “qualifying asset” is (subject to subsection (6)) an asset of any of the following types—</intro><level class="para1" eId="section-7-4-a"><num>(a)</num><content>land,</content></level><level class="para1" eId="section-7-4-b"><num>(b)</num><content>tangible (or, in Scotland, corporeal) moveable property,</content></level><level class="para1" eId="section-7-4-c"><num>(c)</num><content>ideas, information or techniques which have industrial, commercial or other economic value.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-5"><num>(5)</num><intro>Examples of assets within subsection (4)(c) include—</intro><level class="para1" eId="section-7-5-a"><num>(a)</num><content>trade secrets,</content></level><level class="para1" eId="section-7-5-b"><num>(b)</num><content>databases,</content></level><level class="para1" eId="section-7-5-c"><num>(c)</num><content>source code,</content></level><level class="para1" eId="section-7-5-d"><num>(d)</num><content>algorithms,</content></level><level class="para1" eId="section-7-5-e"><num>(e)</num><content>formulae,</content></level><level class="para1" eId="section-7-5-f"><num>(f)</num><content>designs,</content></level><level class="para1" eId="section-7-5-g"><num>(g)</num><content>plans, drawings and specifications,</content></level><level class="para1" eId="section-7-5-h"><num>(h)</num><content>software.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-a"><num>(a)</num><content>trade secrets,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-b"><num>(b)</num><content>databases,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-c"><num>(c)</num><content>source code,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-d"><num>(d)</num><content>algorithms,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-e"><num>(e)</num><content>formulae,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-f"><num>(f)</num><content>designs,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-g"><num>(g)</num><content>plans, drawings and specifications,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-h"><num>(h)</num><content>software.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-6"><num>(6)</num><intro>Land or moveable property situated outside the United Kingdom or the territorial sea, or any asset within subsection (4)(c), is a “qualifying asset” only if it is used in connection with—</intro><level class="para1" eId="section-7-6-a"><num>(a)</num><content>activities carried on in the United Kingdom, or</content></level><level class="para1" eId="section-7-6-b"><num>(b)</num><content>the supply of goods or services to persons in the United Kingdom.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8"><num>8</num><heading>Control of entities</heading><subsection eId="section-8-1"><num>(1)</num><content>For the purposes of this Act, a person gains control of a qualifying entity if the person acquires a right or interest in, or in relation to, the entity and as a result one or more of the cases described in this section arises.</content></subsection><subsection eId="section-8-2"><num>(2)</num><intro>The first case is where the percentage of the shares that the person holds in the entity increases—</intro><level class="para1" eId="section-8-2-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-2-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-2-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection><subsection eId="section-8-3"><num>(3)</num><intro>In subsection (2), the reference to holding a percentage of shares is—</intro><level class="para1" eId="section-8-3-a"><num>(a)</num><content>in the case of an entity that has a share capital, to holding shares comprised in the issued share capital of the entity of a nominal value (in aggregate) of that percentage of the share capital,</content></level><level class="para1" eId="section-8-3-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to holding a right to a share of that percentage of the capital or profits of the entity,</content></level><level class="para1" eId="section-8-3-c"><num>(c)</num><content>in the case of a limited liability partnership, to holding a right to a share of that percentage of any surplus assets of the partnership on a winding up.</content></level></subsection><subsection eId="section-8-4"><num>(4)</num><content>For the purposes of subsection (3)(c), to the extent that rights to share in any surplus assets of the limited liability partnership on a winding up are not expressly provided for, each member of the partnership is to be treated as holding the right to an equal share of such assets.</content></subsection><subsection eId="section-8-5"><num>(5)</num><intro>The second case is where the percentage of the voting rights that the person holds in the entity increases—</intro><level class="para1" eId="section-8-5-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-5-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-5-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection><subsection eId="section-8-6"><num>(6)</num><content>The third case is where the acquisition is of voting rights in the entity that (whether alone or together with other voting rights held by the person) enable the person to secure or prevent the passage of any class of resolution governing the affairs of the entity.</content></subsection><subsection eId="section-8-7"><num>(7)</num><intro>In subsections (5) and (6), a reference to the voting rights in an entity is—</intro><level class="para1" eId="section-8-7-a"><num>(a)</num><content>in the case of an entity that has a share capital, to the rights conferred on shareholders in respect of their shares to vote at general meetings of the entity on all or substantially all matters,</content></level><level class="para1" eId="section-8-7-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to the rights conferred on members to vote at general meetings of the entity on all or substantially all matters,</content></level><wrapUp>and, in the case of an entity that does not have general meetings at which matters are decided by such votes, includes any rights in relation to the entity that are of the equivalent effect.</wrapUp></subsection><subsection eId="section-8-8"><num>(8)</num><content>The fourth case is (subject to subsection (9)) where the acquisition, whether alone or together with other interests or rights held by the person, enables the person materially to influence the policy of the entity.</content></subsection><subsection eId="section-8-9"><num>(9)</num><content>Subsection (8) does not include a case where the person already holds any interest or right that enables the person materially to influence the policy of the entity.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-1"><num>(1)</num><content>For the purposes of this Act, a person gains control of a qualifying entity if the person acquires a right or interest in, or in relation to, the entity and as a result one or more of the cases described in this section arises.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-2"><num>(2)</num><intro>The first case is where the percentage of the shares that the person holds in the entity increases—</intro><level class="para1" eId="section-8-2-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-2-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-2-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-3"><num>(3)</num><intro>In subsection (2), the reference to holding a percentage of shares is—</intro><level class="para1" eId="section-8-3-a"><num>(a)</num><content>in the case of an entity that has a share capital, to holding shares comprised in the issued share capital of the entity of a nominal value (in aggregate) of that percentage of the share capital,</content></level><level class="para1" eId="section-8-3-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to holding a right to a share of that percentage of the capital or profits of the entity,</content></level><level class="para1" eId="section-8-3-c"><num>(c)</num><content>in the case of a limited liability partnership, to holding a right to a share of that percentage of any surplus assets of the partnership on a winding up.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-4"><num>(4)</num><content>For the purposes of subsection (3)(c), to the extent that rights to share in any surplus assets of the limited liability partnership on a winding up are not expressly provided for, each member of the partnership is to be treated as holding the right to an equal share of such assets.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-5"><num>(5)</num><intro>The second case is where the percentage of the voting rights that the person holds in the entity increases—</intro><level class="para1" eId="section-8-5-a"><num>(a)</num><content>from 25% or less to more than 25%,</content></level><level class="para1" eId="section-8-5-b"><num>(b)</num><content>from 50% or less to more than 50%, or</content></level><level class="para1" eId="section-8-5-c"><num>(c)</num><content>from less than 75% to 75% or more.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-6"><num>(6)</num><content>The third case is where the acquisition is of voting rights in the entity that (whether alone or together with other voting rights held by the person) enable the person to secure or prevent the passage of any class of resolution governing the affairs of the entity.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-7"><num>(7)</num><intro>In subsections (5) and (6), a reference to the voting rights in an entity is—</intro><level class="para1" eId="section-8-7-a"><num>(a)</num><content>in the case of an entity that has a share capital, to the rights conferred on shareholders in respect of their shares to vote at general meetings of the entity on all or substantially all matters,</content></level><level class="para1" eId="section-8-7-b"><num>(b)</num><content>in the case of an entity that does not have a share capital, to the rights conferred on members to vote at general meetings of the entity on all or substantially all matters,</content></level><wrapUp>and, in the case of an entity that does not have general meetings at which matters are decided by such votes, includes any rights in relation to the entity that are of the equivalent effect.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-8"><num>(8)</num><content>The fourth case is (subject to subsection (9)) where the acquisition, whether alone or together with other interests or rights held by the person, enables the person materially to influence the policy of the entity.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-9"><num>(9)</num><content>Subsection (8) does not include a case where the person already holds any interest or right that enables the person materially to influence the policy of the entity.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9"><num>9</num><heading>Control of assets</heading><subsection eId="section-9-1"><num>(1)</num><intro>For the purposes of this Act, a person gains control of a qualifying asset if the person acquires a right or interest in, or in relation to, the asset and as a result the person is able—</intro><level class="para1" eId="section-9-1-a"><num>(a)</num><content>to use the asset, or use it to a greater extent than prior to the acquisition, or</content></level><level class="para1" eId="section-9-1-b"><num>(b)</num><content>to direct or control how the asset is used, or direct or control how it is used to a greater extent than prior to the acquisition.</content></level><wrapUp>This is subject to section 11.</wrapUp></subsection><subsection eId="section-9-2"><num>(2)</num><content>In this section, references to the use of an asset include references to its exploitation, alteration, manipulation, disposal or destruction.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-1"><num>(1)</num><intro>For the purposes of this Act, a person gains control of a qualifying asset if the person acquires a right or interest in, or in relation to, the asset and as a result the person is able—</intro><level class="para1" eId="section-9-1-a"><num>(a)</num><content>to use the asset, or use it to a greater extent than prior to the acquisition, or</content></level><level class="para1" eId="section-9-1-b"><num>(b)</num><content>to direct or control how the asset is used, or direct or control how it is used to a greater extent than prior to the acquisition.</content></level><wrapUp>This is subject to section 11.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-2"><num>(2)</num><content>In this section, references to the use of an asset include references to its exploitation, alteration, manipulation, disposal or destruction.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10"><num>10</num><heading>Holding and acquiring interests and rights: supplementary</heading><subsection eId="section-10-1"><num>(1)</num><content>Schedule 1 provides for particular cases in which a person is to be treated for the purposes of this Act as holding an interest or right.</content></subsection><subsection eId="section-10-2"><num>(2)</num><intro>A person is to be treated for the purposes of this Act as acquiring an interest or right (to the extent that the person would not otherwise be regarded as doing so) where—</intro><level class="para1" eId="section-10-2-a"><num>(a)</num><content>the interest or right becomes treated as held by the person by virtue of Schedule 1, or</content></level><level class="para1" eId="section-10-2-b"><num>(b)</num><content>the person is already treated as holding the interest or right by virtue of that Schedule and something occurs in relation to the interest or right which would be regarded as its acquisition by the person (including by virtue of paragraph (a)) if the person was not already treated as holding it.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-1"><num>(1)</num><content>Schedule 1 provides for particular cases in which a person is to be treated for the purposes of this Act as holding an interest or right.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-2"><num>(2)</num><intro>A person is to be treated for the purposes of this Act as acquiring an interest or right (to the extent that the person would not otherwise be regarded as doing so) where—</intro><level class="para1" eId="section-10-2-a"><num>(a)</num><content>the interest or right becomes treated as held by the person by virtue of Schedule 1, or</content></level><level class="para1" eId="section-10-2-b"><num>(b)</num><content>the person is already treated as holding the interest or right by virtue of that Schedule and something occurs in relation to the interest or right which would be regarded as its acquisition by the person (including by virtue of paragraph (a)) if the person was not already treated as holding it.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11"><num>11</num><heading>Exceptions relating to control of assets</heading><subsection eId="section-11-1"><num>(1)</num><content>For the purposes of this Act a person is not to be regarded as gaining control of a qualifying asset by reason of an acquisition made by an individual for purposes that are wholly or mainly outside the individual's trade, business or craft.</content></subsection><subsection eId="section-11-2"><num>(2)</num><intro>Subsection (1) does not apply in relation to an asset that—</intro><level class="para1" eId="section-11-2-a"><num>(a)</num><content>is land, or</content></level><level class="para1" eId="section-11-2-b"><num>(b)</num><intro>falls within any of the following (as it has effect from time to time)—</intro><level class="para2" eId="section-11-2-b-i"><num>(i)</num><content>the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),</content></level><level class="para2" eId="section-11-2-b-ii"><num>(ii)</num><content>article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),</content></level><level class="para2" eId="section-11-2-b-iii"><num>(iii)</num><content>Annex I or IV to Council Regulation <ref eId="c00001" href="http://www.legislation.gov.uk/european/regulation/2009/0428">(EC) No 428/2009</ref> of 5 May 2009,</content></level><level class="para2" eId="section-11-2-b-iv"><num>(iv)</num><content>Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,</content></level><level class="para2" eId="section-11-2-b-v"><num>(v)</num><content>Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.</content></level></level></subsection><subsection eId="section-11-3"><num>(3)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-11-3-a"><num>(a)</num><content>amend subsection (2) so as to add, vary or remove any asset or description of asset,</content></level><level class="para1" eId="section-11-3-b"><num>(b)</num><content>prescribe other circumstances, or descriptions of circumstances, in which a person is not to be regarded for the purposes of this Act as gaining control of a qualifying asset.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-1"><num>(1)</num><content>For the purposes of this Act a person is not to be regarded as gaining control of a qualifying asset by reason of an acquisition made by an individual for purposes that are wholly or mainly outside the individual's trade, business or craft.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-2"><num>(2)</num><intro>Subsection (1) does not apply in relation to an asset that—</intro><level class="para1" eId="section-11-2-a"><num>(a)</num><content>is land, or</content></level><level class="para1" eId="section-11-2-b"><num>(b)</num><intro>falls within any of the following (as it has effect from time to time)—</intro><level class="para2" eId="section-11-2-b-i"><num>(i)</num><content>the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),</content></level><level class="para2" eId="section-11-2-b-ii"><num>(ii)</num><content>article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),</content></level><level class="para2" eId="section-11-2-b-iii"><num>(iii)</num><content>Annex I or IV to Council Regulation <ref eId="c00001" href="http://www.legislation.gov.uk/european/regulation/2009/0428">(EC) No 428/2009</ref> of 5 May 2009,</content></level><level class="para2" eId="section-11-2-b-iv"><num>(iv)</num><content>Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,</content></level><level class="para2" eId="section-11-2-b-v"><num>(v)</num><content>Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.</content></level></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-b"><num>(b)</num><intro>falls within any of the following (as it has effect from time to time)—</intro><level class="para2" eId="section-11-2-b-i"><num>(i)</num><content>the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),</content></level><level class="para2" eId="section-11-2-b-ii"><num>(ii)</num><content>article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),</content></level><level class="para2" eId="section-11-2-b-iii"><num>(iii)</num><content>Annex I or IV to Council Regulation <ref eId="c00001" href="http://www.legislation.gov.uk/european/regulation/2009/0428">(EC) No 428/2009</ref> of 5 May 2009,</content></level><level class="para2" eId="section-11-2-b-iv"><num>(iv)</num><content>Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,</content></level><level class="para2" eId="section-11-2-b-v"><num>(v)</num><content>Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.</content></level></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-3"><num>(3)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-11-3-a"><num>(a)</num><content>amend subsection (2) so as to add, vary or remove any asset or description of asset,</content></level><level class="para1" eId="section-11-3-b"><num>(b)</num><content>prescribe other circumstances, or descriptions of circumstances, in which a person is not to be regarded for the purposes of this Act as gaining control of a qualifying asset.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12"><num>12</num><heading>Trigger events: supplementary</heading><subsection eId="section-12-1"><num>(1)</num><content>If a trigger event takes place over a period of more than one day, or if it is unclear when during a period of more than one day the event has taken place, it is treated for the purposes of this Act as taking place on the last day of the period.</content></subsection><subsection eId="section-12-2"><num>(2)</num><content>Subsections (3) and (4) apply if a person enters into an agreement or arrangement that enables the person (contingently or not) to do something in the future that would result in a trigger event taking place.</content></subsection><subsection eId="section-12-3"><num>(3)</num><content>For the purposes of this Act, entering into the agreement or arrangement does not necessarily establish that arrangements are in progress or contemplation which, if carried into effect, would result in a trigger event taking place.</content></subsection><subsection eId="section-12-4"><num>(4)</num><content>The question of whether such arrangements are in progress or contemplation (at the time of entry into the agreement or arrangement or subsequently) is to be determined by reference to all the circumstances, including how likely it is in practice that person will do the thing that would result in a trigger event taking place.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-1"><num>(1)</num><content>If a trigger event takes place over a period of more than one day, or if it is unclear when during a period of more than one day the event has taken place, it is treated for the purposes of this Act as taking place on the last day of the period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-2"><num>(2)</num><content>Subsections (3) and (4) apply if a person enters into an agreement or arrangement that enables the person (contingently or not) to do something in the future that would result in a trigger event taking place.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-3"><num>(3)</num><content>For the purposes of this Act, entering into the agreement or arrangement does not necessarily establish that arrangements are in progress or contemplation which, if carried into effect, would result in a trigger event taking place.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-4"><num>(4)</num><content>The question of whether such arrangements are in progress or contemplation (at the time of entry into the agreement or arrangement or subsequently) is to be determined by reference to all the circumstances, including how likely it is in practice that person will do the thing that would result in a trigger event taking place.</content></subsection>

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-1-chapter-3"><num>CHAPTER 3</num><heading>Approval of notifiable acquisition</heading><section eId="section-13"><num>13</num><heading>Approval of notifiable acquisition</heading><subsection eId="section-13-1"><num>(1)</num><content>A notifiable acquisition that is completed without the approval of the Secretary of State is void.</content></subsection><subsection eId="section-13-2"><num>(2)</num><intro>The Secretary of State may approve a notifiable acquisition by—</intro><level class="para1" eId="section-13-2-a"><num>(a)</num><content>giving a notification under section 14(8)(b)(ii),</content></level><level class="para1" eId="section-13-2-b"><num>(b)</num><content>making a final order under section 26, subject to subsection (3),</content></level><level class="para1" eId="section-13-2-c"><num>(c)</num><content>giving a final notification under section 26.</content></level></subsection><subsection eId="section-13-3"><num>(3)</num><content>A notifiable acquisition, in relation to which a final order has been made, that is completed otherwise than in accordance with the final order, is void.</content></subsection></section></chapter>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13"><num>13</num><heading>Approval of notifiable acquisition</heading><subsection eId="section-13-1"><num>(1)</num><content>A notifiable acquisition that is completed without the approval of the Secretary of State is void.</content></subsection><subsection eId="section-13-2"><num>(2)</num><intro>The Secretary of State may approve a notifiable acquisition by—</intro><level class="para1" eId="section-13-2-a"><num>(a)</num><content>giving a notification under section 14(8)(b)(ii),</content></level><level class="para1" eId="section-13-2-b"><num>(b)</num><content>making a final order under section 26, subject to subsection (3),</content></level><level class="para1" eId="section-13-2-c"><num>(c)</num><content>giving a final notification under section 26.</content></level></subsection><subsection eId="section-13-3"><num>(3)</num><content>A notifiable acquisition, in relation to which a final order has been made, that is completed otherwise than in accordance with the final order, is void.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-1"><num>(1)</num><content>A notifiable acquisition that is completed without the approval of the Secretary of State is void.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-2"><num>(2)</num><intro>The Secretary of State may approve a notifiable acquisition by—</intro><level class="para1" eId="section-13-2-a"><num>(a)</num><content>giving a notification under section 14(8)(b)(ii),</content></level><level class="para1" eId="section-13-2-b"><num>(b)</num><content>making a final order under section 26, subject to subsection (3),</content></level><level class="para1" eId="section-13-2-c"><num>(c)</num><content>giving a final notification under section 26.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-3"><num>(3)</num><content>A notifiable acquisition, in relation to which a final order has been made, that is completed otherwise than in accordance with the final order, is void.</content></subsection>

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-1-chapter-4"><num>CHAPTER 4</num><heading>Procedure</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-procedure-in-respect-of-notifiable-acquisition"><heading>Procedure in respect of notifiable acquisition</heading><section eId="section-14"><num>14</num><heading>Mandatory notification procedure</heading><subsection eId="section-14-1"><num>(1)</num><content>Subject to subsection (2), a person must give notice to the Secretary of State before the person, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2).</content></subsection><subsection eId="section-14-2"><num>(2)</num><content>Subsection (1) does not apply if the Secretary of State has already given a call-in notice, which has not been revoked, in relation to the proposed notifiable acquisition.</content></subsection><subsection eId="section-14-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a mandatory notice.</content></subsection><subsection eId="section-14-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a mandatory notice.</content></subsection><subsection eId="section-14-5"><num>(5)</num><content>As soon as reasonably practicable after receiving a mandatory notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-14-6"><num>(6)</num><intro>The Secretary of State may reject the mandatory notice on one or more of the following grounds—</intro><level class="para1" eId="section-14-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-14-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-14-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the proposed notifiable acquisition.</content></level></subsection><subsection eId="section-14-7"><num>(7)</num><content>If the mandatory notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who gave the notice.</content></subsection><subsection eId="section-14-8"><num>(8)</num><intro>If the mandatory notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-14-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-14-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-14-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the proposed notifiable acquisition, or</content></level><level class="para2" eId="section-14-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the proposed notifiable acquisition.</content></level></level></subsection><subsection eId="section-14-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the mandatory notice.</content></subsection><subsection eId="section-14-10"><num>(10)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the mandatory notice and such other persons as the Secretary of State considers appropriate.</content></subsection></section><section eId="section-15"><num>15</num><heading>Requirement to consider retrospective validation without application</heading><subsection eId="section-15-1"><num>(1)</num><content>This section and section 16 apply to a notifiable acquisition that is completed without the approval of the Secretary of State and, accordingly, is void (see section 13(1)).</content></subsection><subsection eId="section-15-2"><num>(2)</num><intro>The Secretary of State must, before the end of the period of 6 months beginning with the day on which the Secretary of State becomes aware of the notifiable acquisition—</intro><level class="para1" eId="section-15-2-a"><num>(a)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para1" eId="section-15-2-b"><num>(b)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></subsection><subsection eId="section-15-3"><num>(3)</num><content>The effect of a validation notice given under this section or section 16 or 17, is that the notifiable acquisition to which it relates is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection><subsection eId="section-15-4"><num>(4)</num><intro>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content>the person who was required to give a mandatory notice to the Secretary of State in relation to the acquisition (see section 14(1)), and</content></level><level class="para1" eId="section-15-4-b"><num>(b)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection></section><section eId="section-16"><num>16</num><heading>Application for retrospective validation of notifiable acquisition</heading><subsection eId="section-16-1"><num>(1)</num><content>Any person materially affected by the fact that a notifiable acquisition to which this section applies (see section 15(1)) is void, may apply to the Secretary of State for a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-16-2"><num>(2)</num><content>An application under subsection (1) is referred to in this Act as a validation application.</content></subsection><subsection eId="section-16-3"><num>(3)</num><content>The Secretary of State may by regulations prescribe the form and content of a validation application.</content></subsection><subsection eId="section-16-4"><num>(4)</num><content>Subject to subsection (8), as soon as reasonably practicable after receiving a validation application, the Secretary of State must decide whether to reject or accept the application.</content></subsection><subsection eId="section-16-5"><num>(5)</num><intro>The Secretary of State may reject the application on one or more of the following grounds—</intro><level class="para1" eId="section-16-5-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-16-5-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-16-5-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the acquisition.</content></level></subsection><subsection eId="section-16-6"><num>(6)</num><content>If the application is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who made the application.</content></subsection><subsection eId="section-16-7"><num>(7)</num><intro>If the application is accepted, the Secretary of State must—</intro><level class="para1" eId="section-16-7-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-16-7-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-16-7-b-i"><num>(i)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para2" eId="section-16-7-b-ii"><num>(ii)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></level></subsection><subsection eId="section-16-8"><num>(8)</num><content>The Secretary of State is not required to consider a validation application in relation to an acquisition if, in the opinion of the Secretary of State, there has been no material change in circumstances since a previous validation application in relation to the acquisition was made.</content></subsection><subsection eId="section-16-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who made the validation application and such other persons as the Secretary of State considers appropriate;</content></hcontainer><hcontainer name="definition"><content>the “review period” is the period of 30 working days beginning with the day on which the notification under subsection (7)(a) is given to the person who made the validation application.</content></hcontainer></subsection></section><section eId="section-17"><num>17</num><heading>Retrospective validation of notifiable acquisition following call-in</heading><subsection eId="section-17-1"><num>(1)</num><intro>This section applies where the Secretary of State has given a call-in notice pursuant to—</intro><level class="para1" eId="section-17-1-a"><num>(a)</num><content>subsection (2)(a) of section 15, or</content></level><level class="para1" eId="section-17-1-b"><num>(b)</num><content>subsection (7)(b)(i) of section 16,</content></level><wrapUp>(and, accordingly, the trigger event to which the call-in notice relates is, or includes, a notifiable acquisition to which those sections apply.)</wrapUp></subsection><subsection eId="section-17-2"><num>(2)</num><content>If the Secretary of State gives a final notification in relation to the call-in notice, the Secretary of State must also give a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-17-3"><num>(3)</num><intro>A validation notice under this section must be given to—</intro><level class="para1" eId="section-17-3-a"><num>(a)</num><content>each person to whom the final notification is given,</content></level><level class="para1" eId="section-17-3-b"><num>(b)</num><content>the person (if any) who made an application in relation to the acquisition under section 16, and</content></level><level class="para1" eId="section-17-3-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-17-4"><num>(4)</num><content>Subsection (5) applies if the Secretary of State makes a final order in relation to the call-in notice.</content></subsection><subsection eId="section-17-5"><num>(5)</num><content>So much of the notifiable acquisition as would, had it been completed after the making of the final order, have been completed in accordance with the order is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-voluntary-notification-of-trigger-event"><heading>Voluntary notification of trigger event</heading><section eId="section-18"><num>18</num><heading>Voluntary notification procedure</heading><subsection eId="section-18-1"><num>(1)</num><intro>This section does not apply in relation to—</intro><level class="para1" eId="section-18-1-a"><num>(a)</num><content>arrangements which would result in a notifiable acquisition,</content></level><level class="para1" eId="section-18-1-b"><num>(b)</num><content>a trigger event that is, or includes, a notifiable acquisition.</content></level></subsection><subsection eId="section-18-2"><num>(2)</num><intro>A seller, acquirer or the qualifying entity concerned may give a notice to the Secretary of State stating that —</intro><level class="para1" eId="section-18-2-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or a qualifying asset, or</content></level><level class="para1" eId="section-18-2-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or a qualifying asset.</content></level></subsection><subsection eId="section-18-3"><num>(3)</num><content>A notice under subsection (2) is referred to in this Act as a voluntary notice.</content></subsection><subsection eId="section-18-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a voluntary notice.</content></subsection><subsection eId="section-18-5"><num>(5)</num><content>As soon as reasonably practicable after receiving the voluntary notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-18-6"><num>(6)</num><intro>The Secretary of State may reject the voluntary notice on one or more of the following grounds—</intro><level class="para1" eId="section-18-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-18-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-18-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice,</content></level><level class="para1" eId="section-18-6-d"><num>(d)</num><content>there is no reasonable prospect of being able to give a call-in notice due to the operation of the time-limits in subsection (2) or (4) of section 2.</content></level></subsection><subsection eId="section-18-7"><num>(7)</num><content>If the voluntary notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to each relevant person.</content></subsection><subsection eId="section-18-8"><num>(8)</num><intro>If the voluntary notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-18-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-18-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-18-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the trigger event, or</content></level><level class="para2" eId="section-18-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the trigger event.</content></level></level></subsection><subsection eId="section-18-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the voluntary notice; but this does not affect the operation of the time-limits in subsections (2) and (4) of section 2.</content></subsection><subsection eId="section-18-10"><num>(10)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the voluntary notice and such other persons as the Secretary of State considers appropriate,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-seller" eId="term-seller">seller</term>”, in relation to a trigger event, means a person who has ceded control of the qualifying entity or a qualifying asset (or in relation to a trigger event that has not yet taken place, would cede that control).</content></hcontainer></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-information-etc"><heading>Information, etc</heading><section eId="section-19"><num>19</num><heading>Power to require information</heading><subsection eId="section-19-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person to provide any information in relation to the exercise of the Secretary of State's functions under this Act which—</intro><level class="para1" eId="section-19-1-a"><num>(a)</num><content>is specified or described in the notice, or falls within a category of information specified or described in the notice, and</content></level><level class="para1" eId="section-19-1-b"><num>(b)</num><content>is within that person's possession or power.</content></level></subsection><subsection eId="section-19-2"><num>(2)</num><content>The Secretary of State is not to require the provision of information under this section except where the requirement to provide information is proportionate to the use to which the information is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection><subsection eId="section-19-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an information notice.</content></subsection><subsection eId="section-19-4"><num>(4)</num><intro>An information notice may—</intro><level class="para1" eId="section-19-4-a"><num>(a)</num><content>specify the manner in which the information is to be provided,</content></level><level class="para1" eId="section-19-4-b"><num>(b)</num><intro>specify a time limit for—</intro><level class="para2" eId="section-19-4-b-i"><num>(i)</num><content>providing the information,</content></level><level class="para2" eId="section-19-4-b-ii"><num>(ii)</num><content>notifying the Secretary of State that the information is not in the person's possession or power, or</content></level></level><level class="para1" eId="section-19-4-c"><num>(c)</num><content>require the person to provide any information within their possession or power which would enable the Secretary of State to find the information required by the notice.</content></level></subsection><subsection eId="section-19-5"><num>(5)</num><intro>An information notice must—</intro><level class="para1" eId="section-19-5-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-19-5-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection><subsection eId="section-19-6"><num>(6)</num><content>A person is not required under this section to provide any information which that person could not be compelled to provide in evidence in civil proceedings before the court.</content></subsection><subsection eId="section-19-7"><num>(7)</num><content>A reference in this section to the provision of information includes a reference to the provision of a legible and intelligible copy of information recorded otherwise than in legible form.</content></subsection><subsection eId="section-19-8"><num>(8)</num><content>A person to whom information is provided under this section may copy the information.</content></subsection><subsection eId="section-19-9"><num>(9)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-19-9-a"><num>(a)</num><content>in relation to England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-19-9-b"><num>(b)</num><content>in relation to Scotland, the Court of Session, and</content></level><level class="para1" eId="section-19-9-c"><num>(c)</num><content>in relation to a person outside the United Kingdom, the High Court of England and Wales.</content></level></subsection></section><section eId="section-20"><num>20</num><heading>Attendance of witnesses</heading><subsection eId="section-20-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person—</intro><level class="para1" eId="section-20-1-a"><num>(a)</num><content>to attend at a time and place specified in the notice, and</content></level><level class="para1" eId="section-20-1-b"><num>(b)</num><content>to give evidence to the Secretary of State in relation to the exercise of the Secretary of State's functions under this Act.</content></level></subsection><subsection eId="section-20-2"><num>(2)</num><content>The Secretary of State is not to require the giving of evidence under this section except where the requirement to give evidence is proportionate to the use to which the evidence is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection><subsection eId="section-20-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an attendance notice.</content></subsection><subsection eId="section-20-4"><num>(4)</num><intro>An attendance notice must—</intro><level class="para1" eId="section-20-4-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-20-4-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection><subsection eId="section-20-5"><num>(5)</num><content>A person is not required under this section to give any evidence which that person could not be compelled to give in civil proceedings before the court.</content></subsection><subsection eId="section-20-6"><num>(6)</num><content>A person is not required, in compliance with an attendance notice, to go more than 10 miles from their place of residence unless necessary travelling expenses are paid or offered to that person.</content></subsection><subsection eId="section-20-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-20-7-a"><num>(a)</num><content>in relation to evidence given in England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-20-7-b"><num>(b)</num><content>in relation to evidence given in Scotland, the Court of Session, and</content></level><level class="para1" eId="section-20-7-c"><num>(c)</num><content>in relation to evidence given outside the United Kingdom, the High Court of England and Wales.</content></level></subsection></section><section eId="section-21"><num>21</num><heading>Information notices and attendance notices: persons outside the UK</heading><subsection eId="section-21-1"><num>(1)</num><content>The Secretary of State may give an information notice or an attendance notice to a person outside the United Kingdom only if the person falls within subsection (2), (3) or (4) of this section.</content></subsection><subsection eId="section-21-2"><num>(2)</num><intro>A person falls within this subsection if the person is—</intro><level class="para1" eId="section-21-2-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-21-2-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-21-2-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-2-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-21-3"><num>(3)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-3-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity which is formed or recognised under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-3-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity of that description,</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection><subsection eId="section-21-4"><num>(4)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-4-a"><num>(a)</num><intro>a trigger event has taken place in relation to a qualifying asset which —</intro><level class="para2" eId="section-21-4-a-i"><num>(i)</num><content>is within section 7(4)(a) or (b) and is situated in the United Kingdom or the territorial sea, or</content></level><level class="para2" eId="section-21-4-a-ii"><num>(ii)</num><content>is within section 7(4)(c) and is used in connection with activities carried on in the United Kingdom, or</content></level></level><level class="para1" eId="section-21-4-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying asset within paragraph (a),</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection></section><section eId="section-22"><num>22</num><heading>False or misleading information</heading><subsection eId="section-22-1"><num>(1)</num><intro>This section applies where false or misleading information is provided to the Secretary of State—</intro><level class="para1" eId="section-22-1-a"><num>(a)</num><content>in a mandatory notice,</content></level><level class="para1" eId="section-22-1-b"><num>(b)</num><content>in a validation application,</content></level><level class="para1" eId="section-22-1-c"><num>(c)</num><content>in a voluntary notice,</content></level><level class="para1" eId="section-22-1-d"><num>(d)</num><content>in response to an information notice, or</content></level><level class="para1" eId="section-22-1-e"><num>(e)</num><content>in response to an attendance notice.</content></level></subsection><subsection eId="section-22-2"><num>(2)</num><content>Where a decision made by the Secretary of State under this Act is materially affected by the false or misleading information, the Secretary of State may reconsider the decision and may affirm, vary or revoke it.</content></subsection><subsection eId="section-22-3"><num>(3)</num><content>Where a decision is varied or revoked under this section, the Secretary of State must give notice to that effect to such persons as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-22-4"><num>(4)</num><intro>If a revoked decision was—</intro><level class="para1" eId="section-22-4-a"><num>(a)</num><content>a decision to give a call-in notice,</content></level><level class="para1" eId="section-22-4-b"><num>(b)</num><content>a decision to make or revoke a final order, or</content></level><level class="para1" eId="section-22-4-c"><num>(c)</num><content>a decision to give a final notification,</content></level><wrapUp>the Secretary of State may give a further call-in notice and section 2(1) does not apply.</wrapUp></subsection><subsection eId="section-22-5"><num>(5)</num><content>Where a decision is revoked under this section, the time limits in section 2(2) and (4) do not apply to the case concerned, but a call-in notice (or a further call-in notice) may not be given after the end of the period of 6 months beginning with the day on which the information was discovered to be false or misleading.</content></subsection></section></hcontainer></chapter>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-procedure-in-respect-of-notifiable-acquisition"><heading>Procedure in respect of notifiable acquisition</heading><section eId="section-14"><num>14</num><heading>Mandatory notification procedure</heading><subsection eId="section-14-1"><num>(1)</num><content>Subject to subsection (2), a person must give notice to the Secretary of State before the person, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2).</content></subsection><subsection eId="section-14-2"><num>(2)</num><content>Subsection (1) does not apply if the Secretary of State has already given a call-in notice, which has not been revoked, in relation to the proposed notifiable acquisition.</content></subsection><subsection eId="section-14-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a mandatory notice.</content></subsection><subsection eId="section-14-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a mandatory notice.</content></subsection><subsection eId="section-14-5"><num>(5)</num><content>As soon as reasonably practicable after receiving a mandatory notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-14-6"><num>(6)</num><intro>The Secretary of State may reject the mandatory notice on one or more of the following grounds—</intro><level class="para1" eId="section-14-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-14-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-14-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the proposed notifiable acquisition.</content></level></subsection><subsection eId="section-14-7"><num>(7)</num><content>If the mandatory notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who gave the notice.</content></subsection><subsection eId="section-14-8"><num>(8)</num><intro>If the mandatory notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-14-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-14-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-14-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the proposed notifiable acquisition, or</content></level><level class="para2" eId="section-14-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the proposed notifiable acquisition.</content></level></level></subsection><subsection eId="section-14-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the mandatory notice.</content></subsection><subsection eId="section-14-10"><num>(10)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the mandatory notice and such other persons as the Secretary of State considers appropriate.</content></subsection></section><section eId="section-15"><num>15</num><heading>Requirement to consider retrospective validation without application</heading><subsection eId="section-15-1"><num>(1)</num><content>This section and section 16 apply to a notifiable acquisition that is completed without the approval of the Secretary of State and, accordingly, is void (see section 13(1)).</content></subsection><subsection eId="section-15-2"><num>(2)</num><intro>The Secretary of State must, before the end of the period of 6 months beginning with the day on which the Secretary of State becomes aware of the notifiable acquisition—</intro><level class="para1" eId="section-15-2-a"><num>(a)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para1" eId="section-15-2-b"><num>(b)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></subsection><subsection eId="section-15-3"><num>(3)</num><content>The effect of a validation notice given under this section or section 16 or 17, is that the notifiable acquisition to which it relates is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection><subsection eId="section-15-4"><num>(4)</num><intro>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content>the person who was required to give a mandatory notice to the Secretary of State in relation to the acquisition (see section 14(1)), and</content></level><level class="para1" eId="section-15-4-b"><num>(b)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection></section><section eId="section-16"><num>16</num><heading>Application for retrospective validation of notifiable acquisition</heading><subsection eId="section-16-1"><num>(1)</num><content>Any person materially affected by the fact that a notifiable acquisition to which this section applies (see section 15(1)) is void, may apply to the Secretary of State for a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-16-2"><num>(2)</num><content>An application under subsection (1) is referred to in this Act as a validation application.</content></subsection><subsection eId="section-16-3"><num>(3)</num><content>The Secretary of State may by regulations prescribe the form and content of a validation application.</content></subsection><subsection eId="section-16-4"><num>(4)</num><content>Subject to subsection (8), as soon as reasonably practicable after receiving a validation application, the Secretary of State must decide whether to reject or accept the application.</content></subsection><subsection eId="section-16-5"><num>(5)</num><intro>The Secretary of State may reject the application on one or more of the following grounds—</intro><level class="para1" eId="section-16-5-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-16-5-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-16-5-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the acquisition.</content></level></subsection><subsection eId="section-16-6"><num>(6)</num><content>If the application is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who made the application.</content></subsection><subsection eId="section-16-7"><num>(7)</num><intro>If the application is accepted, the Secretary of State must—</intro><level class="para1" eId="section-16-7-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-16-7-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-16-7-b-i"><num>(i)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para2" eId="section-16-7-b-ii"><num>(ii)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></level></subsection><subsection eId="section-16-8"><num>(8)</num><content>The Secretary of State is not required to consider a validation application in relation to an acquisition if, in the opinion of the Secretary of State, there has been no material change in circumstances since a previous validation application in relation to the acquisition was made.</content></subsection><subsection eId="section-16-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who made the validation application and such other persons as the Secretary of State considers appropriate;</content></hcontainer><hcontainer name="definition"><content>the “review period” is the period of 30 working days beginning with the day on which the notification under subsection (7)(a) is given to the person who made the validation application.</content></hcontainer></subsection></section><section eId="section-17"><num>17</num><heading>Retrospective validation of notifiable acquisition following call-in</heading><subsection eId="section-17-1"><num>(1)</num><intro>This section applies where the Secretary of State has given a call-in notice pursuant to—</intro><level class="para1" eId="section-17-1-a"><num>(a)</num><content>subsection (2)(a) of section 15, or</content></level><level class="para1" eId="section-17-1-b"><num>(b)</num><content>subsection (7)(b)(i) of section 16,</content></level><wrapUp>(and, accordingly, the trigger event to which the call-in notice relates is, or includes, a notifiable acquisition to which those sections apply.)</wrapUp></subsection><subsection eId="section-17-2"><num>(2)</num><content>If the Secretary of State gives a final notification in relation to the call-in notice, the Secretary of State must also give a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-17-3"><num>(3)</num><intro>A validation notice under this section must be given to—</intro><level class="para1" eId="section-17-3-a"><num>(a)</num><content>each person to whom the final notification is given,</content></level><level class="para1" eId="section-17-3-b"><num>(b)</num><content>the person (if any) who made an application in relation to the acquisition under section 16, and</content></level><level class="para1" eId="section-17-3-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-17-4"><num>(4)</num><content>Subsection (5) applies if the Secretary of State makes a final order in relation to the call-in notice.</content></subsection><subsection eId="section-17-5"><num>(5)</num><content>So much of the notifiable acquisition as would, had it been completed after the making of the final order, have been completed in accordance with the order is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection></section></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14"><num>14</num><heading>Mandatory notification procedure</heading><subsection eId="section-14-1"><num>(1)</num><content>Subject to subsection (2), a person must give notice to the Secretary of State before the person, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2).</content></subsection><subsection eId="section-14-2"><num>(2)</num><content>Subsection (1) does not apply if the Secretary of State has already given a call-in notice, which has not been revoked, in relation to the proposed notifiable acquisition.</content></subsection><subsection eId="section-14-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a mandatory notice.</content></subsection><subsection eId="section-14-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a mandatory notice.</content></subsection><subsection eId="section-14-5"><num>(5)</num><content>As soon as reasonably practicable after receiving a mandatory notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-14-6"><num>(6)</num><intro>The Secretary of State may reject the mandatory notice on one or more of the following grounds—</intro><level class="para1" eId="section-14-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-14-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-14-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the proposed notifiable acquisition.</content></level></subsection><subsection eId="section-14-7"><num>(7)</num><content>If the mandatory notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who gave the notice.</content></subsection><subsection eId="section-14-8"><num>(8)</num><intro>If the mandatory notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-14-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-14-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-14-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the proposed notifiable acquisition, or</content></level><level class="para2" eId="section-14-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the proposed notifiable acquisition.</content></level></level></subsection><subsection eId="section-14-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the mandatory notice.</content></subsection><subsection eId="section-14-10"><num>(10)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the mandatory notice and such other persons as the Secretary of State considers appropriate.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-1"><num>(1)</num><content>Subject to subsection (2), a person must give notice to the Secretary of State before the person, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-2"><num>(2)</num><content>Subsection (1) does not apply if the Secretary of State has already given a call-in notice, which has not been revoked, in relation to the proposed notifiable acquisition.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as a mandatory notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a mandatory notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-5"><num>(5)</num><content>As soon as reasonably practicable after receiving a mandatory notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-6"><num>(6)</num><intro>The Secretary of State may reject the mandatory notice on one or more of the following grounds—</intro><level class="para1" eId="section-14-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-14-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-14-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the proposed notifiable acquisition.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-7"><num>(7)</num><content>If the mandatory notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who gave the notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-8"><num>(8)</num><intro>If the mandatory notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-14-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-14-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-14-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the proposed notifiable acquisition, or</content></level><level class="para2" eId="section-14-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the proposed notifiable acquisition.</content></level></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the mandatory notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-10"><num>(10)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the mandatory notice and such other persons as the Secretary of State considers appropriate.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15"><num>15</num><heading>Requirement to consider retrospective validation without application</heading><subsection eId="section-15-1"><num>(1)</num><content>This section and section 16 apply to a notifiable acquisition that is completed without the approval of the Secretary of State and, accordingly, is void (see section 13(1)).</content></subsection><subsection eId="section-15-2"><num>(2)</num><intro>The Secretary of State must, before the end of the period of 6 months beginning with the day on which the Secretary of State becomes aware of the notifiable acquisition—</intro><level class="para1" eId="section-15-2-a"><num>(a)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para1" eId="section-15-2-b"><num>(b)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></subsection><subsection eId="section-15-3"><num>(3)</num><content>The effect of a validation notice given under this section or section 16 or 17, is that the notifiable acquisition to which it relates is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection><subsection eId="section-15-4"><num>(4)</num><intro>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content>the person who was required to give a mandatory notice to the Secretary of State in relation to the acquisition (see section 14(1)), and</content></level><level class="para1" eId="section-15-4-b"><num>(b)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-1"><num>(1)</num><content>This section and section 16 apply to a notifiable acquisition that is completed without the approval of the Secretary of State and, accordingly, is void (see section 13(1)).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-2"><num>(2)</num><intro>The Secretary of State must, before the end of the period of 6 months beginning with the day on which the Secretary of State becomes aware of the notifiable acquisition—</intro><level class="para1" eId="section-15-2-a"><num>(a)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para1" eId="section-15-2-b"><num>(b)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-3"><num>(3)</num><content>The effect of a validation notice given under this section or section 16 or 17, is that the notifiable acquisition to which it relates is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-4"><num>(4)</num><intro>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content>the person who was required to give a mandatory notice to the Secretary of State in relation to the acquisition (see section 14(1)), and</content></level><level class="para1" eId="section-15-4-b"><num>(b)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16"><num>16</num><heading>Application for retrospective validation of notifiable acquisition</heading><subsection eId="section-16-1"><num>(1)</num><content>Any person materially affected by the fact that a notifiable acquisition to which this section applies (see section 15(1)) is void, may apply to the Secretary of State for a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-16-2"><num>(2)</num><content>An application under subsection (1) is referred to in this Act as a validation application.</content></subsection><subsection eId="section-16-3"><num>(3)</num><content>The Secretary of State may by regulations prescribe the form and content of a validation application.</content></subsection><subsection eId="section-16-4"><num>(4)</num><content>Subject to subsection (8), as soon as reasonably practicable after receiving a validation application, the Secretary of State must decide whether to reject or accept the application.</content></subsection><subsection eId="section-16-5"><num>(5)</num><intro>The Secretary of State may reject the application on one or more of the following grounds—</intro><level class="para1" eId="section-16-5-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-16-5-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-16-5-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the acquisition.</content></level></subsection><subsection eId="section-16-6"><num>(6)</num><content>If the application is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who made the application.</content></subsection><subsection eId="section-16-7"><num>(7)</num><intro>If the application is accepted, the Secretary of State must—</intro><level class="para1" eId="section-16-7-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-16-7-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-16-7-b-i"><num>(i)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para2" eId="section-16-7-b-ii"><num>(ii)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></level></subsection><subsection eId="section-16-8"><num>(8)</num><content>The Secretary of State is not required to consider a validation application in relation to an acquisition if, in the opinion of the Secretary of State, there has been no material change in circumstances since a previous validation application in relation to the acquisition was made.</content></subsection><subsection eId="section-16-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who made the validation application and such other persons as the Secretary of State considers appropriate;</content></hcontainer><hcontainer name="definition"><content>the “review period” is the period of 30 working days beginning with the day on which the notification under subsection (7)(a) is given to the person who made the validation application.</content></hcontainer></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-1"><num>(1)</num><content>Any person materially affected by the fact that a notifiable acquisition to which this section applies (see section 15(1)) is void, may apply to the Secretary of State for a validation notice in relation to the acquisition.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-2"><num>(2)</num><content>An application under subsection (1) is referred to in this Act as a validation application.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-3"><num>(3)</num><content>The Secretary of State may by regulations prescribe the form and content of a validation application.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-4"><num>(4)</num><content>Subject to subsection (8), as soon as reasonably practicable after receiving a validation application, the Secretary of State must decide whether to reject or accept the application.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-5"><num>(5)</num><intro>The Secretary of State may reject the application on one or more of the following grounds—</intro><level class="para1" eId="section-16-5-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-16-5-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-16-5-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice in relation to the acquisition.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-6"><num>(6)</num><content>If the application is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to the person who made the application.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-7"><num>(7)</num><intro>If the application is accepted, the Secretary of State must—</intro><level class="para1" eId="section-16-7-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-16-7-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-16-7-b-i"><num>(i)</num><content>give a call-in notice in relation to the acquisition, or</content></level><level class="para2" eId="section-16-7-b-ii"><num>(ii)</num><content>give a validation notice in relation to the acquisition to each relevant person and notify those persons that no further action will be taken under this Act in relation to the acquisition.</content></level></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-8"><num>(8)</num><content>The Secretary of State is not required to consider a validation application in relation to an acquisition if, in the opinion of the Secretary of State, there has been no material change in circumstances since a previous validation application in relation to the acquisition was made.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who made the validation application and such other persons as the Secretary of State considers appropriate;</content></hcontainer><hcontainer name="definition"><content>the “review period” is the period of 30 working days beginning with the day on which the notification under subsection (7)(a) is given to the person who made the validation application.</content></hcontainer></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17"><num>17</num><heading>Retrospective validation of notifiable acquisition following call-in</heading><subsection eId="section-17-1"><num>(1)</num><intro>This section applies where the Secretary of State has given a call-in notice pursuant to—</intro><level class="para1" eId="section-17-1-a"><num>(a)</num><content>subsection (2)(a) of section 15, or</content></level><level class="para1" eId="section-17-1-b"><num>(b)</num><content>subsection (7)(b)(i) of section 16,</content></level><wrapUp>(and, accordingly, the trigger event to which the call-in notice relates is, or includes, a notifiable acquisition to which those sections apply.)</wrapUp></subsection><subsection eId="section-17-2"><num>(2)</num><content>If the Secretary of State gives a final notification in relation to the call-in notice, the Secretary of State must also give a validation notice in relation to the acquisition.</content></subsection><subsection eId="section-17-3"><num>(3)</num><intro>A validation notice under this section must be given to—</intro><level class="para1" eId="section-17-3-a"><num>(a)</num><content>each person to whom the final notification is given,</content></level><level class="para1" eId="section-17-3-b"><num>(b)</num><content>the person (if any) who made an application in relation to the acquisition under section 16, and</content></level><level class="para1" eId="section-17-3-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-17-4"><num>(4)</num><content>Subsection (5) applies if the Secretary of State makes a final order in relation to the call-in notice.</content></subsection><subsection eId="section-17-5"><num>(5)</num><content>So much of the notifiable acquisition as would, had it been completed after the making of the final order, have been completed in accordance with the order is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-1"><num>(1)</num><intro>This section applies where the Secretary of State has given a call-in notice pursuant to—</intro><level class="para1" eId="section-17-1-a"><num>(a)</num><content>subsection (2)(a) of section 15, or</content></level><level class="para1" eId="section-17-1-b"><num>(b)</num><content>subsection (7)(b)(i) of section 16,</content></level><wrapUp>(and, accordingly, the trigger event to which the call-in notice relates is, or includes, a notifiable acquisition to which those sections apply.)</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-2"><num>(2)</num><content>If the Secretary of State gives a final notification in relation to the call-in notice, the Secretary of State must also give a validation notice in relation to the acquisition.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-3"><num>(3)</num><intro>A validation notice under this section must be given to—</intro><level class="para1" eId="section-17-3-a"><num>(a)</num><content>each person to whom the final notification is given,</content></level><level class="para1" eId="section-17-3-b"><num>(b)</num><content>the person (if any) who made an application in relation to the acquisition under section 16, and</content></level><level class="para1" eId="section-17-3-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-4"><num>(4)</num><content>Subsection (5) applies if the Secretary of State makes a final order in relation to the call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-5"><num>(5)</num><content>So much of the notifiable acquisition as would, had it been completed after the making of the final order, have been completed in accordance with the order is to be treated as having been completed with the approval of the Secretary of State (and, accordingly, is not void).</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-4-crossheading-voluntary-notification-of-trigger-event"><heading>Voluntary notification of trigger event</heading><section eId="section-18"><num>18</num><heading>Voluntary notification procedure</heading><subsection eId="section-18-1"><num>(1)</num><intro>This section does not apply in relation to—</intro><level class="para1" eId="section-18-1-a"><num>(a)</num><content>arrangements which would result in a notifiable acquisition,</content></level><level class="para1" eId="section-18-1-b"><num>(b)</num><content>a trigger event that is, or includes, a notifiable acquisition.</content></level></subsection><subsection eId="section-18-2"><num>(2)</num><intro>A seller, acquirer or the qualifying entity concerned may give a notice to the Secretary of State stating that —</intro><level class="para1" eId="section-18-2-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or a qualifying asset, or</content></level><level class="para1" eId="section-18-2-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or a qualifying asset.</content></level></subsection><subsection eId="section-18-3"><num>(3)</num><content>A notice under subsection (2) is referred to in this Act as a voluntary notice.</content></subsection><subsection eId="section-18-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a voluntary notice.</content></subsection><subsection eId="section-18-5"><num>(5)</num><content>As soon as reasonably practicable after receiving the voluntary notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-18-6"><num>(6)</num><intro>The Secretary of State may reject the voluntary notice on one or more of the following grounds—</intro><level class="para1" eId="section-18-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-18-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-18-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice,</content></level><level class="para1" eId="section-18-6-d"><num>(d)</num><content>there is no reasonable prospect of being able to give a call-in notice due to the operation of the time-limits in subsection (2) or (4) of section 2.</content></level></subsection><subsection eId="section-18-7"><num>(7)</num><content>If the voluntary notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to each relevant person.</content></subsection><subsection eId="section-18-8"><num>(8)</num><intro>If the voluntary notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-18-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-18-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-18-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the trigger event, or</content></level><level class="para2" eId="section-18-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the trigger event.</content></level></level></subsection><subsection eId="section-18-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the voluntary notice; but this does not affect the operation of the time-limits in subsections (2) and (4) of section 2.</content></subsection><subsection eId="section-18-10"><num>(10)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the voluntary notice and such other persons as the Secretary of State considers appropriate,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-seller" eId="term-seller">seller</term>”, in relation to a trigger event, means a person who has ceded control of the qualifying entity or a qualifying asset (or in relation to a trigger event that has not yet taken place, would cede that control).</content></hcontainer></subsection></section></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18"><num>18</num><heading>Voluntary notification procedure</heading><subsection eId="section-18-1"><num>(1)</num><intro>This section does not apply in relation to—</intro><level class="para1" eId="section-18-1-a"><num>(a)</num><content>arrangements which would result in a notifiable acquisition,</content></level><level class="para1" eId="section-18-1-b"><num>(b)</num><content>a trigger event that is, or includes, a notifiable acquisition.</content></level></subsection><subsection eId="section-18-2"><num>(2)</num><intro>A seller, acquirer or the qualifying entity concerned may give a notice to the Secretary of State stating that —</intro><level class="para1" eId="section-18-2-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or a qualifying asset, or</content></level><level class="para1" eId="section-18-2-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or a qualifying asset.</content></level></subsection><subsection eId="section-18-3"><num>(3)</num><content>A notice under subsection (2) is referred to in this Act as a voluntary notice.</content></subsection><subsection eId="section-18-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a voluntary notice.</content></subsection><subsection eId="section-18-5"><num>(5)</num><content>As soon as reasonably practicable after receiving the voluntary notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection><subsection eId="section-18-6"><num>(6)</num><intro>The Secretary of State may reject the voluntary notice on one or more of the following grounds—</intro><level class="para1" eId="section-18-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-18-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-18-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice,</content></level><level class="para1" eId="section-18-6-d"><num>(d)</num><content>there is no reasonable prospect of being able to give a call-in notice due to the operation of the time-limits in subsection (2) or (4) of section 2.</content></level></subsection><subsection eId="section-18-7"><num>(7)</num><content>If the voluntary notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to each relevant person.</content></subsection><subsection eId="section-18-8"><num>(8)</num><intro>If the voluntary notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-18-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-18-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-18-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the trigger event, or</content></level><level class="para2" eId="section-18-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the trigger event.</content></level></level></subsection><subsection eId="section-18-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the voluntary notice; but this does not affect the operation of the time-limits in subsections (2) and (4) of section 2.</content></subsection><subsection eId="section-18-10"><num>(10)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the voluntary notice and such other persons as the Secretary of State considers appropriate,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-seller" eId="term-seller">seller</term>”, in relation to a trigger event, means a person who has ceded control of the qualifying entity or a qualifying asset (or in relation to a trigger event that has not yet taken place, would cede that control).</content></hcontainer></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-1"><num>(1)</num><intro>This section does not apply in relation to—</intro><level class="para1" eId="section-18-1-a"><num>(a)</num><content>arrangements which would result in a notifiable acquisition,</content></level><level class="para1" eId="section-18-1-b"><num>(b)</num><content>a trigger event that is, or includes, a notifiable acquisition.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-2"><num>(2)</num><intro>A seller, acquirer or the qualifying entity concerned may give a notice to the Secretary of State stating that —</intro><level class="para1" eId="section-18-2-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity or a qualifying asset, or</content></level><level class="para1" eId="section-18-2-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity or a qualifying asset.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-3"><num>(3)</num><content>A notice under subsection (2) is referred to in this Act as a voluntary notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-4"><num>(4)</num><content>The Secretary of State may by regulations prescribe the form and content of a voluntary notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-5"><num>(5)</num><content>As soon as reasonably practicable after receiving the voluntary notice, the Secretary of State must decide whether to reject or accept the notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-6"><num>(6)</num><intro>The Secretary of State may reject the voluntary notice on one or more of the following grounds—</intro><level class="para1" eId="section-18-6-a"><num>(a)</num><content>it does not meet the requirements of this section,</content></level><level class="para1" eId="section-18-6-b"><num>(b)</num><content>it does not meet the requirements prescribed by the regulations,</content></level><level class="para1" eId="section-18-6-c"><num>(c)</num><content>it does not contain sufficient information to allow the Secretary of State to decide whether to give a call-in notice,</content></level><level class="para1" eId="section-18-6-d"><num>(d)</num><content>there is no reasonable prospect of being able to give a call-in notice due to the operation of the time-limits in subsection (2) or (4) of section 2.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-7"><num>(7)</num><content>If the voluntary notice is rejected, the Secretary of State must, as soon as practicable, provide reasons in writing for that decision to each relevant person.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-8"><num>(8)</num><intro>If the voluntary notice is accepted, the Secretary of State must—</intro><level class="para1" eId="section-18-8-a"><num>(a)</num><content>as soon as practicable, notify each relevant person, and</content></level><level class="para1" eId="section-18-8-b"><num>(b)</num><intro>before the end of the review period—</intro><level class="para2" eId="section-18-8-b-i"><num>(i)</num><content>give a call-in notice in relation to the trigger event, or</content></level><level class="para2" eId="section-18-8-b-ii"><num>(ii)</num><content>notify each relevant person that no further action will be taken under this Act in relation to the trigger event.</content></level></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-9"><num>(9)</num><content>The “review period” is the period of 30 working days beginning with the day on which the notification under subsection (8)(a) is given to the person who gave the voluntary notice; but this does not affect the operation of the time-limits in subsections (2) and (4) of section 2.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-10"><num>(10)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means the person who gave the voluntary notice and such other persons as the Secretary of State considers appropriate,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-seller" eId="term-seller">seller</term>”, in relation to a trigger event, means a person who has ceded control of the qualifying entity or a qualifying asset (or in relation to a trigger event that has not yet taken place, would cede that control).</content></hcontainer></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19"><num>19</num><heading>Power to require information</heading><subsection eId="section-19-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person to provide any information in relation to the exercise of the Secretary of State's functions under this Act which—</intro><level class="para1" eId="section-19-1-a"><num>(a)</num><content>is specified or described in the notice, or falls within a category of information specified or described in the notice, and</content></level><level class="para1" eId="section-19-1-b"><num>(b)</num><content>is within that person's possession or power.</content></level></subsection><subsection eId="section-19-2"><num>(2)</num><content>The Secretary of State is not to require the provision of information under this section except where the requirement to provide information is proportionate to the use to which the information is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection><subsection eId="section-19-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an information notice.</content></subsection><subsection eId="section-19-4"><num>(4)</num><intro>An information notice may—</intro><level class="para1" eId="section-19-4-a"><num>(a)</num><content>specify the manner in which the information is to be provided,</content></level><level class="para1" eId="section-19-4-b"><num>(b)</num><intro>specify a time limit for—</intro><level class="para2" eId="section-19-4-b-i"><num>(i)</num><content>providing the information,</content></level><level class="para2" eId="section-19-4-b-ii"><num>(ii)</num><content>notifying the Secretary of State that the information is not in the person's possession or power, or</content></level></level><level class="para1" eId="section-19-4-c"><num>(c)</num><content>require the person to provide any information within their possession or power which would enable the Secretary of State to find the information required by the notice.</content></level></subsection><subsection eId="section-19-5"><num>(5)</num><intro>An information notice must—</intro><level class="para1" eId="section-19-5-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-19-5-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection><subsection eId="section-19-6"><num>(6)</num><content>A person is not required under this section to provide any information which that person could not be compelled to provide in evidence in civil proceedings before the court.</content></subsection><subsection eId="section-19-7"><num>(7)</num><content>A reference in this section to the provision of information includes a reference to the provision of a legible and intelligible copy of information recorded otherwise than in legible form.</content></subsection><subsection eId="section-19-8"><num>(8)</num><content>A person to whom information is provided under this section may copy the information.</content></subsection><subsection eId="section-19-9"><num>(9)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-19-9-a"><num>(a)</num><content>in relation to England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-19-9-b"><num>(b)</num><content>in relation to Scotland, the Court of Session, and</content></level><level class="para1" eId="section-19-9-c"><num>(c)</num><content>in relation to a person outside the United Kingdom, the High Court of England and Wales.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person to provide any information in relation to the exercise of the Secretary of State's functions under this Act which—</intro><level class="para1" eId="section-19-1-a"><num>(a)</num><content>is specified or described in the notice, or falls within a category of information specified or described in the notice, and</content></level><level class="para1" eId="section-19-1-b"><num>(b)</num><content>is within that person's possession or power.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-2"><num>(2)</num><content>The Secretary of State is not to require the provision of information under this section except where the requirement to provide information is proportionate to the use to which the information is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an information notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-4"><num>(4)</num><intro>An information notice may—</intro><level class="para1" eId="section-19-4-a"><num>(a)</num><content>specify the manner in which the information is to be provided,</content></level><level class="para1" eId="section-19-4-b"><num>(b)</num><intro>specify a time limit for—</intro><level class="para2" eId="section-19-4-b-i"><num>(i)</num><content>providing the information,</content></level><level class="para2" eId="section-19-4-b-ii"><num>(ii)</num><content>notifying the Secretary of State that the information is not in the person's possession or power, or</content></level></level><level class="para1" eId="section-19-4-c"><num>(c)</num><content>require the person to provide any information within their possession or power which would enable the Secretary of State to find the information required by the notice.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-4-a"><num>(a)</num><content>specify the manner in which the information is to be provided,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-4-b"><num>(b)</num><intro>specify a time limit for—</intro><level class="para2" eId="section-19-4-b-i"><num>(i)</num><content>providing the information,</content></level><level class="para2" eId="section-19-4-b-ii"><num>(ii)</num><content>notifying the Secretary of State that the information is not in the person's possession or power, or</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-4-c"><num>(c)</num><content>require the person to provide any information within their possession or power which would enable the Secretary of State to find the information required by the notice.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-5"><num>(5)</num><intro>An information notice must—</intro><level class="para1" eId="section-19-5-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-19-5-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-6"><num>(6)</num><content>A person is not required under this section to provide any information which that person could not be compelled to provide in evidence in civil proceedings before the court.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-7"><num>(7)</num><content>A reference in this section to the provision of information includes a reference to the provision of a legible and intelligible copy of information recorded otherwise than in legible form.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-8"><num>(8)</num><content>A person to whom information is provided under this section may copy the information.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-9"><num>(9)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-19-9-a"><num>(a)</num><content>in relation to England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-19-9-b"><num>(b)</num><content>in relation to Scotland, the Court of Session, and</content></level><level class="para1" eId="section-19-9-c"><num>(c)</num><content>in relation to a person outside the United Kingdom, the High Court of England and Wales.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20"><num>20</num><heading>Attendance of witnesses</heading><subsection eId="section-20-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person—</intro><level class="para1" eId="section-20-1-a"><num>(a)</num><content>to attend at a time and place specified in the notice, and</content></level><level class="para1" eId="section-20-1-b"><num>(b)</num><content>to give evidence to the Secretary of State in relation to the exercise of the Secretary of State's functions under this Act.</content></level></subsection><subsection eId="section-20-2"><num>(2)</num><content>The Secretary of State is not to require the giving of evidence under this section except where the requirement to give evidence is proportionate to the use to which the evidence is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection><subsection eId="section-20-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an attendance notice.</content></subsection><subsection eId="section-20-4"><num>(4)</num><intro>An attendance notice must—</intro><level class="para1" eId="section-20-4-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-20-4-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection><subsection eId="section-20-5"><num>(5)</num><content>A person is not required under this section to give any evidence which that person could not be compelled to give in civil proceedings before the court.</content></subsection><subsection eId="section-20-6"><num>(6)</num><content>A person is not required, in compliance with an attendance notice, to go more than 10 miles from their place of residence unless necessary travelling expenses are paid or offered to that person.</content></subsection><subsection eId="section-20-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-20-7-a"><num>(a)</num><content>in relation to evidence given in England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-20-7-b"><num>(b)</num><content>in relation to evidence given in Scotland, the Court of Session, and</content></level><level class="para1" eId="section-20-7-c"><num>(c)</num><content>in relation to evidence given outside the United Kingdom, the High Court of England and Wales.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-1"><num>(1)</num><intro>The Secretary of State may give a notice to a person (subject to section 21) to require the person—</intro><level class="para1" eId="section-20-1-a"><num>(a)</num><content>to attend at a time and place specified in the notice, and</content></level><level class="para1" eId="section-20-1-b"><num>(b)</num><content>to give evidence to the Secretary of State in relation to the exercise of the Secretary of State's functions under this Act.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-2"><num>(2)</num><content>The Secretary of State is not to require the giving of evidence under this section except where the requirement to give evidence is proportionate to the use to which the evidence is to be put in the carrying out of the Secretary of State's functions under this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-3"><num>(3)</num><content>A notice under subsection (1) is referred to in this Act as an attendance notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-4"><num>(4)</num><intro>An attendance notice must—</intro><level class="para1" eId="section-20-4-a"><num>(a)</num><content>specify the purpose for which the notice is given, and</content></level><level class="para1" eId="section-20-4-b"><num>(b)</num><content>state the possible consequences of not complying with the notice.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-5"><num>(5)</num><content>A person is not required under this section to give any evidence which that person could not be compelled to give in civil proceedings before the court.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-6"><num>(6)</num><content>A person is not required, in compliance with an attendance notice, to go more than 10 miles from their place of residence unless necessary travelling expenses are paid or offered to that person.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-20-7-a"><num>(a)</num><content>in relation to evidence given in England and Wales or Northern Ireland, the High Court,</content></level><level class="para1" eId="section-20-7-b"><num>(b)</num><content>in relation to evidence given in Scotland, the Court of Session, and</content></level><level class="para1" eId="section-20-7-c"><num>(c)</num><content>in relation to evidence given outside the United Kingdom, the High Court of England and Wales.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21"><num>21</num><heading>Information notices and attendance notices: persons outside the UK</heading><subsection eId="section-21-1"><num>(1)</num><content>The Secretary of State may give an information notice or an attendance notice to a person outside the United Kingdom only if the person falls within subsection (2), (3) or (4) of this section.</content></subsection><subsection eId="section-21-2"><num>(2)</num><intro>A person falls within this subsection if the person is—</intro><level class="para1" eId="section-21-2-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-21-2-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-21-2-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-2-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-21-3"><num>(3)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-3-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity which is formed or recognised under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-3-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity of that description,</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection><subsection eId="section-21-4"><num>(4)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-4-a"><num>(a)</num><intro>a trigger event has taken place in relation to a qualifying asset which —</intro><level class="para2" eId="section-21-4-a-i"><num>(i)</num><content>is within section 7(4)(a) or (b) and is situated in the United Kingdom or the territorial sea, or</content></level><level class="para2" eId="section-21-4-a-ii"><num>(ii)</num><content>is within section 7(4)(c) and is used in connection with activities carried on in the United Kingdom, or</content></level></level><level class="para1" eId="section-21-4-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying asset within paragraph (a),</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-1"><num>(1)</num><content>The Secretary of State may give an information notice or an attendance notice to a person outside the United Kingdom only if the person falls within subsection (2), (3) or (4) of this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-2"><num>(2)</num><intro>A person falls within this subsection if the person is—</intro><level class="para1" eId="section-21-2-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-21-2-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-21-2-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-2-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-3"><num>(3)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-3-a"><num>(a)</num><content>a trigger event has taken place in relation to a qualifying entity which is formed or recognised under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-21-3-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying entity of that description,</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-4"><num>(4)</num><intro>A person falls within this subsection if—</intro><level class="para1" eId="section-21-4-a"><num>(a)</num><intro>a trigger event has taken place in relation to a qualifying asset which —</intro><level class="para2" eId="section-21-4-a-i"><num>(i)</num><content>is within section 7(4)(a) or (b) and is situated in the United Kingdom or the territorial sea, or</content></level><level class="para2" eId="section-21-4-a-ii"><num>(ii)</num><content>is within section 7(4)(c) and is used in connection with activities carried on in the United Kingdom, or</content></level></level><level class="para1" eId="section-21-4-b"><num>(b)</num><content>arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event taking place in relation to a qualifying asset within paragraph (a),</content></level><wrapUp>and the person is the acquirer.</wrapUp></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22"><num>22</num><heading>False or misleading information</heading><subsection eId="section-22-1"><num>(1)</num><intro>This section applies where false or misleading information is provided to the Secretary of State—</intro><level class="para1" eId="section-22-1-a"><num>(a)</num><content>in a mandatory notice,</content></level><level class="para1" eId="section-22-1-b"><num>(b)</num><content>in a validation application,</content></level><level class="para1" eId="section-22-1-c"><num>(c)</num><content>in a voluntary notice,</content></level><level class="para1" eId="section-22-1-d"><num>(d)</num><content>in response to an information notice, or</content></level><level class="para1" eId="section-22-1-e"><num>(e)</num><content>in response to an attendance notice.</content></level></subsection><subsection eId="section-22-2"><num>(2)</num><content>Where a decision made by the Secretary of State under this Act is materially affected by the false or misleading information, the Secretary of State may reconsider the decision and may affirm, vary or revoke it.</content></subsection><subsection eId="section-22-3"><num>(3)</num><content>Where a decision is varied or revoked under this section, the Secretary of State must give notice to that effect to such persons as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-22-4"><num>(4)</num><intro>If a revoked decision was—</intro><level class="para1" eId="section-22-4-a"><num>(a)</num><content>a decision to give a call-in notice,</content></level><level class="para1" eId="section-22-4-b"><num>(b)</num><content>a decision to make or revoke a final order, or</content></level><level class="para1" eId="section-22-4-c"><num>(c)</num><content>a decision to give a final notification,</content></level><wrapUp>the Secretary of State may give a further call-in notice and section 2(1) does not apply.</wrapUp></subsection><subsection eId="section-22-5"><num>(5)</num><content>Where a decision is revoked under this section, the time limits in section 2(2) and (4) do not apply to the case concerned, but a call-in notice (or a further call-in notice) may not be given after the end of the period of 6 months beginning with the day on which the information was discovered to be false or misleading.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-1"><num>(1)</num><intro>This section applies where false or misleading information is provided to the Secretary of State—</intro><level class="para1" eId="section-22-1-a"><num>(a)</num><content>in a mandatory notice,</content></level><level class="para1" eId="section-22-1-b"><num>(b)</num><content>in a validation application,</content></level><level class="para1" eId="section-22-1-c"><num>(c)</num><content>in a voluntary notice,</content></level><level class="para1" eId="section-22-1-d"><num>(d)</num><content>in response to an information notice, or</content></level><level class="para1" eId="section-22-1-e"><num>(e)</num><content>in response to an attendance notice.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-2"><num>(2)</num><content>Where a decision made by the Secretary of State under this Act is materially affected by the false or misleading information, the Secretary of State may reconsider the decision and may affirm, vary or revoke it.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-3"><num>(3)</num><content>Where a decision is varied or revoked under this section, the Secretary of State must give notice to that effect to such persons as the Secretary of State considers appropriate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-4"><num>(4)</num><intro>If a revoked decision was—</intro><level class="para1" eId="section-22-4-a"><num>(a)</num><content>a decision to give a call-in notice,</content></level><level class="para1" eId="section-22-4-b"><num>(b)</num><content>a decision to make or revoke a final order, or</content></level><level class="para1" eId="section-22-4-c"><num>(c)</num><content>a decision to give a final notification,</content></level><wrapUp>the Secretary of State may give a further call-in notice and section 2(1) does not apply.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-5"><num>(5)</num><content>Where a decision is revoked under this section, the time limits in section 2(2) and (4) do not apply to the case concerned, but a call-in notice (or a further call-in notice) may not be given after the end of the period of 6 months beginning with the day on which the information was discovered to be false or misleading.</content></subsection>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-2"><num>PART 2</num><heading>Remedies</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-assessment-period"><heading>Assessment period</heading><section eId="section-23"><num>23</num><heading>Meaning of “assessment period”</heading><subsection eId="section-23-1"><num>(1)</num><content>This section defines “<term refersTo="#term-assessment-period" eId="term-assessment-period">assessment period</term>” in relation to a call-in notice.</content></subsection><subsection eId="section-23-2"><num>(2)</num><content>The assessment period begins with the day on which the call-in notice is given to the acquirer.</content></subsection><subsection eId="section-23-3"><num>(3)</num><intro>In this section—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>“the initial period” is the period of 30 working days beginning with the day mentioned in subsection (2),</content></level><level class="para1" eId="section-23-3-b"><num>(b)</num><content>“the additional period” is the period of 45 working days beginning with the first working day after the day on which the initial period ends,</content></level><level class="para1" eId="section-23-3-c"><num>(c)</num><content>a “voluntary period” is such period of working days, beginning with the first working day after the day on which the additional period (or the previous voluntary period) ends, as may be agreed in writing between the Secretary of State and the acquirer.</content></level></subsection><subsection eId="section-23-4"><num>(4)</num><content>The assessment period ends at the end of the initial period unless, before the end of the initial period, the Secretary of State gives an additional period notice to each person to whom the call-in notice was given (see subsection (8)).</content></subsection><subsection eId="section-23-5"><num>(5)</num><content>If an additional period notice is given, the assessment period ends at the end of the additional period unless, before the end of the additional period, a voluntary period is agreed.</content></subsection><subsection eId="section-23-6"><num>(6)</num><content>If a voluntary period is agreed, the assessment period ends at the end of the voluntary period, or at the end of any further voluntary period which is agreed.</content></subsection><subsection eId="section-23-7"><num>(7)</num><content>The Secretary of State must give notice of any voluntary period, or further voluntary period to each person to whom the call-in notice was given.</content></subsection><subsection eId="section-23-8"><num>(8)</num><intro>An “additional period notice” is a notice which the Secretary of State may give if the Secretary of State—</intro><level class="para1" eId="section-23-8-a"><num>(a)</num><intro>reasonably believes that—</intro><level class="para2" eId="section-23-8-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-8-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-23-8-b"><num>(b)</num><content>reasonably considers that the additional period is required to assess the trigger event further.</content></level></subsection><subsection eId="section-23-9"><num>(9)</num><intro>A voluntary period or further voluntary period may be agreed by the Secretary of State only if the Secretary of State—</intro><level class="para1" eId="section-23-9-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-23-9-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-9-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-23-9-b"><num>(b)</num><content>reasonably considers that the period is required to consider whether to make a final order or what provision a final order should contain.</content></level></subsection></section><section eId="section-24"><num>24</num><heading>Effect of information notice and attendance notice</heading><subsection eId="section-24-1"><num>(1)</num><content>This section applies if an information notice or an attendance notice is given at any time during the assessment period in relation to a call-in notice.</content></subsection><subsection eId="section-24-2"><num>(2)</num><intro>As soon as practicable after giving the information notice or attendance notice, the Secretary of State must notify each relevant person of—</intro><level class="para1" eId="section-24-2-a"><num>(a)</num><content>the fact that an information notice or attendance notice has been given, and</content></level><level class="para1" eId="section-24-2-b"><num>(b)</num><content>the time limit specified in the notice for complying with the requirements of the notice.</content></level></subsection><subsection eId="section-24-3"><num>(3)</num><intro>As soon as practicable after—</intro><level class="para1" eId="section-24-3-a"><num>(a)</num><content>the Secretary of State is satisfied that the requirements of the information notice or the attendance notice have been complied with, or</content></level><level class="para1" eId="section-24-3-b"><num>(b)</num><content>(if earlier) the time specified in the information notice or the attendance notice for complying with those requirements has passed,</content></level><wrapUp>the Secretary of State must notify each relevant person confirming that fact.</wrapUp></subsection><subsection eId="section-24-4"><num>(4)</num><content>Any day falling within the period beginning with the day on which the notice under subsection (2) is given and ending with the day on which a notice under subsection (3) is given does not count for the purposes of calculating the initial, additional or voluntary period under section 23.</content></subsection><subsection eId="section-24-5"><num>(5)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means each person to whom the call-in notice was given.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-interim-and-final-orders"><heading>Interim and final orders</heading><section eId="section-25"><num>25</num><heading>Interim orders</heading><subsection eId="section-25-1"><num>(1)</num><content>The Secretary of State may, during the assessment period in relation to a call-in notice, make an order if the Secretary of State reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing or reversing pre-emptive action, or mitigating its effects.</content></subsection><subsection eId="section-25-2"><num>(2)</num><content>In subsection (1), “<term refersTo="#term-pre-emptive-action" eId="term-pre-emptive-action">pre-emptive action</term>” means action which might prejudice the exercise of the Secretary of State's functions under this Act in relation to the call-in notice.</content></subsection><subsection eId="section-25-3"><num>(3)</num><content>An order under subsection (1) is referred to in this Act as an “interim order”.</content></subsection><subsection eId="section-25-4"><num>(4)</num><intro>An interim order may include—</intro><level class="para1" eId="section-25-4-a"><num>(a)</num><content>provision requiring a person, or description of person, to do, or not to do, particular things,</content></level><level class="para1" eId="section-25-4-b"><num>(b)</num><content>provision for the appointment of a person to conduct or supervise the conduct of activities on such terms and with such powers as may be specified or described in the order,</content></level><level class="para1" eId="section-25-4-c"><num>(c)</num><content>provision requiring a person, or description of person, not to disclose the contents of the order except to the extent permitted by the order,</content></level><level class="para1" eId="section-25-4-d"><num>(d)</num><content>consequential, supplementary or incidental provision.</content></level></subsection><subsection eId="section-25-5"><num>(5)</num><intro>Provision made by or under an interim order may extend to a person's conduct outside the United Kingdom or the territorial sea only if the person is—</intro><level class="para1" eId="section-25-5-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-25-5-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-25-5-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-25-5-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-25-6"><num>(6)</num><content>An interim order comes into force at such time as is determined by or under the order.</content></subsection><subsection eId="section-25-7"><num>(7)</num><intro>An interim order ceases to have effect at the earliest of—</intro><level class="para1" eId="section-25-7-a"><num>(a)</num><content>the giving of a final notification or the coming into force of a final order in relation to the call-in notice,</content></level><level class="para1" eId="section-25-7-b"><num>(b)</num><content>such time as is determined by or under the order,</content></level><level class="para1" eId="section-25-7-c"><num>(c)</num><content>such time as it is revoked.</content></level></subsection></section><section eId="section-26"><num>26</num><heading>Final orders and final notifications</heading><subsection eId="section-26-1"><num>(1)</num><intro>The Secretary of State must, before the end of the assessment period in relation to a call-in notice—</intro><level class="para1" eId="section-26-1-a"><num>(a)</num><content>make a final order, or</content></level><level class="para1" eId="section-26-1-b"><num>(b)</num><content>give a final notification to each person to whom the call-in notice was given.</content></level></subsection><subsection eId="section-26-2"><num>(2)</num><intro>In this section—</intro><level class="para1" eId="section-26-2-a"><num>(a)</num><content>a “final notification” is a notification that no further action in relation to the call-in notice is to be taken under this Act,</content></level><level class="para1" eId="section-26-2-b"><num>(b)</num><content>a “final order” is an order under subsection (3).</content></level></subsection><subsection eId="section-26-3"><num>(3)</num><intro>The Secretary of State may, during the assessment period, make a final order if the Secretary of State—</intro><level class="para1" eId="section-26-3-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-26-3-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-26-3-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-26-3-b"><num>(b)</num><content>reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing, remedying or mitigating the risk.</content></level></subsection><subsection eId="section-26-4"><num>(4)</num><content>Before making a final order the Secretary of State must consider any representations made to the Secretary of State.</content></subsection><subsection eId="section-26-5"><num>(5)</num><intro>A final order may include—</intro><level class="para1" eId="section-26-5-a"><num>(a)</num><content>provision requiring a person, or description of person, to do, or not to do, particular things,</content></level><level class="para1" eId="section-26-5-b"><num>(b)</num><content>provision for the appointment of a person to conduct or supervise the conduct of activities on such terms and with such powers as may be specified or described in the order,</content></level><level class="para1" eId="section-26-5-c"><num>(c)</num><content>provision requiring a person, or description of person, not to disclose the contents of the order except to the extent permitted by the order,</content></level><level class="para1" eId="section-26-5-d"><num>(d)</num><content>consequential, supplementary or incidental provision.</content></level></subsection><subsection eId="section-26-6"><num>(6)</num><intro>Provision made by or under a final order may extend to a person's conduct outside the United Kingdom or the territorial sea only if the person is—</intro><level class="para1" eId="section-26-6-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-26-6-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-26-6-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-26-6-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-26-7"><num>(7)</num><content>A final order comes into force at such time as is determined by or under the order.</content></subsection><subsection eId="section-26-8"><num>(8)</num><content>A final order ceases to have effect at such time as is determined by or under the order, unless it is revoked before that time.</content></subsection></section><section eId="section-27"><num>27</num><heading>Review, variation and revocation of orders</heading><subsection eId="section-27-1"><num>(1)</num><content>This section applies in relation to an interim order and a final order.</content></subsection><subsection eId="section-27-2"><num>(2)</num><content>The Secretary of State must keep each order under review and may vary or revoke it.</content></subsection><subsection eId="section-27-3"><num>(3)</num><content>If a person required to comply with an order requests that the Secretary of State vary or revoke it, the Secretary of State must consider the request as soon as practicable after receiving it.</content></subsection><subsection eId="section-27-4"><num>(4)</num><intro>But the Secretary of State is not required to consider such a request in relation to a final order if, in the opinion of the Secretary of State, there has been no material change of circumstances—</intro><level class="para1" eId="section-27-4-a"><num>(a)</num><content>since the order was made or last varied, or</content></level><level class="para1" eId="section-27-4-b"><num>(b)</num><content>in the case of a request from a person who has made a previous request in relation to the order, since the previous request was made.</content></level></subsection></section><section eId="section-28"><num>28</num><heading>Orders: supplementary</heading><subsection eId="section-28-1"><num>(1)</num><content>This section applies in relation to an interim order and a final order.</content></subsection><subsection eId="section-28-2"><num>(2)</num><intro>As soon as practicable after making or varying an order, the Secretary of State must serve the order, or the order as varied, on—</intro><level class="para1" eId="section-28-2-a"><num>(a)</num><content>each person who is required to comply with the order,</content></level><level class="para1" eId="section-28-2-b"><num>(b)</num><content>each person to whom the call-in notice was given, and</content></level><level class="para1" eId="section-28-2-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-28-3"><num>(3)</num><content>As soon as practicable after varying an order, the Secretary of State must give notice to any person who was previously required to comply with the order but is no longer required to comply with it.</content></subsection><subsection eId="section-28-4"><num>(4)</num><intro>Subject to subsection (5), each order (including each order as varied) or explanatory material accompanying the order must—</intro><level class="para1" eId="section-28-4-a"><num>(a)</num><content>state the date on which the order or any variation comes into force or how that date is to be determined,</content></level><level class="para1" eId="section-28-4-b"><num>(b)</num><content>state each person, or description of person, who is required to comply with the order,</content></level><level class="para1" eId="section-28-4-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level><level class="para1" eId="section-28-4-d"><num>(d)</num><content>state the reasons for making or varying the order,</content></level><level class="para1" eId="section-28-4-e"><num>(e)</num><content>state the possible consequences of not complying with the order,</content></level><level class="para1" eId="section-28-4-f"><num>(f)</num><intro>provide information about—</intro><level class="para2" eId="section-28-4-f-i"><num>(i)</num><content>how to apply to the Secretary of State for an order to be varied or revoked, and</content></level><level class="para2" eId="section-28-4-f-ii"><num>(ii)</num><content>the procedure for judicial review or, in Scotland, an application to the supervisory jurisdiction of the Court of Session.</content></level></level></subsection><subsection eId="section-28-5"><num>(5)</num><intro>The Secretary of State may exclude from the copy of an order served on any person within subsection (2), or from any explanatory material accompanying the order, anything the disclosure of which the Secretary of State considers—</intro><level class="para1" eId="section-28-5-a"><num>(a)</num><content>would be likely to prejudice the commercial interests of any person, or</content></level><level class="para1" eId="section-28-5-b"><num>(b)</num><content>would be contrary to the interests of national security.</content></level></subsection><subsection eId="section-28-6"><num>(6)</num><content>As soon as practicable after revoking an order, the Secretary of State must give notice to the persons mentioned in subsection (2) that the order has been revoked.</content></subsection></section><section eId="section-29"><num>29</num><heading>Publication of notice of final order</heading><subsection eId="section-29-1"><num>(1)</num><intro>Subject to subsection (3), the Secretary of State must publish, in such manner as the Secretary of State considers appropriate, notice of the fact that—</intro><level class="para1" eId="section-29-1-a"><num>(a)</num><content>a final order has been made,</content></level><level class="para1" eId="section-29-1-b"><num>(b)</num><content>a final order has been varied or revoked.</content></level></subsection><subsection eId="section-29-2"><num>(2)</num><intro>The notice under subsection (1) must be published as soon as practicable and must—</intro><level class="para1" eId="section-29-2-a"><num>(a)</num><content>state the date on which the order, variation or revocation comes into force, or how that date is to be determined,</content></level><level class="para1" eId="section-29-2-b"><num>(b)</num><content>state each person, and each description of person, who is required to comply with the order,</content></level><level class="para1" eId="section-29-2-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level><level class="para1" eId="section-29-2-d"><num>(d)</num><content>include a summary of the order, variation or revocation, its effect and the reasons for it,</content></level><level class="para1" eId="section-29-2-e"><num>(e)</num><content>include any other information that the Secretary of State considers it appropriate to include.</content></level></subsection><subsection eId="section-29-3"><num>(3)</num><intro>The Secretary of State may exclude from the notice under subsection (1) anything the publication of which the Secretary of State considers—</intro><level class="para1" eId="section-29-3-a"><num>(a)</num><content>would be likely to prejudice the commercial interests of any person, or</content></level><level class="para1" eId="section-29-3-b"><num>(b)</num><content>would be contrary to the interests of national security.</content></level></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-financial-assistance"><heading>Financial assistance</heading><section eId="section-30"><num>30</num><heading>Financial assistance</heading><subsection eId="section-30-1"><num>(1)</num><content>The Secretary of State may, with the consent of the Treasury, give financial assistance to or in respect of an entity in consequence of the making of a final order.</content></subsection><subsection eId="section-30-2"><num>(2)</num><content>“<term refersTo="#term-financial-assistance" eId="term-financial-assistance">Financial assistance</term>” means loans, guarantees or indemnities, or any other kind of financial assistance (actual or contingent).</content></subsection><subsection eId="section-30-3"><num>(3)</num><content>If during any relevant period the amount given under this section totals £100 million or more, the Secretary of State must as soon as practicable lay a report of the amount before the House of Commons.</content></subsection><subsection eId="section-30-4"><num>(4)</num><content>If during a relevant period in which a report has been laid under subsection (3) any further amount is given under this section, the Secretary of State must as soon as practicable lay a report of the amount before the House of Commons.</content></subsection><subsection eId="section-30-5"><num>(5)</num><intro>“<term refersTo="#term-relevant-period" eId="term-relevant-period">Relevant period</term>” means—</intro><level class="para1" eId="section-30-5-a"><num>(a)</num><content>the period beginning with the day on which this section comes into force and ending with the following 31 March, and</content></level><level class="para1" eId="section-30-5-b"><num>(b)</num><content>each subsequent period of 12 months.</content></level></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-cma-functions"><heading>CMA functions</heading><section eId="section-31"><num>31</num><heading>Interaction with CMA functions under Part 3 of Enterprise Act 2002</heading><subsection eId="section-31-1"><num>(1)</num><content>This section applies at any time when a final order is in force, or a final notification has been given, in relation to a trigger event which involves, or would involve, two or more enterprises ceasing to be distinct enterprises for the purposes of Part 3 of the Enterprise Act 2002 (“<term refersTo="#term-the-2002-act" eId="term-the-2002-act">the 2002 Act</term>”).</content></subsection><subsection eId="section-31-2"><num>(2)</num><content>The Secretary of State may direct the Competition and Markets Authority (“the CMA”) to do, or not to do, anything under Part 3 of the 2002 Act in relation to the trigger event if the Secretary of State reasonably considers that the direction is necessary and proportionate for the purpose of preventing, remedying or mitigating a risk to national security.</content></subsection><subsection eId="section-31-3"><num>(3)</num><content>Before giving a direction under this section, the Secretary of State must consult the CMA and such other persons as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-31-4"><num>(4)</num><content>The Secretary of State must publish a direction given under this section in such manner as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-31-5"><num>(5)</num><content>The duty of the CMA to comply with a direction given under this section applies regardless of any other duty imposed on the CMA.</content></subsection></section></hcontainer></part>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23"><num>23</num><heading>Meaning of “assessment period”</heading><subsection eId="section-23-1"><num>(1)</num><content>This section defines “<term refersTo="#term-assessment-period" eId="term-assessment-period">assessment period</term>” in relation to a call-in notice.</content></subsection><subsection eId="section-23-2"><num>(2)</num><content>The assessment period begins with the day on which the call-in notice is given to the acquirer.</content></subsection><subsection eId="section-23-3"><num>(3)</num><intro>In this section—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>“the initial period” is the period of 30 working days beginning with the day mentioned in subsection (2),</content></level><level class="para1" eId="section-23-3-b"><num>(b)</num><content>“the additional period” is the period of 45 working days beginning with the first working day after the day on which the initial period ends,</content></level><level class="para1" eId="section-23-3-c"><num>(c)</num><content>a “voluntary period” is such period of working days, beginning with the first working day after the day on which the additional period (or the previous voluntary period) ends, as may be agreed in writing between the Secretary of State and the acquirer.</content></level></subsection><subsection eId="section-23-4"><num>(4)</num><content>The assessment period ends at the end of the initial period unless, before the end of the initial period, the Secretary of State gives an additional period notice to each person to whom the call-in notice was given (see subsection (8)).</content></subsection><subsection eId="section-23-5"><num>(5)</num><content>If an additional period notice is given, the assessment period ends at the end of the additional period unless, before the end of the additional period, a voluntary period is agreed.</content></subsection><subsection eId="section-23-6"><num>(6)</num><content>If a voluntary period is agreed, the assessment period ends at the end of the voluntary period, or at the end of any further voluntary period which is agreed.</content></subsection><subsection eId="section-23-7"><num>(7)</num><content>The Secretary of State must give notice of any voluntary period, or further voluntary period to each person to whom the call-in notice was given.</content></subsection><subsection eId="section-23-8"><num>(8)</num><intro>An “additional period notice” is a notice which the Secretary of State may give if the Secretary of State—</intro><level class="para1" eId="section-23-8-a"><num>(a)</num><intro>reasonably believes that—</intro><level class="para2" eId="section-23-8-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-8-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-23-8-b"><num>(b)</num><content>reasonably considers that the additional period is required to assess the trigger event further.</content></level></subsection><subsection eId="section-23-9"><num>(9)</num><intro>A voluntary period or further voluntary period may be agreed by the Secretary of State only if the Secretary of State—</intro><level class="para1" eId="section-23-9-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-23-9-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-9-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-23-9-b"><num>(b)</num><content>reasonably considers that the period is required to consider whether to make a final order or what provision a final order should contain.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-1"><num>(1)</num><content>This section defines “<term refersTo="#term-assessment-period" eId="term-assessment-period">assessment period</term>” in relation to a call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-2"><num>(2)</num><content>The assessment period begins with the day on which the call-in notice is given to the acquirer.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-3"><num>(3)</num><intro>In this section—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>“the initial period” is the period of 30 working days beginning with the day mentioned in subsection (2),</content></level><level class="para1" eId="section-23-3-b"><num>(b)</num><content>“the additional period” is the period of 45 working days beginning with the first working day after the day on which the initial period ends,</content></level><level class="para1" eId="section-23-3-c"><num>(c)</num><content>a “voluntary period” is such period of working days, beginning with the first working day after the day on which the additional period (or the previous voluntary period) ends, as may be agreed in writing between the Secretary of State and the acquirer.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-4"><num>(4)</num><content>The assessment period ends at the end of the initial period unless, before the end of the initial period, the Secretary of State gives an additional period notice to each person to whom the call-in notice was given (see subsection (8)).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-5"><num>(5)</num><content>If an additional period notice is given, the assessment period ends at the end of the additional period unless, before the end of the additional period, a voluntary period is agreed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-6"><num>(6)</num><content>If a voluntary period is agreed, the assessment period ends at the end of the voluntary period, or at the end of any further voluntary period which is agreed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-7"><num>(7)</num><content>The Secretary of State must give notice of any voluntary period, or further voluntary period to each person to whom the call-in notice was given.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-8"><num>(8)</num><intro>An “additional period notice” is a notice which the Secretary of State may give if the Secretary of State—</intro><level class="para1" eId="section-23-8-a"><num>(a)</num><intro>reasonably believes that—</intro><level class="para2" eId="section-23-8-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-8-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-23-8-b"><num>(b)</num><content>reasonably considers that the additional period is required to assess the trigger event further.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-8-a"><num>(a)</num><intro>reasonably believes that—</intro><level class="para2" eId="section-23-8-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-8-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-8-b"><num>(b)</num><content>reasonably considers that the additional period is required to assess the trigger event further.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-9"><num>(9)</num><intro>A voluntary period or further voluntary period may be agreed by the Secretary of State only if the Secretary of State—</intro><level class="para1" eId="section-23-9-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-23-9-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-9-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-23-9-b"><num>(b)</num><content>reasonably considers that the period is required to consider whether to make a final order or what provision a final order should contain.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-9-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-23-9-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-23-9-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-9-b"><num>(b)</num><content>reasonably considers that the period is required to consider whether to make a final order or what provision a final order should contain.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24"><num>24</num><heading>Effect of information notice and attendance notice</heading><subsection eId="section-24-1"><num>(1)</num><content>This section applies if an information notice or an attendance notice is given at any time during the assessment period in relation to a call-in notice.</content></subsection><subsection eId="section-24-2"><num>(2)</num><intro>As soon as practicable after giving the information notice or attendance notice, the Secretary of State must notify each relevant person of—</intro><level class="para1" eId="section-24-2-a"><num>(a)</num><content>the fact that an information notice or attendance notice has been given, and</content></level><level class="para1" eId="section-24-2-b"><num>(b)</num><content>the time limit specified in the notice for complying with the requirements of the notice.</content></level></subsection><subsection eId="section-24-3"><num>(3)</num><intro>As soon as practicable after—</intro><level class="para1" eId="section-24-3-a"><num>(a)</num><content>the Secretary of State is satisfied that the requirements of the information notice or the attendance notice have been complied with, or</content></level><level class="para1" eId="section-24-3-b"><num>(b)</num><content>(if earlier) the time specified in the information notice or the attendance notice for complying with those requirements has passed,</content></level><wrapUp>the Secretary of State must notify each relevant person confirming that fact.</wrapUp></subsection><subsection eId="section-24-4"><num>(4)</num><content>Any day falling within the period beginning with the day on which the notice under subsection (2) is given and ending with the day on which a notice under subsection (3) is given does not count for the purposes of calculating the initial, additional or voluntary period under section 23.</content></subsection><subsection eId="section-24-5"><num>(5)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means each person to whom the call-in notice was given.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-1"><num>(1)</num><content>This section applies if an information notice or an attendance notice is given at any time during the assessment period in relation to a call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-2"><num>(2)</num><intro>As soon as practicable after giving the information notice or attendance notice, the Secretary of State must notify each relevant person of—</intro><level class="para1" eId="section-24-2-a"><num>(a)</num><content>the fact that an information notice or attendance notice has been given, and</content></level><level class="para1" eId="section-24-2-b"><num>(b)</num><content>the time limit specified in the notice for complying with the requirements of the notice.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-3"><num>(3)</num><intro>As soon as practicable after—</intro><level class="para1" eId="section-24-3-a"><num>(a)</num><content>the Secretary of State is satisfied that the requirements of the information notice or the attendance notice have been complied with, or</content></level><level class="para1" eId="section-24-3-b"><num>(b)</num><content>(if earlier) the time specified in the information notice or the attendance notice for complying with those requirements has passed,</content></level><wrapUp>the Secretary of State must notify each relevant person confirming that fact.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-4"><num>(4)</num><content>Any day falling within the period beginning with the day on which the notice under subsection (2) is given and ending with the day on which a notice under subsection (3) is given does not count for the purposes of calculating the initial, additional or voluntary period under section 23.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-5"><num>(5)</num><content>In this section “<term refersTo="#term-relevant-person" eId="term-relevant-person">relevant person</term>” means each person to whom the call-in notice was given.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25"><num>25</num><heading>Interim orders</heading><subsection eId="section-25-1"><num>(1)</num><content>The Secretary of State may, during the assessment period in relation to a call-in notice, make an order if the Secretary of State reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing or reversing pre-emptive action, or mitigating its effects.</content></subsection><subsection eId="section-25-2"><num>(2)</num><content>In subsection (1), “<term refersTo="#term-pre-emptive-action" eId="term-pre-emptive-action">pre-emptive action</term>” means action which might prejudice the exercise of the Secretary of State's functions under this Act in relation to the call-in notice.</content></subsection><subsection eId="section-25-3"><num>(3)</num><content>An order under subsection (1) is referred to in this Act as an “interim order”.</content></subsection><subsection eId="section-25-4"><num>(4)</num><intro>An interim order may include—</intro><level class="para1" eId="section-25-4-a"><num>(a)</num><content>provision requiring a person, or description of person, to do, or not to do, particular things,</content></level><level class="para1" eId="section-25-4-b"><num>(b)</num><content>provision for the appointment of a person to conduct or supervise the conduct of activities on such terms and with such powers as may be specified or described in the order,</content></level><level class="para1" eId="section-25-4-c"><num>(c)</num><content>provision requiring a person, or description of person, not to disclose the contents of the order except to the extent permitted by the order,</content></level><level class="para1" eId="section-25-4-d"><num>(d)</num><content>consequential, supplementary or incidental provision.</content></level></subsection><subsection eId="section-25-5"><num>(5)</num><intro>Provision made by or under an interim order may extend to a person's conduct outside the United Kingdom or the territorial sea only if the person is—</intro><level class="para1" eId="section-25-5-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-25-5-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-25-5-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-25-5-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-25-6"><num>(6)</num><content>An interim order comes into force at such time as is determined by or under the order.</content></subsection><subsection eId="section-25-7"><num>(7)</num><intro>An interim order ceases to have effect at the earliest of—</intro><level class="para1" eId="section-25-7-a"><num>(a)</num><content>the giving of a final notification or the coming into force of a final order in relation to the call-in notice,</content></level><level class="para1" eId="section-25-7-b"><num>(b)</num><content>such time as is determined by or under the order,</content></level><level class="para1" eId="section-25-7-c"><num>(c)</num><content>such time as it is revoked.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-1"><num>(1)</num><content>The Secretary of State may, during the assessment period in relation to a call-in notice, make an order if the Secretary of State reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing or reversing pre-emptive action, or mitigating its effects.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-2"><num>(2)</num><content>In subsection (1), “<term refersTo="#term-pre-emptive-action" eId="term-pre-emptive-action">pre-emptive action</term>” means action which might prejudice the exercise of the Secretary of State's functions under this Act in relation to the call-in notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-3"><num>(3)</num><content>An order under subsection (1) is referred to in this Act as an “interim order”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-4"><num>(4)</num><intro>An interim order may include—</intro><level class="para1" eId="section-25-4-a"><num>(a)</num><content>provision requiring a person, or description of person, to do, or not to do, particular things,</content></level><level class="para1" eId="section-25-4-b"><num>(b)</num><content>provision for the appointment of a person to conduct or supervise the conduct of activities on such terms and with such powers as may be specified or described in the order,</content></level><level class="para1" eId="section-25-4-c"><num>(c)</num><content>provision requiring a person, or description of person, not to disclose the contents of the order except to the extent permitted by the order,</content></level><level class="para1" eId="section-25-4-d"><num>(d)</num><content>consequential, supplementary or incidental provision.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-5"><num>(5)</num><intro>Provision made by or under an interim order may extend to a person's conduct outside the United Kingdom or the territorial sea only if the person is—</intro><level class="para1" eId="section-25-5-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-25-5-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-25-5-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-25-5-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-6"><num>(6)</num><content>An interim order comes into force at such time as is determined by or under the order.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-7"><num>(7)</num><intro>An interim order ceases to have effect at the earliest of—</intro><level class="para1" eId="section-25-7-a"><num>(a)</num><content>the giving of a final notification or the coming into force of a final order in relation to the call-in notice,</content></level><level class="para1" eId="section-25-7-b"><num>(b)</num><content>such time as is determined by or under the order,</content></level><level class="para1" eId="section-25-7-c"><num>(c)</num><content>such time as it is revoked.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26"><num>26</num><heading>Final orders and final notifications</heading><subsection eId="section-26-1"><num>(1)</num><intro>The Secretary of State must, before the end of the assessment period in relation to a call-in notice—</intro><level class="para1" eId="section-26-1-a"><num>(a)</num><content>make a final order, or</content></level><level class="para1" eId="section-26-1-b"><num>(b)</num><content>give a final notification to each person to whom the call-in notice was given.</content></level></subsection><subsection eId="section-26-2"><num>(2)</num><intro>In this section—</intro><level class="para1" eId="section-26-2-a"><num>(a)</num><content>a “final notification” is a notification that no further action in relation to the call-in notice is to be taken under this Act,</content></level><level class="para1" eId="section-26-2-b"><num>(b)</num><content>a “final order” is an order under subsection (3).</content></level></subsection><subsection eId="section-26-3"><num>(3)</num><intro>The Secretary of State may, during the assessment period, make a final order if the Secretary of State—</intro><level class="para1" eId="section-26-3-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-26-3-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-26-3-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-26-3-b"><num>(b)</num><content>reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing, remedying or mitigating the risk.</content></level></subsection><subsection eId="section-26-4"><num>(4)</num><content>Before making a final order the Secretary of State must consider any representations made to the Secretary of State.</content></subsection><subsection eId="section-26-5"><num>(5)</num><intro>A final order may include—</intro><level class="para1" eId="section-26-5-a"><num>(a)</num><content>provision requiring a person, or description of person, to do, or not to do, particular things,</content></level><level class="para1" eId="section-26-5-b"><num>(b)</num><content>provision for the appointment of a person to conduct or supervise the conduct of activities on such terms and with such powers as may be specified or described in the order,</content></level><level class="para1" eId="section-26-5-c"><num>(c)</num><content>provision requiring a person, or description of person, not to disclose the contents of the order except to the extent permitted by the order,</content></level><level class="para1" eId="section-26-5-d"><num>(d)</num><content>consequential, supplementary or incidental provision.</content></level></subsection><subsection eId="section-26-6"><num>(6)</num><intro>Provision made by or under a final order may extend to a person's conduct outside the United Kingdom or the territorial sea only if the person is—</intro><level class="para1" eId="section-26-6-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-26-6-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-26-6-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-26-6-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection><subsection eId="section-26-7"><num>(7)</num><content>A final order comes into force at such time as is determined by or under the order.</content></subsection><subsection eId="section-26-8"><num>(8)</num><content>A final order ceases to have effect at such time as is determined by or under the order, unless it is revoked before that time.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-1"><num>(1)</num><intro>The Secretary of State must, before the end of the assessment period in relation to a call-in notice—</intro><level class="para1" eId="section-26-1-a"><num>(a)</num><content>make a final order, or</content></level><level class="para1" eId="section-26-1-b"><num>(b)</num><content>give a final notification to each person to whom the call-in notice was given.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-2"><num>(2)</num><intro>In this section—</intro><level class="para1" eId="section-26-2-a"><num>(a)</num><content>a “final notification” is a notification that no further action in relation to the call-in notice is to be taken under this Act,</content></level><level class="para1" eId="section-26-2-b"><num>(b)</num><content>a “final order” is an order under subsection (3).</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-3"><num>(3)</num><intro>The Secretary of State may, during the assessment period, make a final order if the Secretary of State—</intro><level class="para1" eId="section-26-3-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-26-3-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-26-3-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level><level class="para1" eId="section-26-3-b"><num>(b)</num><content>reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing, remedying or mitigating the risk.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-3-a"><num>(a)</num><intro>is satisfied, on the balance of probabilities, that—</intro><level class="para2" eId="section-26-3-a-i"><num>(i)</num><content>a trigger event has taken place or that arrangements are in progress or contemplation which, if carried into effect, will result in a trigger event, and</content></level><level class="para2" eId="section-26-3-a-ii"><num>(ii)</num><content>a risk to national security has arisen from the trigger event or would arise from the trigger event if carried into effect, and</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-3-b"><num>(b)</num><content>reasonably considers that the provisions of the order are necessary and proportionate for the purpose of preventing, remedying or mitigating the risk.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-4"><num>(4)</num><content>Before making a final order the Secretary of State must consider any representations made to the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-5"><num>(5)</num><intro>A final order may include—</intro><level class="para1" eId="section-26-5-a"><num>(a)</num><content>provision requiring a person, or description of person, to do, or not to do, particular things,</content></level><level class="para1" eId="section-26-5-b"><num>(b)</num><content>provision for the appointment of a person to conduct or supervise the conduct of activities on such terms and with such powers as may be specified or described in the order,</content></level><level class="para1" eId="section-26-5-c"><num>(c)</num><content>provision requiring a person, or description of person, not to disclose the contents of the order except to the extent permitted by the order,</content></level><level class="para1" eId="section-26-5-d"><num>(d)</num><content>consequential, supplementary or incidental provision.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-6"><num>(6)</num><intro>Provision made by or under a final order may extend to a person's conduct outside the United Kingdom or the territorial sea only if the person is—</intro><level class="para1" eId="section-26-6-a"><num>(a)</num><content>a United Kingdom national,</content></level><level class="para1" eId="section-26-6-b"><num>(b)</num><content>an individual ordinarily resident in the United Kingdom,</content></level><level class="para1" eId="section-26-6-c"><num>(c)</num><content>a body incorporated or constituted under the law of any part of the United Kingdom, or</content></level><level class="para1" eId="section-26-6-d"><num>(d)</num><content>carrying on business in the United Kingdom.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-7"><num>(7)</num><content>A final order comes into force at such time as is determined by or under the order.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-8"><num>(8)</num><content>A final order ceases to have effect at such time as is determined by or under the order, unless it is revoked before that time.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27"><num>27</num><heading>Review, variation and revocation of orders</heading><subsection eId="section-27-1"><num>(1)</num><content>This section applies in relation to an interim order and a final order.</content></subsection><subsection eId="section-27-2"><num>(2)</num><content>The Secretary of State must keep each order under review and may vary or revoke it.</content></subsection><subsection eId="section-27-3"><num>(3)</num><content>If a person required to comply with an order requests that the Secretary of State vary or revoke it, the Secretary of State must consider the request as soon as practicable after receiving it.</content></subsection><subsection eId="section-27-4"><num>(4)</num><intro>But the Secretary of State is not required to consider such a request in relation to a final order if, in the opinion of the Secretary of State, there has been no material change of circumstances—</intro><level class="para1" eId="section-27-4-a"><num>(a)</num><content>since the order was made or last varied, or</content></level><level class="para1" eId="section-27-4-b"><num>(b)</num><content>in the case of a request from a person who has made a previous request in relation to the order, since the previous request was made.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-1"><num>(1)</num><content>This section applies in relation to an interim order and a final order.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-2"><num>(2)</num><content>The Secretary of State must keep each order under review and may vary or revoke it.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-3"><num>(3)</num><content>If a person required to comply with an order requests that the Secretary of State vary or revoke it, the Secretary of State must consider the request as soon as practicable after receiving it.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-4"><num>(4)</num><intro>But the Secretary of State is not required to consider such a request in relation to a final order if, in the opinion of the Secretary of State, there has been no material change of circumstances—</intro><level class="para1" eId="section-27-4-a"><num>(a)</num><content>since the order was made or last varied, or</content></level><level class="para1" eId="section-27-4-b"><num>(b)</num><content>in the case of a request from a person who has made a previous request in relation to the order, since the previous request was made.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28"><num>28</num><heading>Orders: supplementary</heading><subsection eId="section-28-1"><num>(1)</num><content>This section applies in relation to an interim order and a final order.</content></subsection><subsection eId="section-28-2"><num>(2)</num><intro>As soon as practicable after making or varying an order, the Secretary of State must serve the order, or the order as varied, on—</intro><level class="para1" eId="section-28-2-a"><num>(a)</num><content>each person who is required to comply with the order,</content></level><level class="para1" eId="section-28-2-b"><num>(b)</num><content>each person to whom the call-in notice was given, and</content></level><level class="para1" eId="section-28-2-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection><subsection eId="section-28-3"><num>(3)</num><content>As soon as practicable after varying an order, the Secretary of State must give notice to any person who was previously required to comply with the order but is no longer required to comply with it.</content></subsection><subsection eId="section-28-4"><num>(4)</num><intro>Subject to subsection (5), each order (including each order as varied) or explanatory material accompanying the order must—</intro><level class="para1" eId="section-28-4-a"><num>(a)</num><content>state the date on which the order or any variation comes into force or how that date is to be determined,</content></level><level class="para1" eId="section-28-4-b"><num>(b)</num><content>state each person, or description of person, who is required to comply with the order,</content></level><level class="para1" eId="section-28-4-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level><level class="para1" eId="section-28-4-d"><num>(d)</num><content>state the reasons for making or varying the order,</content></level><level class="para1" eId="section-28-4-e"><num>(e)</num><content>state the possible consequences of not complying with the order,</content></level><level class="para1" eId="section-28-4-f"><num>(f)</num><intro>provide information about—</intro><level class="para2" eId="section-28-4-f-i"><num>(i)</num><content>how to apply to the Secretary of State for an order to be varied or revoked, and</content></level><level class="para2" eId="section-28-4-f-ii"><num>(ii)</num><content>the procedure for judicial review or, in Scotland, an application to the supervisory jurisdiction of the Court of Session.</content></level></level></subsection><subsection eId="section-28-5"><num>(5)</num><intro>The Secretary of State may exclude from the copy of an order served on any person within subsection (2), or from any explanatory material accompanying the order, anything the disclosure of which the Secretary of State considers—</intro><level class="para1" eId="section-28-5-a"><num>(a)</num><content>would be likely to prejudice the commercial interests of any person, or</content></level><level class="para1" eId="section-28-5-b"><num>(b)</num><content>would be contrary to the interests of national security.</content></level></subsection><subsection eId="section-28-6"><num>(6)</num><content>As soon as practicable after revoking an order, the Secretary of State must give notice to the persons mentioned in subsection (2) that the order has been revoked.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-1"><num>(1)</num><content>This section applies in relation to an interim order and a final order.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-2"><num>(2)</num><intro>As soon as practicable after making or varying an order, the Secretary of State must serve the order, or the order as varied, on—</intro><level class="para1" eId="section-28-2-a"><num>(a)</num><content>each person who is required to comply with the order,</content></level><level class="para1" eId="section-28-2-b"><num>(b)</num><content>each person to whom the call-in notice was given, and</content></level><level class="para1" eId="section-28-2-c"><num>(c)</num><content>such other persons as the Secretary of State considers appropriate.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-3"><num>(3)</num><content>As soon as practicable after varying an order, the Secretary of State must give notice to any person who was previously required to comply with the order but is no longer required to comply with it.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-4"><num>(4)</num><intro>Subject to subsection (5), each order (including each order as varied) or explanatory material accompanying the order must—</intro><level class="para1" eId="section-28-4-a"><num>(a)</num><content>state the date on which the order or any variation comes into force or how that date is to be determined,</content></level><level class="para1" eId="section-28-4-b"><num>(b)</num><content>state each person, or description of person, who is required to comply with the order,</content></level><level class="para1" eId="section-28-4-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level><level class="para1" eId="section-28-4-d"><num>(d)</num><content>state the reasons for making or varying the order,</content></level><level class="para1" eId="section-28-4-e"><num>(e)</num><content>state the possible consequences of not complying with the order,</content></level><level class="para1" eId="section-28-4-f"><num>(f)</num><intro>provide information about—</intro><level class="para2" eId="section-28-4-f-i"><num>(i)</num><content>how to apply to the Secretary of State for an order to be varied or revoked, and</content></level><level class="para2" eId="section-28-4-f-ii"><num>(ii)</num><content>the procedure for judicial review or, in Scotland, an application to the supervisory jurisdiction of the Court of Session.</content></level></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-a"><num>(a)</num><content>state the date on which the order or any variation comes into force or how that date is to be determined,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-b"><num>(b)</num><content>state each person, or description of person, who is required to comply with the order,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-d"><num>(d)</num><content>state the reasons for making or varying the order,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-e"><num>(e)</num><content>state the possible consequences of not complying with the order,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-4-f"><num>(f)</num><intro>provide information about—</intro><level class="para2" eId="section-28-4-f-i"><num>(i)</num><content>how to apply to the Secretary of State for an order to be varied or revoked, and</content></level><level class="para2" eId="section-28-4-f-ii"><num>(ii)</num><content>the procedure for judicial review or, in Scotland, an application to the supervisory jurisdiction of the Court of Session.</content></level></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-5"><num>(5)</num><intro>The Secretary of State may exclude from the copy of an order served on any person within subsection (2), or from any explanatory material accompanying the order, anything the disclosure of which the Secretary of State considers—</intro><level class="para1" eId="section-28-5-a"><num>(a)</num><content>would be likely to prejudice the commercial interests of any person, or</content></level><level class="para1" eId="section-28-5-b"><num>(b)</num><content>would be contrary to the interests of national security.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-6"><num>(6)</num><content>As soon as practicable after revoking an order, the Secretary of State must give notice to the persons mentioned in subsection (2) that the order has been revoked.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29"><num>29</num><heading>Publication of notice of final order</heading><subsection eId="section-29-1"><num>(1)</num><intro>Subject to subsection (3), the Secretary of State must publish, in such manner as the Secretary of State considers appropriate, notice of the fact that—</intro><level class="para1" eId="section-29-1-a"><num>(a)</num><content>a final order has been made,</content></level><level class="para1" eId="section-29-1-b"><num>(b)</num><content>a final order has been varied or revoked.</content></level></subsection><subsection eId="section-29-2"><num>(2)</num><intro>The notice under subsection (1) must be published as soon as practicable and must—</intro><level class="para1" eId="section-29-2-a"><num>(a)</num><content>state the date on which the order, variation or revocation comes into force, or how that date is to be determined,</content></level><level class="para1" eId="section-29-2-b"><num>(b)</num><content>state each person, and each description of person, who is required to comply with the order,</content></level><level class="para1" eId="section-29-2-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level><level class="para1" eId="section-29-2-d"><num>(d)</num><content>include a summary of the order, variation or revocation, its effect and the reasons for it,</content></level><level class="para1" eId="section-29-2-e"><num>(e)</num><content>include any other information that the Secretary of State considers it appropriate to include.</content></level></subsection><subsection eId="section-29-3"><num>(3)</num><intro>The Secretary of State may exclude from the notice under subsection (1) anything the publication of which the Secretary of State considers—</intro><level class="para1" eId="section-29-3-a"><num>(a)</num><content>would be likely to prejudice the commercial interests of any person, or</content></level><level class="para1" eId="section-29-3-b"><num>(b)</num><content>would be contrary to the interests of national security.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-1"><num>(1)</num><intro>Subject to subsection (3), the Secretary of State must publish, in such manner as the Secretary of State considers appropriate, notice of the fact that—</intro><level class="para1" eId="section-29-1-a"><num>(a)</num><content>a final order has been made,</content></level><level class="para1" eId="section-29-1-b"><num>(b)</num><content>a final order has been varied or revoked.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-2"><num>(2)</num><intro>The notice under subsection (1) must be published as soon as practicable and must—</intro><level class="para1" eId="section-29-2-a"><num>(a)</num><content>state the date on which the order, variation or revocation comes into force, or how that date is to be determined,</content></level><level class="para1" eId="section-29-2-b"><num>(b)</num><content>state each person, and each description of person, who is required to comply with the order,</content></level><level class="para1" eId="section-29-2-c"><num>(c)</num><content>describe the trigger event and entity or asset concerned,</content></level><level class="para1" eId="section-29-2-d"><num>(d)</num><content>include a summary of the order, variation or revocation, its effect and the reasons for it,</content></level><level class="para1" eId="section-29-2-e"><num>(e)</num><content>include any other information that the Secretary of State considers it appropriate to include.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-3"><num>(3)</num><intro>The Secretary of State may exclude from the notice under subsection (1) anything the publication of which the Secretary of State considers—</intro><level class="para1" eId="section-29-3-a"><num>(a)</num><content>would be likely to prejudice the commercial interests of any person, or</content></level><level class="para1" eId="section-29-3-b"><num>(b)</num><content>would be contrary to the interests of national security.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30"><num>30</num><heading>Financial assistance</heading><subsection eId="section-30-1"><num>(1)</num><content>The Secretary of State may, with the consent of the Treasury, give financial assistance to or in respect of an entity in consequence of the making of a final order.</content></subsection><subsection eId="section-30-2"><num>(2)</num><content>“<term refersTo="#term-financial-assistance" eId="term-financial-assistance">Financial assistance</term>” means loans, guarantees or indemnities, or any other kind of financial assistance (actual or contingent).</content></subsection><subsection eId="section-30-3"><num>(3)</num><content>If during any relevant period the amount given under this section totals £100 million or more, the Secretary of State must as soon as practicable lay a report of the amount before the House of Commons.</content></subsection><subsection eId="section-30-4"><num>(4)</num><content>If during a relevant period in which a report has been laid under subsection (3) any further amount is given under this section, the Secretary of State must as soon as practicable lay a report of the amount before the House of Commons.</content></subsection><subsection eId="section-30-5"><num>(5)</num><intro>“<term refersTo="#term-relevant-period" eId="term-relevant-period">Relevant period</term>” means—</intro><level class="para1" eId="section-30-5-a"><num>(a)</num><content>the period beginning with the day on which this section comes into force and ending with the following 31 March, and</content></level><level class="para1" eId="section-30-5-b"><num>(b)</num><content>each subsequent period of 12 months.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-1"><num>(1)</num><content>The Secretary of State may, with the consent of the Treasury, give financial assistance to or in respect of an entity in consequence of the making of a final order.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-2"><num>(2)</num><content>“<term refersTo="#term-financial-assistance" eId="term-financial-assistance">Financial assistance</term>” means loans, guarantees or indemnities, or any other kind of financial assistance (actual or contingent).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-3"><num>(3)</num><content>If during any relevant period the amount given under this section totals £100 million or more, the Secretary of State must as soon as practicable lay a report of the amount before the House of Commons.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-4"><num>(4)</num><content>If during a relevant period in which a report has been laid under subsection (3) any further amount is given under this section, the Secretary of State must as soon as practicable lay a report of the amount before the House of Commons.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-5"><num>(5)</num><intro>“<term refersTo="#term-relevant-period" eId="term-relevant-period">Relevant period</term>” means—</intro><level class="para1" eId="section-30-5-a"><num>(a)</num><content>the period beginning with the day on which this section comes into force and ending with the following 31 March, and</content></level><level class="para1" eId="section-30-5-b"><num>(b)</num><content>each subsequent period of 12 months.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31"><num>31</num><heading>Interaction with CMA functions under Part 3 of Enterprise Act 2002</heading><subsection eId="section-31-1"><num>(1)</num><content>This section applies at any time when a final order is in force, or a final notification has been given, in relation to a trigger event which involves, or would involve, two or more enterprises ceasing to be distinct enterprises for the purposes of Part 3 of the Enterprise Act 2002 (“<term refersTo="#term-the-2002-act" eId="term-the-2002-act">the 2002 Act</term>”).</content></subsection><subsection eId="section-31-2"><num>(2)</num><content>The Secretary of State may direct the Competition and Markets Authority (“the CMA”) to do, or not to do, anything under Part 3 of the 2002 Act in relation to the trigger event if the Secretary of State reasonably considers that the direction is necessary and proportionate for the purpose of preventing, remedying or mitigating a risk to national security.</content></subsection><subsection eId="section-31-3"><num>(3)</num><content>Before giving a direction under this section, the Secretary of State must consult the CMA and such other persons as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-31-4"><num>(4)</num><content>The Secretary of State must publish a direction given under this section in such manner as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-31-5"><num>(5)</num><content>The duty of the CMA to comply with a direction given under this section applies regardless of any other duty imposed on the CMA.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-1"><num>(1)</num><content>This section applies at any time when a final order is in force, or a final notification has been given, in relation to a trigger event which involves, or would involve, two or more enterprises ceasing to be distinct enterprises for the purposes of Part 3 of the Enterprise Act 2002 (“<term refersTo="#term-the-2002-act" eId="term-the-2002-act">the 2002 Act</term>”).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-2"><num>(2)</num><content>The Secretary of State may direct the Competition and Markets Authority (“the CMA”) to do, or not to do, anything under Part 3 of the 2002 Act in relation to the trigger event if the Secretary of State reasonably considers that the direction is necessary and proportionate for the purpose of preventing, remedying or mitigating a risk to national security.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-3"><num>(3)</num><content>Before giving a direction under this section, the Secretary of State must consult the CMA and such other persons as the Secretary of State considers appropriate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-4"><num>(4)</num><content>The Secretary of State must publish a direction given under this section in such manner as the Secretary of State considers appropriate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-5"><num>(5)</num><content>The duty of the CMA to comply with a direction given under this section applies regardless of any other duty imposed on the CMA.</content></subsection>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-3"><num>PART 3</num><heading>Enforcement and Appeals</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-offences"><heading>Offences</heading><section eId="section-32"><num>32</num><heading>Offence of completing notifiable acquisition without approval</heading><subsection eId="section-32-1"><num>(1)</num><content>A person who, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2) commits an offence if, without reasonable excuse, that person completes the notifiable acquisition without the approval of the Secretary of State in one of the ways mentioned in section 13(2).</content></subsection><subsection eId="section-32-2"><num>(2)</num><content>Subsection (1) applies even if a call-in notice or a validation notice has been given in relation to the notifiable acquisition.</content></subsection><subsection eId="section-32-3"><num>(3)</num><content>An offence is committed under this section notwithstanding the effect of section 13(1).</content></subsection></section><section eId="section-33"><num>33</num><heading>Offence of failing to comply with order</heading><subsection eId="section-33-1"><num>(1)</num><content>A person commits an offence if, without reasonable excuse, the person fails to comply with a requirement to which the person is subject under or by virtue of an interim order or a final order.</content></subsection><subsection eId="section-33-2"><num>(2)</num><content>Where a person is convicted of an offence under this section, the court may make an order requiring that person, within such period as may be specified by the order, to comply with a requirement to which the person is subject under or by virtue of an interim order or a final order.</content></subsection></section><section eId="section-34"><num>34</num><heading>Offences: information and attendance of witnesses</heading><subsection eId="section-34-1"><num>(1)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-1-a"><num>(a)</num><content>the person fails, without reasonable excuse, to comply with a requirement of an information notice or an attendance notice, or</content></level><level class="para1" eId="section-34-1-b"><num>(b)</num><content>the person intentionally or recklessly alters, suppresses or destroys or causes or permits the alteration, suppression or destruction of any information the person has been required by an information notice to provide.</content></level></subsection><subsection eId="section-34-2"><num>(2)</num><content>A person commits an offence if the person intentionally obstructs or delays the making of a copy of information provided in response to an information notice.</content></subsection><subsection eId="section-34-3"><num>(3)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-3-a"><num>(a)</num><content>the person supplies any information to the Secretary of State (including by way of giving evidence pursuant to an attendance notice) in connection with a function of the Secretary of State under this Act,</content></level><level class="para1" eId="section-34-3-b"><num>(b)</num><content>the information is false or misleading in a material respect, and</content></level><level class="para1" eId="section-34-3-c"><num>(c)</num><content>the person knows that, or is reckless as to whether, it is false or misleading in a material respect.</content></level></subsection><subsection eId="section-34-4"><num>(4)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-4-a"><num>(a)</num><content>the person supplies any information to another person (other than the Secretary of State),</content></level><level class="para1" eId="section-34-4-b"><num>(b)</num><content>the person supplying the information knows that the information is to be used for the purpose of supplying information to the Secretary of State in connection with a function of the Secretary of State under this Act,</content></level><level class="para1" eId="section-34-4-c"><num>(c)</num><content>the information is false or misleading in a material respect, and</content></level><level class="para1" eId="section-34-4-d"><num>(d)</num><content>the person supplying the information knows that, or is reckless as to whether, it is false or misleading in a material respect.</content></level></subsection><subsection eId="section-34-5"><num>(5)</num><intro>Where a person is convicted of an offence under subsection (1) or (2), the court may make an order requiring that person, within such period as may be specified by the order—</intro><level class="para1" eId="section-34-5-a"><num>(a)</num><content>to comply with a requirement in an information notice,</content></level><level class="para1" eId="section-34-5-b"><num>(b)</num><content>to comply with a requirement in an attendance notice, or</content></level><level class="para1" eId="section-34-5-c"><num>(c)</num><content>to permit the making of a copy of information.</content></level></subsection><subsection eId="section-34-6"><num>(6)</num><content>Any reference in subsection (1) to destroying information includes a reference to destroying the means of reproducing information recorded otherwise than in legible form.</content></subsection></section><section eId="section-35"><num>35</num><heading>Offences in relation to sharing information</heading><subsection eId="section-35-1"><num>(1)</num><content>It is an offence for a person to use or disclose information in contravention of section 54 or 55(1).</content></subsection><subsection eId="section-35-2"><num>(2)</num><intro>It is a defence for a person charged with an offence under this section to prove that the person reasonably believed that—</intro><level class="para1" eId="section-35-2-a"><num>(a)</num><content>the use or disclosure was lawful, or</content></level><level class="para1" eId="section-35-2-b"><num>(b)</num><content>the information had already and lawfully been made available to the public.</content></level></subsection></section><section eId="section-36"><num>36</num><heading>Offences by bodies corporate etc</heading><subsection eId="section-36-1"><num>(1)</num><intro>If an offence under this Act is committed by a body—</intro><level class="para1" eId="section-36-1-a"><num>(a)</num><content>with the consent or connivance of an officer of the body, or</content></level><level class="para1" eId="section-36-1-b"><num>(b)</num><content>due to any neglect on the part of such an officer,</content></level><wrapUp>the officer, as well as the body, is guilty of the offence and liable to be proceeded against and punished accordingly.</wrapUp></subsection><subsection eId="section-36-2"><num>(2)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-body" eId="term-body">body</term>” means a body corporate, a partnership or an unincorporated association other than a partnership,</content></hcontainer><hcontainer name="definition"><intro>“officer of a body”—</intro><level class="para1"><num>(a)</num><content>in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity,</content></level><level class="para1"><num>(b)</num><content>in relation to a partnership, means a partner or person purporting to act as a partner,</content></level><level class="para1"><num>(c)</num><content>in relation to an unincorporated association other than a partnership, means a person who is concerned in the management or control of the body or purports to act in the capacity of a person so concerned.</content></level></hcontainer></subsection><subsection eId="section-36-3"><num>(3)</num><intro>In subsection (2) “<term refersTo="#term-director" eId="term-director">director</term>” includes—</intro><level class="para1" eId="section-36-3-a"><num>(a)</num><content>a person occupying in relation to a body corporate the position of a director (by whatever name called),</content></level><level class="para1" eId="section-36-3-b"><num>(b)</num><content>a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act, and</content></level><level class="para1" eId="section-36-3-c"><num>(c)</num><content>a person who has an interest or right in, or in relation to, the body corporate that (whether alone or together with other interests or rights held by the person) enables the person materially to influence the policy of the body corporate.</content></level></subsection><subsection eId="section-36-4"><num>(4)</num><content>If the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with the member's functions of management as if the member were a director of the body.</content></subsection><subsection eId="section-36-5"><num>(5)</num><content>The Secretary of State may by regulations provide for the modification of any provision of this section in its application to a body corporate or unincorporated association formed or recognised under the law of a country or territory outside the United Kingdom.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-prosecution-and-penalties"><heading>Prosecution and penalties</heading><section eId="section-37"><num>37</num><heading>Prosecution</heading><intro>Proceedings for an offence under this Act may be instituted—</intro><level class="para1" eId="section-37-a"><num>(a)</num><content>in England and Wales, only by the Director of Public Prosecutions, and</content></level><level class="para1" eId="section-37-b"><num>(b)</num><content>in Northern Ireland, only by the Director of Public Prosecutions for Northern Ireland.</content></level></section><section eId="section-38"><num>38</num><heading>Proceedings against partnerships etc</heading><subsection eId="section-38-1"><num>(1)</num><intro>Proceedings for an offence under this Act may be brought—</intro><level class="para1" eId="section-38-1-a"><num>(a)</num><content>where the offence is alleged to have been committed by a partnership, against the partnership in the firm name,</content></level><level class="para1" eId="section-38-1-b"><num>(b)</num><content>where the offence is alleged to have been committed by an unincorporated association other than a partnership, against the association in its own name.</content></level></subsection><subsection eId="section-38-2"><num>(2)</num><content>Rules of court relating to the service of documents have effect in relation to such proceedings as if the partnership or unincorporated association were a body corporate.</content></subsection><subsection eId="section-38-3"><num>(3)</num><intro>For the purposes of such proceedings the following provisions apply as they apply in relation to a body corporate—</intro><level class="para1" eId="section-38-3-a"><num>(a)</num><content>section 33 of the Criminal Justice Act 1925 and Schedule 3 to the Magistrates' Courts Act 1980,</content></level><level class="para1" eId="section-38-3-b"><num>(b)</num><content>section 18 of the Criminal Justice Act (Northern Ireland) 1945 (c. 15 (N.I.)) and Schedule 4 to the Magistrates' Court (Northern Ireland) Order 1981 (S.I. 1981/1675 (N.I. 26)).</content></level></subsection><subsection eId="section-38-4"><num>(4)</num><content>A fine imposed on a partnership on its conviction for an offence is to be paid out of the partnership assets.</content></subsection><subsection eId="section-38-5"><num>(5)</num><content>A fine imposed on an unincorporated association other than a partnership on its conviction for an offence is to be paid out of the funds of the association.</content></subsection></section><section eId="section-39"><num>39</num><heading>Offences: penalties</heading><subsection eId="section-39-1"><num>(1)</num><intro>A person who commits an offence under section 32 (completing notifiable acquisition without approval) or 33 (failing to comply with interim or final order) is liable—</intro><level class="para1" eId="section-39-1-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-ad2e38c837052c9011e40ff91e9ee106-1678285747922" ukl:CommentaryRef="key-ad2e38c837052c9011e40ff91e9ee106"><noteRef uk:name="commentary" href="#key-ad2e38c837052c9011e40ff91e9ee106" class="commentary"/>the general limit in a magistrates’ court</ins>, or a fine (or both),</content></level><level class="para1" eId="section-39-1-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-1-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-1-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 5 years, or a fine (or both).</content></level></subsection><subsection eId="section-39-2"><num>(2)</num><intro>A person who commits an offence under section 34 (offences in relation to supplying information and attendance of witnesses) or 35 (offences in relation to sharing information) is liable—</intro><level class="para1" eId="section-39-2-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-c71d12c17b2e70f4a23b1ed6fce7cbd2-1678285759819" ukl:CommentaryRef="key-c71d12c17b2e70f4a23b1ed6fce7cbd2"><noteRef uk:name="commentary" href="#key-c71d12c17b2e70f4a23b1ed6fce7cbd2" class="commentary"/>the general limit in a magistrates’ court</ins> , or a fine (or both),</content></level><level class="para1" eId="section-39-2-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-2-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-2-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 2 years, or a fine (or both).</content></level></subsection><subsection eId="section-39-3"><num>(3)</num><content>In relation to an offence committed before <ins class="substitution first last" ukl:ChangeId="key-c6f88aabec31c001bc747a26bb4ff64c-1658948950915" ukl:CommentaryRef="key-c6f88aabec31c001bc747a26bb4ff64c"><noteRef uk:name="commentary" href="#key-c6f88aabec31c001bc747a26bb4ff64c" class="commentary"/>2 May 2022</ins>, the references in subsections (1)(a) and (2)(a) to <ins class="substitution first last" ukl:ChangeId="key-c63c171fcb7da420cf1e3908bd164646-1678285770515" ukl:CommentaryRef="key-c63c171fcb7da420cf1e3908bd164646"><noteRef uk:name="commentary" href="#key-c63c171fcb7da420cf1e3908bd164646" class="commentary"/>the general limit in a magistrates’ court</ins> are to be read as references to 6 months.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-civil-sanctions"><heading>Civil sanctions</heading><section eId="section-40"><num>40</num><heading>Power to impose monetary penalties</heading><subsection eId="section-40-1"><num>(1)</num><intro>Subject to section 43(1), the Secretary of State may give a notice imposing a monetary penalty on a person if the Secretary of State is satisfied, beyond reasonable doubt, that the person has committed an offence under—</intro><level class="para1" eId="section-40-1-a"><num>(a)</num><content>section 32 (completing notifiable acquisition without approval),</content></level><level class="para1" eId="section-40-1-b"><num>(b)</num><content>section 33 (failing to comply with interim or final order), or</content></level><level class="para1" eId="section-40-1-c"><num>(c)</num><content>section 34 (offences in relation to supplying information and attendance of witnesses),</content></level><wrapUp>(including where the person is liable to be proceeded against by virtue of section 36).</wrapUp></subsection><subsection eId="section-40-2"><num>(2)</num><content>A notice under this section is referred to in this Act as a penalty notice.</content></subsection><subsection eId="section-40-3"><num>(3)</num><content>In this Act “<term refersTo="#term-monetary-penalty" eId="term-monetary-penalty">monetary penalty</term>” means a requirement to pay to the Secretary of State a penalty of an amount determined by the Secretary of State.</content></subsection><subsection eId="section-40-4"><num>(4)</num><intro>For an offence under section 33 or 34(1)(a), a monetary penalty may be—</intro><level class="para1" eId="section-40-4-a"><num>(a)</num><content>a fixed amount (“a fixed penalty”),</content></level><level class="para1" eId="section-40-4-b"><num>(b)</num><content>an amount calculated by reference to a daily rate (“a daily rate penalty”), or</content></level><level class="para1" eId="section-40-4-c"><num>(c)</num><content>a combination of a fixed penalty and a daily rate penalty.</content></level></subsection><subsection eId="section-40-5"><num>(5)</num><content>For an offence under section 32 or for any other offence under section 34, the monetary penalty may be a fixed penalty only.</content></subsection><subsection eId="section-40-6"><num>(6)</num><content>The amount of the monetary penalty is to be such amount as the Secretary of State considers appropriate but it may not exceed the permitted maximum, as set out in section 41.</content></subsection><subsection eId="section-40-7"><num>(7)</num><intro>When determining a monetary penalty under this section, the Secretary of State must have regard, in particular, to—</intro><level class="para1" eId="section-40-7-a"><num>(a)</num><content>the seriousness of the offence,</content></level><level class="para1" eId="section-40-7-b"><num>(b)</num><content>the desirability of deterring both the person on whom the penalty is imposed and others from committing the offence to which the penalty relates,</content></level><level class="para1" eId="section-40-7-c"><num>(c)</num><content>the possibility, and desirability, of rectifying any failure to which the offence relates,</content></level><level class="para1" eId="section-40-7-d"><num>(d)</num><content>any steps taken by the person on whom the penalty is imposed towards rectifying any failure to which the offence relates, and</content></level><level class="para1" eId="section-40-7-e"><num>(e)</num><content>the ability of the person on whom the penalty is imposed to pay the penalty.</content></level></subsection><subsection eId="section-40-8"><num>(8)</num><intro>A penalty notice must include information as to—</intro><level class="para1" eId="section-40-8-a"><num>(a)</num><content>the grounds for imposing the monetary penalty,</content></level><level class="para1" eId="section-40-8-b"><num>(b)</num><content>whether the penalty is a fixed penalty, a daily rate penalty or a combination of both and how it is calculated,</content></level><level class="para1" eId="section-40-8-c"><num>(c)</num><content>in the case of a fixed penalty, the amount of the penalty,</content></level><level class="para1" eId="section-40-8-d"><num>(d)</num><content>in the case of a daily rate penalty, the amount of the daily rate, the day on which the amount first starts to accumulate and the day on which, or the circumstances in which, it ceases to accumulate,</content></level><level class="para1" eId="section-40-8-e"><num>(e)</num><content>how the amount of the penalty was determined,</content></level><level class="para1" eId="section-40-8-f"><num>(f)</num><content>how payment may be made,</content></level><level class="para1" eId="section-40-8-g"><num>(g)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-40-8-h"><num>(h)</num><content>rights of appeal,</content></level><level class="para1" eId="section-40-8-i"><num>(i)</num><content>the consequences of non-payment.</content></level></subsection><subsection eId="section-40-9"><num>(9)</num><intro>For the purposes of a daily rate penalty—</intro><level class="para1" eId="section-40-9-a"><num>(a)</num><content>the first day on which the amount may start to accumulate is the day after the day on which the penalty notice is given,</content></level><level class="para1" eId="section-40-9-b"><num>(b)</num><intro>unless the Secretary of State determines an earlier date, the daily rate ceases to accumulate at the beginning of the earliest of—</intro><level class="para2" eId="section-40-9-b-i"><num>(i)</num><content>the day on which the requirement to comply to which the offence relates is satisfied,</content></level><level class="para2" eId="section-40-9-b-ii"><num>(ii)</num><content>the day on which that requirement no longer applies.</content></level></level></subsection><subsection eId="section-40-10"><num>(10)</num><intro>A monetary penalty imposed under this section is to be paid out of—</intro><level class="para1" eId="section-40-10-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-40-10-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection></section><section eId="section-41"><num>41</num><heading>Permitted maximum penalties</heading><subsection eId="section-41-1"><num>(1)</num><intro>The following are the permitted maximum fixed penalties for an offence under section 32 or 33—</intro><level class="para1" eId="section-41-1-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 5% of the total value of the turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £10 million,</content></level><level class="para1" eId="section-41-1-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £10 million.</content></level></subsection><subsection eId="section-41-2"><num>(2)</num><intro>The following are the permitted maximum amounts per day for a daily rate penalty for an offence under section 33—</intro><level class="para1" eId="section-41-2-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 0.1% of the total turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £200,000,</content></level><level class="para1" eId="section-41-2-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £200,000.</content></level></subsection><subsection eId="section-41-3"><num>(3)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(a) is £30,000.</content></subsection><subsection eId="section-41-4"><num>(4)</num><content>The permitted maximum amount per day for a daily rate penalty for an offence under section 34(1)(a) is £15,000.</content></subsection><subsection eId="section-41-5"><num>(5)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(b) is £30,000.</content></subsection><subsection eId="section-41-6"><num>(6)</num><content>The permitted maximum fixed penalty for an offence under section 34(2) is £30,000.</content></subsection><subsection eId="section-41-7"><num>(7)</num><content>The permitted maximum fixed penalty for an offence under section 34(3) or (4) is £30,000.</content></subsection><subsection eId="section-41-8"><num>(8)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-41-8-a"><num>(a)</num><content>provide that a person of a description specified in the regulations is or is not a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-b"><num>(b)</num><content>make provision for determining when a business is to be treated as controlled by another business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-c"><num>(c)</num><content>make provision for determining the turnover (both in and outside the United Kingdom) of a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-d"><num>(d)</num><content>amend subsection (1) or (2) so as to alter the percentage for the time being specified there,</content></level><level class="para1" eId="section-41-8-e"><num>(e)</num><content>amend any of subsections (1) to (7) by substituting a different sum for any sum for the time being specified there.</content></level></subsection><subsection eId="section-41-9"><num>(9)</num><intro>The regulations may in particular—</intro><level class="para1" eId="section-41-9-a"><num>(a)</num><content>include by virtue of subsection (8)(c) provision as to the amounts which are, or which are not, to be treated as comprising the turnover of a business, or provision as to the date or dates by reference to which the turnover of a business is to be determined,</content></level><level class="para1" eId="section-41-9-b"><num>(b)</num><content>make provision for the Secretary of State to determine matters of a description specified in the regulations (including the matters mentioned in paragraph (a)).</content></level></subsection></section><section eId="section-42"><num>42</num><heading>Review, variation and revocation of monetary penalties</heading><subsection eId="section-42-1"><num>(1)</num><content>The Secretary of State must keep a monetary penalty imposed by a penalty notice under review and may vary or revoke the penalty notice as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-42-2"><num>(2)</num><content>If a penalty is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person upon whom the penalty was imposed.</content></subsection><subsection eId="section-42-3"><num>(3)</num><intro>If a penalty, or the period within which a penalty is to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person on whom the penalty was imposed which—</intro><level class="para1" eId="section-42-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-42-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection><subsection eId="section-42-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a penalty variation notice.</content></subsection></section><section eId="section-43"><num>43</num><heading>Monetary penalties: criminal proceedings and convictions</heading><subsection eId="section-43-1"><num>(1)</num><intro>A penalty notice may not be given to a person in respect of an offence if—</intro><level class="para1" eId="section-43-1-a"><num>(a)</num><content>criminal proceedings have been instituted but not concluded in respect of the offence, or</content></level><level class="para1" eId="section-43-1-b"><num>(b)</num><content>the person has been convicted of the offence.</content></level></subsection><subsection eId="section-43-2"><num>(2)</num><content>Where a person has paid, or is required to pay, a monetary penalty under a penalty notice, no criminal proceedings may be instituted against the person in respect of the offence to which the notice relates.</content></subsection></section><section eId="section-44"><num>44</num><heading>Recovering penalties</heading><subsection eId="section-44-1"><num>(1)</num><content>Subsections (2) to (8) apply if all or part of a monetary penalty imposed by a penalty notice is unpaid by the time it is required to be paid.</content></subsection><subsection eId="section-44-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection><subsection eId="section-44-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the penalty as has not already been paid to be paid immediately.</content></subsection><subsection eId="section-44-4"><num>(4)</num><intro>The Secretary of State may recover any of the penalty and any interest that has not been paid if—</intro><level class="para1" eId="section-44-4-a"><num>(a)</num><content>no appeal relating to the penalty has been brought under section 50 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-44-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection><subsection eId="section-44-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the penalty is recoverable as if it were payable under an order of the High Court.</content></subsection><subsection eId="section-44-6"><num>(6)</num><content>In Scotland, the penalty may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection><subsection eId="section-44-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a penalty notice, the penalty is—</intro><level class="para1" eId="section-44-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if it were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-44-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if it were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection><subsection eId="section-44-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of a monetary penalty, or interest in respect of such a penalty, under this Act must be paid into the Consolidated Fund.</content></subsection></section><section eId="section-45"><num>45</num><heading>Monetary penalties: cost recovery</heading><subsection eId="section-45-1"><num>(1)</num><content>The Secretary of State may give a notice to a person requiring the person to pay to the Secretary of State the costs incurred by the Secretary of State in relation to the imposition of a monetary penalty on that person under section 40.</content></subsection><subsection eId="section-45-2"><num>(2)</num><content>A notice under subsection (1) is referred to in this Act as a cost recovery notice.</content></subsection><subsection eId="section-45-3"><num>(3)</num><intro>The reference to “costs” in subsection (1) includes, in particular—</intro><level class="para1" eId="section-45-3-a"><num>(a)</num><content>investigation costs,</content></level><level class="para1" eId="section-45-3-b"><num>(b)</num><content>administration costs,</content></level><level class="para1" eId="section-45-3-c"><num>(c)</num><content>costs of obtaining expert advice (including legal advice).</content></level></subsection><subsection eId="section-45-4"><num>(4)</num><intro>A cost recovery notice must specify the amount to be paid and include information as to—</intro><level class="para1" eId="section-45-4-a"><num>(a)</num><content>the grounds for giving the notice,</content></level><level class="para1" eId="section-45-4-b"><num>(b)</num><content>how payment may be made,</content></level><level class="para1" eId="section-45-4-c"><num>(c)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-45-4-d"><num>(d)</num><content>rights of appeal,</content></level><level class="para1" eId="section-45-4-e"><num>(e)</num><content>the consequences of non-payment.</content></level></subsection><subsection eId="section-45-5"><num>(5)</num><content>A person required to pay an amount to the Secretary of State under this section may require the Secretary of State to give a detailed breakdown of that amount.</content></subsection><subsection eId="section-45-6"><num>(6)</num><intro>Costs imposed under this section are to be paid out of—</intro><level class="para1" eId="section-45-6-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-45-6-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection></section><section eId="section-46"><num>46</num><heading>Review, variation and revocation of cost recovery notice</heading><subsection eId="section-46-1"><num>(1)</num><content>The Secretary of State must keep a cost recovery notice under review and may vary or revoke it as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-46-2"><num>(2)</num><content>If a cost recovery notice is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given.</content></subsection><subsection eId="section-46-3"><num>(3)</num><intro>If the costs, or the period within which the costs are to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given which—</intro><level class="para1" eId="section-46-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-46-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection><subsection eId="section-46-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a cost variation notice.</content></subsection></section><section eId="section-47"><num>47</num><heading>Enforcement of cost recovery notice</heading><subsection eId="section-47-1"><num>(1)</num><content>Subsections (2) to (8) apply if some or all of the costs payable under a cost recovery notice are unpaid by the time when they are required to be paid.</content></subsection><subsection eId="section-47-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection><subsection eId="section-47-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the costs as have not already been paid to be paid immediately.</content></subsection><subsection eId="section-47-4"><num>(4)</num><intro>The Secretary of State may recover from the person any of the costs and any interest as has not been paid if—</intro><level class="para1" eId="section-47-4-a"><num>(a)</num><content>no appeal relating to the costs has been brought under section 51 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-47-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection><subsection eId="section-47-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the costs are recoverable as if they were payable under an order of the High Court.</content></subsection><subsection eId="section-47-6"><num>(6)</num><content>In Scotland, the costs may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection><subsection eId="section-47-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a cost recovery notice, the costs are—</intro><level class="para1" eId="section-47-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if they were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-47-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if they were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection><subsection eId="section-47-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of costs, or interest in respect of such costs, under this Act must be paid into the Consolidated Fund.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-civil-proceedings"><heading>Civil proceedings</heading><section eId="section-48"><num>48</num><heading>Enforcement through civil proceedings</heading><subsection eId="section-48-1"><num>(1)</num><content>A person's duty to comply with a requirement to which the person is subject under or by virtue of an information notice, an attendance notice, an interim order or a final order is enforceable by civil proceedings by the Secretary of State for an injunction, or for specific performance of a statutory duty under section 45 of the Court of Session Act 1988, or for any other appropriate relief or remedy.</content></subsection><subsection eId="section-48-2"><num>(2)</num><content>Subsection (1) applies whether or not the person is in the United Kingdom.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-judicial-review-and-appeals"><heading>Judicial review and appeals</heading><section eId="section-49"><num>49</num><heading>Procedure for judicial review of certain decisions</heading><subsection eId="section-49-1"><num>(1)</num><content>This section applies to a claim for judicial review of a relevant decision.</content></subsection><subsection eId="section-49-2"><num>(2)</num><intro>A “<term refersTo="#term-relevant-decision" eId="term-relevant-decision">relevant decision</term>” means—</intro><level class="para1" eId="section-49-2-a"><num>(a)</num><intro>a decision or action under or by virtue of any of the following provisions, but not including any such decision or action that is directly related to a Part 3 function of the Secretary of State—</intro><level class="para2" eId="section-49-2-a-i"><num>(i)</num><content>section 19,</content></level><level class="para2" eId="section-49-2-a-ii"><num>(ii)</num><content>section 20,</content></level><level class="para2" eId="section-49-2-a-iii"><num>(iii)</num><content>section 21,</content></level><level class="para2" eId="section-49-2-a-iv"><num>(iv)</num><content>section 54(1) and (2)(a),</content></level><level class="para2" eId="section-49-2-a-v"><num>(v)</num><content>section 54(6) to (8), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vi"><num>(vi)</num><content>section 55(1) and (3), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vii"><num>(vii)</num><content>section 56,</content></level><level class="para2" eId="section-49-2-a-viii"><num>(viii)</num><content>section 57, other than a decision or action related to the disclosure of information under section 54(2)(b) to (f) or (3),</content></level></level><level class="para1" eId="section-49-2-b"><num>(b)</num><content>a decision or action under or by virtue of section 54(9), insofar as the decision or action is related to a decision or action falling within paragraph (a)(iv) or (v),</content></level><level class="para1" eId="section-49-2-c"><num>(c)</num><intro>a decision or action under or by virtue of—</intro><level class="para2" eId="section-49-2-c-i"><num>(i)</num><content>any provision of Part 1 of this Act not mentioned in paragraph (a),</content></level><level class="para2" eId="section-49-2-c-ii"><num>(ii)</num><content>Part 2 of this Act,</content></level><level class="para2" eId="section-49-2-c-iii"><num>(iii)</num><content>section 53, or</content></level><level class="para2" eId="section-49-2-c-iv"><num>(iv)</num><content>section 62,</content></level></level><wrapUp>and “<term refersTo="#term-action" eId="term-action">action</term>” includes a failure to act.</wrapUp></subsection><subsection eId="section-49-3"><num>(3)</num><content>A “<term refersTo="#term-part-3-function" eId="term-part-3-function">Part 3 function</term>” means a function under or by virtue of this Part of this Act.</content></subsection><subsection eId="section-49-4"><num>(4)</num><content>The court may entertain proceedings for a claim to which this section applies only if the claim form is filed before the end of the period of 28 days beginning with the day after the day on which the grounds to make the claim first arose, unless the court considers that exceptional circumstances apply.</content></subsection><subsection eId="section-49-5"><num>(5)</num><intro>In the application of this section to Scotland—</intro><level class="para1" eId="section-49-5-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application to the supervisory jurisdiction of the court in respect ”</quotedText> for “a claim for judicial review”,</mod></content></level><level class="para1" eId="section-49-5-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-5-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-5-b-ii"><num>(ii)</num><content>“application is made” for “claim form is filed”,</content></level><level class="para2" eId="section-49-5-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level></subsection><subsection eId="section-49-6"><num>(6)</num><intro>In the application of this section to Northern Ireland—</intro><level class="para1" eId="section-49-6-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application ”</quotedText> for “a claim”,</mod></content></level><level class="para1" eId="section-49-6-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-6-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-6-b-ii"><num>(ii)</num><content>“application for leave to apply for judicial review” for “claim form is filed”,</content></level><level class="para2" eId="section-49-6-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level></subsection><subsection eId="section-49-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-49-7-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-49-7-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-49-7-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection></section><section eId="section-50"><num>50</num><heading>Appeals against monetary penalties</heading><subsection eId="section-50-1"><num>(1)</num><content>A person who is given a penalty notice or a variation notice may appeal to the court.</content></subsection><subsection eId="section-50-2"><num>(2)</num><content>A person may not appeal under this section after the end of the period of 28 days beginning with the day after the day on which the notice is given to the person.</content></subsection><subsection eId="section-50-3"><num>(3)</num><intro>On an appeal against a penalty notice the court may—</intro><level class="para1" eId="section-50-3-a"><num>(a)</num><content>confirm or quash the decision to impose the monetary penalty,</content></level><level class="para1" eId="section-50-3-b"><num>(b)</num><content>confirm or reduce the amount of the penalty,</content></level><level class="para1" eId="section-50-3-c"><num>(c)</num><content>confirm or vary the period within which all or part of the penalty is to be paid.</content></level></subsection><subsection eId="section-50-4"><num>(4)</num><content>On an appeal against a variation notice the court may confirm, vary or quash the variation but may not increase the amount of the monetary penalty.</content></subsection><subsection eId="section-50-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-50-5-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-50-5-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-50-5-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection><subsection eId="section-50-6"><num>(6)</num><content>Where an appeal is brought under this section, the monetary penalty is not payable until the appeal is determined or withdrawn, unless the court orders otherwise.</content></subsection></section><section eId="section-51"><num>51</num><heading>Appeals against costs</heading><subsection eId="section-51-1"><num>(1)</num><content>A person given a cost recovery notice or a cost variation notice may appeal to the court.</content></subsection><subsection eId="section-51-2"><num>(2)</num><content>A person may not appeal under this section after the end of the period of 28 days beginning with the day after the day on which the notice is given to the person.</content></subsection><subsection eId="section-51-3"><num>(3)</num><intro>On an appeal against a cost recovery notice the court may—</intro><level class="para1" eId="section-51-3-a"><num>(a)</num><content>confirm or quash the decision to impose costs,</content></level><level class="para1" eId="section-51-3-b"><num>(b)</num><content>confirm or reduce the amount payable,</content></level><level class="para1" eId="section-51-3-c"><num>(c)</num><content>confirm or vary the period within which payment is to be made.</content></level></subsection><subsection eId="section-51-4"><num>(4)</num><content>On an appeal against a cost variation notice the court may confirm, vary or quash the variation but may not increase the amount payable.</content></subsection><subsection eId="section-51-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-51-5-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-51-5-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-51-5-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection><subsection eId="section-51-6"><num>(6)</num><content>Where an appeal is brought under this section, the costs are not payable until the appeal is determined or withdrawn, unless the court orders otherwise.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-territorial-application"><heading>Territorial application</heading><section eId="section-52"><num>52</num><heading>Extra-territorial application and jurisdiction to try offences</heading><subsection eId="section-52-1"><num>(1)</num><intro>Sections 32, 33, 34 and 35 apply—</intro><level class="para1" eId="section-52-1-a"><num>(a)</num><content>whether the offence is committed in the United Kingdom or elsewhere,</content></level><level class="para1" eId="section-52-1-b"><num>(b)</num><content>if the offence is committed by an individual, whatever the nationality of the individual committing the offence,</content></level><level class="para1" eId="section-52-1-c"><num>(c)</num><content>if the offence is committed otherwise than by an individual, regardless of whether the body corporate or unincorporated association is formed or recognised under the law of a country or territory outside the United Kingdom.</content></level></subsection><subsection eId="section-52-2"><num>(2)</num><intro>Where an offence under this Part is committed outside the United Kingdom—</intro><level class="para1" eId="section-52-2-a"><num>(a)</num><content>proceedings for the offence may be taken at any place in the United Kingdom, and</content></level><level class="para1" eId="section-52-2-b"><num>(b)</num><content>the offence may for all incidental purposes be treated as having been committed at any such place.</content></level></subsection><subsection eId="section-52-3"><num>(3)</num><intro>In the application of subsection (2) to Scotland, any such proceedings against a person may be taken—</intro><level class="para1" eId="section-52-3-a"><num>(a)</num><content>in any sheriff court district in which the person is apprehended or is in custody, or</content></level><level class="para1" eId="section-52-3-b"><num>(b)</num><content>in such sheriff court district as the Lord Advocate may determine.</content></level></subsection><subsection eId="section-52-4"><num>(4)</num><content>In subsection (3) “<term refersTo="#term-sheriff-court-district" eId="term-sheriff-court-district">sheriff court district</term>” is to be read in accordance with the Criminal Procedure (Scotland) Act 1995 (see section 307(1) of that Act).</content></subsection></section></hcontainer></part>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32"><num>32</num><heading>Offence of completing notifiable acquisition without approval</heading><subsection eId="section-32-1"><num>(1)</num><content>A person who, pursuant to a notifiable acquisition, gains control in circumstances falling within section 6(2) commits an offence if, without reasonable excuse, that person completes the notifiable acquisition without the approval of the Secretary of State in one of the ways mentioned in section 13(2).</content></subsection><subsection eId="section-32-2"><num>(2)</num><content>Subsection (1) applies even if a call-in notice or a validation notice has been given in relation to the notifiable acquisition.</content></subsection><subsection eId="section-32-3"><num>(3)</num><content>An offence is committed under this section notwithstanding the effect of section 13(1).</content></subsection></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33"><num>33</num><heading>Offence of failing to comply with order</heading><subsection eId="section-33-1"><num>(1)</num><content>A person commits an offence if, without reasonable excuse, the person fails to comply with a requirement to which the person is subject under or by virtue of an interim order or a final order.</content></subsection><subsection eId="section-33-2"><num>(2)</num><content>Where a person is convicted of an offence under this section, the court may make an order requiring that person, within such period as may be specified by the order, to comply with a requirement to which the person is subject under or by virtue of an interim order or a final order.</content></subsection></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34"><num>34</num><heading>Offences: information and attendance of witnesses</heading><subsection eId="section-34-1"><num>(1)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-1-a"><num>(a)</num><content>the person fails, without reasonable excuse, to comply with a requirement of an information notice or an attendance notice, or</content></level><level class="para1" eId="section-34-1-b"><num>(b)</num><content>the person intentionally or recklessly alters, suppresses or destroys or causes or permits the alteration, suppression or destruction of any information the person has been required by an information notice to provide.</content></level></subsection><subsection eId="section-34-2"><num>(2)</num><content>A person commits an offence if the person intentionally obstructs or delays the making of a copy of information provided in response to an information notice.</content></subsection><subsection eId="section-34-3"><num>(3)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-3-a"><num>(a)</num><content>the person supplies any information to the Secretary of State (including by way of giving evidence pursuant to an attendance notice) in connection with a function of the Secretary of State under this Act,</content></level><level class="para1" eId="section-34-3-b"><num>(b)</num><content>the information is false or misleading in a material respect, and</content></level><level class="para1" eId="section-34-3-c"><num>(c)</num><content>the person knows that, or is reckless as to whether, it is false or misleading in a material respect.</content></level></subsection><subsection eId="section-34-4"><num>(4)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-4-a"><num>(a)</num><content>the person supplies any information to another person (other than the Secretary of State),</content></level><level class="para1" eId="section-34-4-b"><num>(b)</num><content>the person supplying the information knows that the information is to be used for the purpose of supplying information to the Secretary of State in connection with a function of the Secretary of State under this Act,</content></level><level class="para1" eId="section-34-4-c"><num>(c)</num><content>the information is false or misleading in a material respect, and</content></level><level class="para1" eId="section-34-4-d"><num>(d)</num><content>the person supplying the information knows that, or is reckless as to whether, it is false or misleading in a material respect.</content></level></subsection><subsection eId="section-34-5"><num>(5)</num><intro>Where a person is convicted of an offence under subsection (1) or (2), the court may make an order requiring that person, within such period as may be specified by the order—</intro><level class="para1" eId="section-34-5-a"><num>(a)</num><content>to comply with a requirement in an information notice,</content></level><level class="para1" eId="section-34-5-b"><num>(b)</num><content>to comply with a requirement in an attendance notice, or</content></level><level class="para1" eId="section-34-5-c"><num>(c)</num><content>to permit the making of a copy of information.</content></level></subsection><subsection eId="section-34-6"><num>(6)</num><content>Any reference in subsection (1) to destroying information includes a reference to destroying the means of reproducing information recorded otherwise than in legible form.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-1"><num>(1)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-1-a"><num>(a)</num><content>the person fails, without reasonable excuse, to comply with a requirement of an information notice or an attendance notice, or</content></level><level class="para1" eId="section-34-1-b"><num>(b)</num><content>the person intentionally or recklessly alters, suppresses or destroys or causes or permits the alteration, suppression or destruction of any information the person has been required by an information notice to provide.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-2"><num>(2)</num><content>A person commits an offence if the person intentionally obstructs or delays the making of a copy of information provided in response to an information notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-3"><num>(3)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-3-a"><num>(a)</num><content>the person supplies any information to the Secretary of State (including by way of giving evidence pursuant to an attendance notice) in connection with a function of the Secretary of State under this Act,</content></level><level class="para1" eId="section-34-3-b"><num>(b)</num><content>the information is false or misleading in a material respect, and</content></level><level class="para1" eId="section-34-3-c"><num>(c)</num><content>the person knows that, or is reckless as to whether, it is false or misleading in a material respect.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-4"><num>(4)</num><intro>A person commits an offence if—</intro><level class="para1" eId="section-34-4-a"><num>(a)</num><content>the person supplies any information to another person (other than the Secretary of State),</content></level><level class="para1" eId="section-34-4-b"><num>(b)</num><content>the person supplying the information knows that the information is to be used for the purpose of supplying information to the Secretary of State in connection with a function of the Secretary of State under this Act,</content></level><level class="para1" eId="section-34-4-c"><num>(c)</num><content>the information is false or misleading in a material respect, and</content></level><level class="para1" eId="section-34-4-d"><num>(d)</num><content>the person supplying the information knows that, or is reckless as to whether, it is false or misleading in a material respect.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-5"><num>(5)</num><intro>Where a person is convicted of an offence under subsection (1) or (2), the court may make an order requiring that person, within such period as may be specified by the order—</intro><level class="para1" eId="section-34-5-a"><num>(a)</num><content>to comply with a requirement in an information notice,</content></level><level class="para1" eId="section-34-5-b"><num>(b)</num><content>to comply with a requirement in an attendance notice, or</content></level><level class="para1" eId="section-34-5-c"><num>(c)</num><content>to permit the making of a copy of information.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-6"><num>(6)</num><content>Any reference in subsection (1) to destroying information includes a reference to destroying the means of reproducing information recorded otherwise than in legible form.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35"><num>35</num><heading>Offences in relation to sharing information</heading><subsection eId="section-35-1"><num>(1)</num><content>It is an offence for a person to use or disclose information in contravention of section 54 or 55(1).</content></subsection><subsection eId="section-35-2"><num>(2)</num><intro>It is a defence for a person charged with an offence under this section to prove that the person reasonably believed that—</intro><level class="para1" eId="section-35-2-a"><num>(a)</num><content>the use or disclosure was lawful, or</content></level><level class="para1" eId="section-35-2-b"><num>(b)</num><content>the information had already and lawfully been made available to the public.</content></level></subsection></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36"><num>36</num><heading>Offences by bodies corporate etc</heading><subsection eId="section-36-1"><num>(1)</num><intro>If an offence under this Act is committed by a body—</intro><level class="para1" eId="section-36-1-a"><num>(a)</num><content>with the consent or connivance of an officer of the body, or</content></level><level class="para1" eId="section-36-1-b"><num>(b)</num><content>due to any neglect on the part of such an officer,</content></level><wrapUp>the officer, as well as the body, is guilty of the offence and liable to be proceeded against and punished accordingly.</wrapUp></subsection><subsection eId="section-36-2"><num>(2)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-body" eId="term-body">body</term>” means a body corporate, a partnership or an unincorporated association other than a partnership,</content></hcontainer><hcontainer name="definition"><intro>“officer of a body”—</intro><level class="para1"><num>(a)</num><content>in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity,</content></level><level class="para1"><num>(b)</num><content>in relation to a partnership, means a partner or person purporting to act as a partner,</content></level><level class="para1"><num>(c)</num><content>in relation to an unincorporated association other than a partnership, means a person who is concerned in the management or control of the body or purports to act in the capacity of a person so concerned.</content></level></hcontainer></subsection><subsection eId="section-36-3"><num>(3)</num><intro>In subsection (2) “<term refersTo="#term-director" eId="term-director">director</term>” includes—</intro><level class="para1" eId="section-36-3-a"><num>(a)</num><content>a person occupying in relation to a body corporate the position of a director (by whatever name called),</content></level><level class="para1" eId="section-36-3-b"><num>(b)</num><content>a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act, and</content></level><level class="para1" eId="section-36-3-c"><num>(c)</num><content>a person who has an interest or right in, or in relation to, the body corporate that (whether alone or together with other interests or rights held by the person) enables the person materially to influence the policy of the body corporate.</content></level></subsection><subsection eId="section-36-4"><num>(4)</num><content>If the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with the member's functions of management as if the member were a director of the body.</content></subsection><subsection eId="section-36-5"><num>(5)</num><content>The Secretary of State may by regulations provide for the modification of any provision of this section in its application to a body corporate or unincorporated association formed or recognised under the law of a country or territory outside the United Kingdom.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-1"><num>(1)</num><intro>If an offence under this Act is committed by a body—</intro><level class="para1" eId="section-36-1-a"><num>(a)</num><content>with the consent or connivance of an officer of the body, or</content></level><level class="para1" eId="section-36-1-b"><num>(b)</num><content>due to any neglect on the part of such an officer,</content></level><wrapUp>the officer, as well as the body, is guilty of the offence and liable to be proceeded against and punished accordingly.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-2"><num>(2)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-body" eId="term-body">body</term>” means a body corporate, a partnership or an unincorporated association other than a partnership,</content></hcontainer><hcontainer name="definition"><intro>“officer of a body”—</intro><level class="para1"><num>(a)</num><content>in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity,</content></level><level class="para1"><num>(b)</num><content>in relation to a partnership, means a partner or person purporting to act as a partner,</content></level><level class="para1"><num>(c)</num><content>in relation to an unincorporated association other than a partnership, means a person who is concerned in the management or control of the body or purports to act in the capacity of a person so concerned.</content></level></hcontainer></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="definition"><content> <ins class="first" ukl:ChangeId="key-f237ff48d3f92b2b84c5ccf5c861dc4b-1687161933798" ukl:CommentaryRef="key-f237ff48d3f92b2b84c5ccf5c861dc4b"><noteRef uk:name="commentary" href="#key-f237ff48d3f92b2b84c5ccf5c861dc4b" class="commentary"/>“</ins><term refersTo="#term-secretary-of-state"><ins ukl:ChangeId="key-f237ff48d3f92b2b84c5ccf5c861dc4b-1687161933798" ukl:CommentaryRef="key-f237ff48d3f92b2b84c5ccf5c861dc4b">Secretary of State</ins></term><ins class="last" ukl:ChangeId="key-f237ff48d3f92b2b84c5ccf5c861dc4b-1687161933798" ukl:CommentaryRef="key-f237ff48d3f92b2b84c5ccf5c861dc4b">” includes the Chancellor of the Duchy of Lancaster,</ins> </content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-acquirer" eId="term-acquirer">acquirer</term>” has the meaning given by section 5(2),</content></hcontainer>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-3"><num>(3)</num><intro>In subsection (2) “<term refersTo="#term-director" eId="term-director">director</term>” includes—</intro><level class="para1" eId="section-36-3-a"><num>(a)</num><content>a person occupying in relation to a body corporate the position of a director (by whatever name called),</content></level><level class="para1" eId="section-36-3-b"><num>(b)</num><content>a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act, and</content></level><level class="para1" eId="section-36-3-c"><num>(c)</num><content>a person who has an interest or right in, or in relation to, the body corporate that (whether alone or together with other interests or rights held by the person) enables the person materially to influence the policy of the body corporate.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-4"><num>(4)</num><content>If the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with the member's functions of management as if the member were a director of the body.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-5"><num>(5)</num><content>The Secretary of State may by regulations provide for the modification of any provision of this section in its application to a body corporate or unincorporated association formed or recognised under the law of a country or territory outside the United Kingdom.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-prosecution-and-penalties"><heading>Prosecution and penalties</heading><section eId="section-37"><num>37</num><heading>Prosecution</heading><intro>Proceedings for an offence under this Act may be instituted—</intro><level class="para1" eId="section-37-a"><num>(a)</num><content>in England and Wales, only by the Director of Public Prosecutions, and</content></level><level class="para1" eId="section-37-b"><num>(b)</num><content>in Northern Ireland, only by the Director of Public Prosecutions for Northern Ireland.</content></level></section><section eId="section-38"><num>38</num><heading>Proceedings against partnerships etc</heading><subsection eId="section-38-1"><num>(1)</num><intro>Proceedings for an offence under this Act may be brought—</intro><level class="para1" eId="section-38-1-a"><num>(a)</num><content>where the offence is alleged to have been committed by a partnership, against the partnership in the firm name,</content></level><level class="para1" eId="section-38-1-b"><num>(b)</num><content>where the offence is alleged to have been committed by an unincorporated association other than a partnership, against the association in its own name.</content></level></subsection><subsection eId="section-38-2"><num>(2)</num><content>Rules of court relating to the service of documents have effect in relation to such proceedings as if the partnership or unincorporated association were a body corporate.</content></subsection><subsection eId="section-38-3"><num>(3)</num><intro>For the purposes of such proceedings the following provisions apply as they apply in relation to a body corporate—</intro><level class="para1" eId="section-38-3-a"><num>(a)</num><content>section 33 of the Criminal Justice Act 1925 and Schedule 3 to the Magistrates' Courts Act 1980,</content></level><level class="para1" eId="section-38-3-b"><num>(b)</num><content>section 18 of the Criminal Justice Act (Northern Ireland) 1945 (c. 15 (N.I.)) and Schedule 4 to the Magistrates' Court (Northern Ireland) Order 1981 (S.I. 1981/1675 (N.I. 26)).</content></level></subsection><subsection eId="section-38-4"><num>(4)</num><content>A fine imposed on a partnership on its conviction for an offence is to be paid out of the partnership assets.</content></subsection><subsection eId="section-38-5"><num>(5)</num><content>A fine imposed on an unincorporated association other than a partnership on its conviction for an offence is to be paid out of the funds of the association.</content></subsection></section><section eId="section-39"><num>39</num><heading>Offences: penalties</heading><subsection eId="section-39-1"><num>(1)</num><intro>A person who commits an offence under section 32 (completing notifiable acquisition without approval) or 33 (failing to comply with interim or final order) is liable—</intro><level class="para1" eId="section-39-1-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-ad2e38c837052c9011e40ff91e9ee106-1678285747922" ukl:CommentaryRef="key-ad2e38c837052c9011e40ff91e9ee106"><noteRef uk:name="commentary" href="#key-ad2e38c837052c9011e40ff91e9ee106" class="commentary"/>the general limit in a magistrates’ court</ins>, or a fine (or both),</content></level><level class="para1" eId="section-39-1-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-1-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-1-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 5 years, or a fine (or both).</content></level></subsection><subsection eId="section-39-2"><num>(2)</num><intro>A person who commits an offence under section 34 (offences in relation to supplying information and attendance of witnesses) or 35 (offences in relation to sharing information) is liable—</intro><level class="para1" eId="section-39-2-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-c71d12c17b2e70f4a23b1ed6fce7cbd2-1678285759819" ukl:CommentaryRef="key-c71d12c17b2e70f4a23b1ed6fce7cbd2"><noteRef uk:name="commentary" href="#key-c71d12c17b2e70f4a23b1ed6fce7cbd2" class="commentary"/>the general limit in a magistrates’ court</ins> , or a fine (or both),</content></level><level class="para1" eId="section-39-2-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-2-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-2-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 2 years, or a fine (or both).</content></level></subsection><subsection eId="section-39-3"><num>(3)</num><content>In relation to an offence committed before <ins class="substitution first last" ukl:ChangeId="key-c6f88aabec31c001bc747a26bb4ff64c-1658948950915" ukl:CommentaryRef="key-c6f88aabec31c001bc747a26bb4ff64c"><noteRef uk:name="commentary" href="#key-c6f88aabec31c001bc747a26bb4ff64c" class="commentary"/>2 May 2022</ins>, the references in subsections (1)(a) and (2)(a) to <ins class="substitution first last" ukl:ChangeId="key-c63c171fcb7da420cf1e3908bd164646-1678285770515" ukl:CommentaryRef="key-c63c171fcb7da420cf1e3908bd164646"><noteRef uk:name="commentary" href="#key-c63c171fcb7da420cf1e3908bd164646" class="commentary"/>the general limit in a magistrates’ court</ins> are to be read as references to 6 months.</content></subsection></section></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37"><num>37</num><heading>Prosecution</heading><intro>Proceedings for an offence under this Act may be instituted—</intro><level class="para1" eId="section-37-a"><num>(a)</num><content>in England and Wales, only by the Director of Public Prosecutions, and</content></level><level class="para1" eId="section-37-b"><num>(b)</num><content>in Northern Ireland, only by the Director of Public Prosecutions for Northern Ireland.</content></level></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38"><num>38</num><heading>Proceedings against partnerships etc</heading><subsection eId="section-38-1"><num>(1)</num><intro>Proceedings for an offence under this Act may be brought—</intro><level class="para1" eId="section-38-1-a"><num>(a)</num><content>where the offence is alleged to have been committed by a partnership, against the partnership in the firm name,</content></level><level class="para1" eId="section-38-1-b"><num>(b)</num><content>where the offence is alleged to have been committed by an unincorporated association other than a partnership, against the association in its own name.</content></level></subsection><subsection eId="section-38-2"><num>(2)</num><content>Rules of court relating to the service of documents have effect in relation to such proceedings as if the partnership or unincorporated association were a body corporate.</content></subsection><subsection eId="section-38-3"><num>(3)</num><intro>For the purposes of such proceedings the following provisions apply as they apply in relation to a body corporate—</intro><level class="para1" eId="section-38-3-a"><num>(a)</num><content>section 33 of the Criminal Justice Act 1925 and Schedule 3 to the Magistrates' Courts Act 1980,</content></level><level class="para1" eId="section-38-3-b"><num>(b)</num><content>section 18 of the Criminal Justice Act (Northern Ireland) 1945 (c. 15 (N.I.)) and Schedule 4 to the Magistrates' Court (Northern Ireland) Order 1981 (S.I. 1981/1675 (N.I. 26)).</content></level></subsection><subsection eId="section-38-4"><num>(4)</num><content>A fine imposed on a partnership on its conviction for an offence is to be paid out of the partnership assets.</content></subsection><subsection eId="section-38-5"><num>(5)</num><content>A fine imposed on an unincorporated association other than a partnership on its conviction for an offence is to be paid out of the funds of the association.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-1"><num>(1)</num><intro>Proceedings for an offence under this Act may be brought—</intro><level class="para1" eId="section-38-1-a"><num>(a)</num><content>where the offence is alleged to have been committed by a partnership, against the partnership in the firm name,</content></level><level class="para1" eId="section-38-1-b"><num>(b)</num><content>where the offence is alleged to have been committed by an unincorporated association other than a partnership, against the association in its own name.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-2"><num>(2)</num><content>Rules of court relating to the service of documents have effect in relation to such proceedings as if the partnership or unincorporated association were a body corporate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-3"><num>(3)</num><intro>For the purposes of such proceedings the following provisions apply as they apply in relation to a body corporate—</intro><level class="para1" eId="section-38-3-a"><num>(a)</num><content>section 33 of the Criminal Justice Act 1925 and Schedule 3 to the Magistrates' Courts Act 1980,</content></level><level class="para1" eId="section-38-3-b"><num>(b)</num><content>section 18 of the Criminal Justice Act (Northern Ireland) 1945 (c. 15 (N.I.)) and Schedule 4 to the Magistrates' Court (Northern Ireland) Order 1981 (S.I. 1981/1675 (N.I. 26)).</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-4"><num>(4)</num><content>A fine imposed on a partnership on its conviction for an offence is to be paid out of the partnership assets.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-5"><num>(5)</num><content>A fine imposed on an unincorporated association other than a partnership on its conviction for an offence is to be paid out of the funds of the association.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-39-1"><num>(1)</num><intro>A person who commits an offence under section 32 (completing notifiable acquisition without approval) or 33 (failing to comply with interim or final order) is liable—</intro><level class="para1" eId="section-39-1-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-ad2e38c837052c9011e40ff91e9ee106-1678285747922" ukl:CommentaryRef="key-ad2e38c837052c9011e40ff91e9ee106"><noteRef uk:name="commentary" href="#key-ad2e38c837052c9011e40ff91e9ee106" class="commentary"/>the general limit in a magistrates’ court</ins>, or a fine (or both),</content></level><level class="para1" eId="section-39-1-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-1-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-1-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 5 years, or a fine (or both).</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-39-1-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-ad2e38c837052c9011e40ff91e9ee106-1678285747922" ukl:CommentaryRef="key-ad2e38c837052c9011e40ff91e9ee106"><noteRef uk:name="commentary" href="#key-ad2e38c837052c9011e40ff91e9ee106" class="commentary"/>the general limit in a magistrates’ court</ins>, or a fine (or both),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 5 years, or a fine (or both).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-39-2"><num>(2)</num><intro>A person who commits an offence under section 34 (offences in relation to supplying information and attendance of witnesses) or 35 (offences in relation to sharing information) is liable—</intro><level class="para1" eId="section-39-2-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-c71d12c17b2e70f4a23b1ed6fce7cbd2-1678285759819" ukl:CommentaryRef="key-c71d12c17b2e70f4a23b1ed6fce7cbd2"><noteRef uk:name="commentary" href="#key-c71d12c17b2e70f4a23b1ed6fce7cbd2" class="commentary"/>the general limit in a magistrates’ court</ins> , or a fine (or both),</content></level><level class="para1" eId="section-39-2-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-2-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level><level class="para1" eId="section-39-2-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 2 years, or a fine (or both).</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-39-2-a"><num>(a)</num><content>on summary conviction in England and Wales, to imprisonment for a term not exceeding <ins class="substitution first last" ukl:ChangeId="key-c71d12c17b2e70f4a23b1ed6fce7cbd2-1678285759819" ukl:CommentaryRef="key-c71d12c17b2e70f4a23b1ed6fce7cbd2"><noteRef uk:name="commentary" href="#key-c71d12c17b2e70f4a23b1ed6fce7cbd2" class="commentary"/>the general limit in a magistrates’ court</ins> , or a fine (or both),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-2-b"><num>(b)</num><content>on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months, or a fine not exceeding the statutory maximum (or both),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-2-c"><num>(c)</num><content>on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months, or a fine not exceeding the statutory maximum (or both),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-2-d"><num>(d)</num><content>on conviction on indictment, to imprisonment for a term not exceeding 2 years, or a fine (or both).</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-civil-sanctions"><heading>Civil sanctions</heading><section eId="section-40"><num>40</num><heading>Power to impose monetary penalties</heading><subsection eId="section-40-1"><num>(1)</num><intro>Subject to section 43(1), the Secretary of State may give a notice imposing a monetary penalty on a person if the Secretary of State is satisfied, beyond reasonable doubt, that the person has committed an offence under—</intro><level class="para1" eId="section-40-1-a"><num>(a)</num><content>section 32 (completing notifiable acquisition without approval),</content></level><level class="para1" eId="section-40-1-b"><num>(b)</num><content>section 33 (failing to comply with interim or final order), or</content></level><level class="para1" eId="section-40-1-c"><num>(c)</num><content>section 34 (offences in relation to supplying information and attendance of witnesses),</content></level><wrapUp>(including where the person is liable to be proceeded against by virtue of section 36).</wrapUp></subsection><subsection eId="section-40-2"><num>(2)</num><content>A notice under this section is referred to in this Act as a penalty notice.</content></subsection><subsection eId="section-40-3"><num>(3)</num><content>In this Act “<term refersTo="#term-monetary-penalty" eId="term-monetary-penalty">monetary penalty</term>” means a requirement to pay to the Secretary of State a penalty of an amount determined by the Secretary of State.</content></subsection><subsection eId="section-40-4"><num>(4)</num><intro>For an offence under section 33 or 34(1)(a), a monetary penalty may be—</intro><level class="para1" eId="section-40-4-a"><num>(a)</num><content>a fixed amount (“a fixed penalty”),</content></level><level class="para1" eId="section-40-4-b"><num>(b)</num><content>an amount calculated by reference to a daily rate (“a daily rate penalty”), or</content></level><level class="para1" eId="section-40-4-c"><num>(c)</num><content>a combination of a fixed penalty and a daily rate penalty.</content></level></subsection><subsection eId="section-40-5"><num>(5)</num><content>For an offence under section 32 or for any other offence under section 34, the monetary penalty may be a fixed penalty only.</content></subsection><subsection eId="section-40-6"><num>(6)</num><content>The amount of the monetary penalty is to be such amount as the Secretary of State considers appropriate but it may not exceed the permitted maximum, as set out in section 41.</content></subsection><subsection eId="section-40-7"><num>(7)</num><intro>When determining a monetary penalty under this section, the Secretary of State must have regard, in particular, to—</intro><level class="para1" eId="section-40-7-a"><num>(a)</num><content>the seriousness of the offence,</content></level><level class="para1" eId="section-40-7-b"><num>(b)</num><content>the desirability of deterring both the person on whom the penalty is imposed and others from committing the offence to which the penalty relates,</content></level><level class="para1" eId="section-40-7-c"><num>(c)</num><content>the possibility, and desirability, of rectifying any failure to which the offence relates,</content></level><level class="para1" eId="section-40-7-d"><num>(d)</num><content>any steps taken by the person on whom the penalty is imposed towards rectifying any failure to which the offence relates, and</content></level><level class="para1" eId="section-40-7-e"><num>(e)</num><content>the ability of the person on whom the penalty is imposed to pay the penalty.</content></level></subsection><subsection eId="section-40-8"><num>(8)</num><intro>A penalty notice must include information as to—</intro><level class="para1" eId="section-40-8-a"><num>(a)</num><content>the grounds for imposing the monetary penalty,</content></level><level class="para1" eId="section-40-8-b"><num>(b)</num><content>whether the penalty is a fixed penalty, a daily rate penalty or a combination of both and how it is calculated,</content></level><level class="para1" eId="section-40-8-c"><num>(c)</num><content>in the case of a fixed penalty, the amount of the penalty,</content></level><level class="para1" eId="section-40-8-d"><num>(d)</num><content>in the case of a daily rate penalty, the amount of the daily rate, the day on which the amount first starts to accumulate and the day on which, or the circumstances in which, it ceases to accumulate,</content></level><level class="para1" eId="section-40-8-e"><num>(e)</num><content>how the amount of the penalty was determined,</content></level><level class="para1" eId="section-40-8-f"><num>(f)</num><content>how payment may be made,</content></level><level class="para1" eId="section-40-8-g"><num>(g)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-40-8-h"><num>(h)</num><content>rights of appeal,</content></level><level class="para1" eId="section-40-8-i"><num>(i)</num><content>the consequences of non-payment.</content></level></subsection><subsection eId="section-40-9"><num>(9)</num><intro>For the purposes of a daily rate penalty—</intro><level class="para1" eId="section-40-9-a"><num>(a)</num><content>the first day on which the amount may start to accumulate is the day after the day on which the penalty notice is given,</content></level><level class="para1" eId="section-40-9-b"><num>(b)</num><intro>unless the Secretary of State determines an earlier date, the daily rate ceases to accumulate at the beginning of the earliest of—</intro><level class="para2" eId="section-40-9-b-i"><num>(i)</num><content>the day on which the requirement to comply to which the offence relates is satisfied,</content></level><level class="para2" eId="section-40-9-b-ii"><num>(ii)</num><content>the day on which that requirement no longer applies.</content></level></level></subsection><subsection eId="section-40-10"><num>(10)</num><intro>A monetary penalty imposed under this section is to be paid out of—</intro><level class="para1" eId="section-40-10-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-40-10-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection></section><section eId="section-41"><num>41</num><heading>Permitted maximum penalties</heading><subsection eId="section-41-1"><num>(1)</num><intro>The following are the permitted maximum fixed penalties for an offence under section 32 or 33—</intro><level class="para1" eId="section-41-1-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 5% of the total value of the turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £10 million,</content></level><level class="para1" eId="section-41-1-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £10 million.</content></level></subsection><subsection eId="section-41-2"><num>(2)</num><intro>The following are the permitted maximum amounts per day for a daily rate penalty for an offence under section 33—</intro><level class="para1" eId="section-41-2-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 0.1% of the total turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £200,000,</content></level><level class="para1" eId="section-41-2-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £200,000.</content></level></subsection><subsection eId="section-41-3"><num>(3)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(a) is £30,000.</content></subsection><subsection eId="section-41-4"><num>(4)</num><content>The permitted maximum amount per day for a daily rate penalty for an offence under section 34(1)(a) is £15,000.</content></subsection><subsection eId="section-41-5"><num>(5)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(b) is £30,000.</content></subsection><subsection eId="section-41-6"><num>(6)</num><content>The permitted maximum fixed penalty for an offence under section 34(2) is £30,000.</content></subsection><subsection eId="section-41-7"><num>(7)</num><content>The permitted maximum fixed penalty for an offence under section 34(3) or (4) is £30,000.</content></subsection><subsection eId="section-41-8"><num>(8)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-41-8-a"><num>(a)</num><content>provide that a person of a description specified in the regulations is or is not a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-b"><num>(b)</num><content>make provision for determining when a business is to be treated as controlled by another business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-c"><num>(c)</num><content>make provision for determining the turnover (both in and outside the United Kingdom) of a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-d"><num>(d)</num><content>amend subsection (1) or (2) so as to alter the percentage for the time being specified there,</content></level><level class="para1" eId="section-41-8-e"><num>(e)</num><content>amend any of subsections (1) to (7) by substituting a different sum for any sum for the time being specified there.</content></level></subsection><subsection eId="section-41-9"><num>(9)</num><intro>The regulations may in particular—</intro><level class="para1" eId="section-41-9-a"><num>(a)</num><content>include by virtue of subsection (8)(c) provision as to the amounts which are, or which are not, to be treated as comprising the turnover of a business, or provision as to the date or dates by reference to which the turnover of a business is to be determined,</content></level><level class="para1" eId="section-41-9-b"><num>(b)</num><content>make provision for the Secretary of State to determine matters of a description specified in the regulations (including the matters mentioned in paragraph (a)).</content></level></subsection></section><section eId="section-42"><num>42</num><heading>Review, variation and revocation of monetary penalties</heading><subsection eId="section-42-1"><num>(1)</num><content>The Secretary of State must keep a monetary penalty imposed by a penalty notice under review and may vary or revoke the penalty notice as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-42-2"><num>(2)</num><content>If a penalty is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person upon whom the penalty was imposed.</content></subsection><subsection eId="section-42-3"><num>(3)</num><intro>If a penalty, or the period within which a penalty is to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person on whom the penalty was imposed which—</intro><level class="para1" eId="section-42-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-42-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection><subsection eId="section-42-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a penalty variation notice.</content></subsection></section><section eId="section-43"><num>43</num><heading>Monetary penalties: criminal proceedings and convictions</heading><subsection eId="section-43-1"><num>(1)</num><intro>A penalty notice may not be given to a person in respect of an offence if—</intro><level class="para1" eId="section-43-1-a"><num>(a)</num><content>criminal proceedings have been instituted but not concluded in respect of the offence, or</content></level><level class="para1" eId="section-43-1-b"><num>(b)</num><content>the person has been convicted of the offence.</content></level></subsection><subsection eId="section-43-2"><num>(2)</num><content>Where a person has paid, or is required to pay, a monetary penalty under a penalty notice, no criminal proceedings may be instituted against the person in respect of the offence to which the notice relates.</content></subsection></section><section eId="section-44"><num>44</num><heading>Recovering penalties</heading><subsection eId="section-44-1"><num>(1)</num><content>Subsections (2) to (8) apply if all or part of a monetary penalty imposed by a penalty notice is unpaid by the time it is required to be paid.</content></subsection><subsection eId="section-44-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection><subsection eId="section-44-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the penalty as has not already been paid to be paid immediately.</content></subsection><subsection eId="section-44-4"><num>(4)</num><intro>The Secretary of State may recover any of the penalty and any interest that has not been paid if—</intro><level class="para1" eId="section-44-4-a"><num>(a)</num><content>no appeal relating to the penalty has been brought under section 50 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-44-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection><subsection eId="section-44-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the penalty is recoverable as if it were payable under an order of the High Court.</content></subsection><subsection eId="section-44-6"><num>(6)</num><content>In Scotland, the penalty may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection><subsection eId="section-44-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a penalty notice, the penalty is—</intro><level class="para1" eId="section-44-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if it were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-44-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if it were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection><subsection eId="section-44-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of a monetary penalty, or interest in respect of such a penalty, under this Act must be paid into the Consolidated Fund.</content></subsection></section><section eId="section-45"><num>45</num><heading>Monetary penalties: cost recovery</heading><subsection eId="section-45-1"><num>(1)</num><content>The Secretary of State may give a notice to a person requiring the person to pay to the Secretary of State the costs incurred by the Secretary of State in relation to the imposition of a monetary penalty on that person under section 40.</content></subsection><subsection eId="section-45-2"><num>(2)</num><content>A notice under subsection (1) is referred to in this Act as a cost recovery notice.</content></subsection><subsection eId="section-45-3"><num>(3)</num><intro>The reference to “costs” in subsection (1) includes, in particular—</intro><level class="para1" eId="section-45-3-a"><num>(a)</num><content>investigation costs,</content></level><level class="para1" eId="section-45-3-b"><num>(b)</num><content>administration costs,</content></level><level class="para1" eId="section-45-3-c"><num>(c)</num><content>costs of obtaining expert advice (including legal advice).</content></level></subsection><subsection eId="section-45-4"><num>(4)</num><intro>A cost recovery notice must specify the amount to be paid and include information as to—</intro><level class="para1" eId="section-45-4-a"><num>(a)</num><content>the grounds for giving the notice,</content></level><level class="para1" eId="section-45-4-b"><num>(b)</num><content>how payment may be made,</content></level><level class="para1" eId="section-45-4-c"><num>(c)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-45-4-d"><num>(d)</num><content>rights of appeal,</content></level><level class="para1" eId="section-45-4-e"><num>(e)</num><content>the consequences of non-payment.</content></level></subsection><subsection eId="section-45-5"><num>(5)</num><content>A person required to pay an amount to the Secretary of State under this section may require the Secretary of State to give a detailed breakdown of that amount.</content></subsection><subsection eId="section-45-6"><num>(6)</num><intro>Costs imposed under this section are to be paid out of—</intro><level class="para1" eId="section-45-6-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-45-6-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection></section><section eId="section-46"><num>46</num><heading>Review, variation and revocation of cost recovery notice</heading><subsection eId="section-46-1"><num>(1)</num><content>The Secretary of State must keep a cost recovery notice under review and may vary or revoke it as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-46-2"><num>(2)</num><content>If a cost recovery notice is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given.</content></subsection><subsection eId="section-46-3"><num>(3)</num><intro>If the costs, or the period within which the costs are to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given which—</intro><level class="para1" eId="section-46-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-46-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection><subsection eId="section-46-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a cost variation notice.</content></subsection></section><section eId="section-47"><num>47</num><heading>Enforcement of cost recovery notice</heading><subsection eId="section-47-1"><num>(1)</num><content>Subsections (2) to (8) apply if some or all of the costs payable under a cost recovery notice are unpaid by the time when they are required to be paid.</content></subsection><subsection eId="section-47-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection><subsection eId="section-47-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the costs as have not already been paid to be paid immediately.</content></subsection><subsection eId="section-47-4"><num>(4)</num><intro>The Secretary of State may recover from the person any of the costs and any interest as has not been paid if—</intro><level class="para1" eId="section-47-4-a"><num>(a)</num><content>no appeal relating to the costs has been brought under section 51 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-47-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection><subsection eId="section-47-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the costs are recoverable as if they were payable under an order of the High Court.</content></subsection><subsection eId="section-47-6"><num>(6)</num><content>In Scotland, the costs may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection><subsection eId="section-47-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a cost recovery notice, the costs are—</intro><level class="para1" eId="section-47-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if they were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-47-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if they were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection><subsection eId="section-47-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of costs, or interest in respect of such costs, under this Act must be paid into the Consolidated Fund.</content></subsection></section></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40"><num>40</num><heading>Power to impose monetary penalties</heading><subsection eId="section-40-1"><num>(1)</num><intro>Subject to section 43(1), the Secretary of State may give a notice imposing a monetary penalty on a person if the Secretary of State is satisfied, beyond reasonable doubt, that the person has committed an offence under—</intro><level class="para1" eId="section-40-1-a"><num>(a)</num><content>section 32 (completing notifiable acquisition without approval),</content></level><level class="para1" eId="section-40-1-b"><num>(b)</num><content>section 33 (failing to comply with interim or final order), or</content></level><level class="para1" eId="section-40-1-c"><num>(c)</num><content>section 34 (offences in relation to supplying information and attendance of witnesses),</content></level><wrapUp>(including where the person is liable to be proceeded against by virtue of section 36).</wrapUp></subsection><subsection eId="section-40-2"><num>(2)</num><content>A notice under this section is referred to in this Act as a penalty notice.</content></subsection><subsection eId="section-40-3"><num>(3)</num><content>In this Act “<term refersTo="#term-monetary-penalty" eId="term-monetary-penalty">monetary penalty</term>” means a requirement to pay to the Secretary of State a penalty of an amount determined by the Secretary of State.</content></subsection><subsection eId="section-40-4"><num>(4)</num><intro>For an offence under section 33 or 34(1)(a), a monetary penalty may be—</intro><level class="para1" eId="section-40-4-a"><num>(a)</num><content>a fixed amount (“a fixed penalty”),</content></level><level class="para1" eId="section-40-4-b"><num>(b)</num><content>an amount calculated by reference to a daily rate (“a daily rate penalty”), or</content></level><level class="para1" eId="section-40-4-c"><num>(c)</num><content>a combination of a fixed penalty and a daily rate penalty.</content></level></subsection><subsection eId="section-40-5"><num>(5)</num><content>For an offence under section 32 or for any other offence under section 34, the monetary penalty may be a fixed penalty only.</content></subsection><subsection eId="section-40-6"><num>(6)</num><content>The amount of the monetary penalty is to be such amount as the Secretary of State considers appropriate but it may not exceed the permitted maximum, as set out in section 41.</content></subsection><subsection eId="section-40-7"><num>(7)</num><intro>When determining a monetary penalty under this section, the Secretary of State must have regard, in particular, to—</intro><level class="para1" eId="section-40-7-a"><num>(a)</num><content>the seriousness of the offence,</content></level><level class="para1" eId="section-40-7-b"><num>(b)</num><content>the desirability of deterring both the person on whom the penalty is imposed and others from committing the offence to which the penalty relates,</content></level><level class="para1" eId="section-40-7-c"><num>(c)</num><content>the possibility, and desirability, of rectifying any failure to which the offence relates,</content></level><level class="para1" eId="section-40-7-d"><num>(d)</num><content>any steps taken by the person on whom the penalty is imposed towards rectifying any failure to which the offence relates, and</content></level><level class="para1" eId="section-40-7-e"><num>(e)</num><content>the ability of the person on whom the penalty is imposed to pay the penalty.</content></level></subsection><subsection eId="section-40-8"><num>(8)</num><intro>A penalty notice must include information as to—</intro><level class="para1" eId="section-40-8-a"><num>(a)</num><content>the grounds for imposing the monetary penalty,</content></level><level class="para1" eId="section-40-8-b"><num>(b)</num><content>whether the penalty is a fixed penalty, a daily rate penalty or a combination of both and how it is calculated,</content></level><level class="para1" eId="section-40-8-c"><num>(c)</num><content>in the case of a fixed penalty, the amount of the penalty,</content></level><level class="para1" eId="section-40-8-d"><num>(d)</num><content>in the case of a daily rate penalty, the amount of the daily rate, the day on which the amount first starts to accumulate and the day on which, or the circumstances in which, it ceases to accumulate,</content></level><level class="para1" eId="section-40-8-e"><num>(e)</num><content>how the amount of the penalty was determined,</content></level><level class="para1" eId="section-40-8-f"><num>(f)</num><content>how payment may be made,</content></level><level class="para1" eId="section-40-8-g"><num>(g)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-40-8-h"><num>(h)</num><content>rights of appeal,</content></level><level class="para1" eId="section-40-8-i"><num>(i)</num><content>the consequences of non-payment.</content></level></subsection><subsection eId="section-40-9"><num>(9)</num><intro>For the purposes of a daily rate penalty—</intro><level class="para1" eId="section-40-9-a"><num>(a)</num><content>the first day on which the amount may start to accumulate is the day after the day on which the penalty notice is given,</content></level><level class="para1" eId="section-40-9-b"><num>(b)</num><intro>unless the Secretary of State determines an earlier date, the daily rate ceases to accumulate at the beginning of the earliest of—</intro><level class="para2" eId="section-40-9-b-i"><num>(i)</num><content>the day on which the requirement to comply to which the offence relates is satisfied,</content></level><level class="para2" eId="section-40-9-b-ii"><num>(ii)</num><content>the day on which that requirement no longer applies.</content></level></level></subsection><subsection eId="section-40-10"><num>(10)</num><intro>A monetary penalty imposed under this section is to be paid out of—</intro><level class="para1" eId="section-40-10-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-40-10-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-1"><num>(1)</num><intro>Subject to section 43(1), the Secretary of State may give a notice imposing a monetary penalty on a person if the Secretary of State is satisfied, beyond reasonable doubt, that the person has committed an offence under—</intro><level class="para1" eId="section-40-1-a"><num>(a)</num><content>section 32 (completing notifiable acquisition without approval),</content></level><level class="para1" eId="section-40-1-b"><num>(b)</num><content>section 33 (failing to comply with interim or final order), or</content></level><level class="para1" eId="section-40-1-c"><num>(c)</num><content>section 34 (offences in relation to supplying information and attendance of witnesses),</content></level><wrapUp>(including where the person is liable to be proceeded against by virtue of section 36).</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-2"><num>(2)</num><content>A notice under this section is referred to in this Act as a penalty notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-3"><num>(3)</num><content>In this Act “<term refersTo="#term-monetary-penalty" eId="term-monetary-penalty">monetary penalty</term>” means a requirement to pay to the Secretary of State a penalty of an amount determined by the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-4"><num>(4)</num><intro>For an offence under section 33 or 34(1)(a), a monetary penalty may be—</intro><level class="para1" eId="section-40-4-a"><num>(a)</num><content>a fixed amount (“a fixed penalty”),</content></level><level class="para1" eId="section-40-4-b"><num>(b)</num><content>an amount calculated by reference to a daily rate (“a daily rate penalty”), or</content></level><level class="para1" eId="section-40-4-c"><num>(c)</num><content>a combination of a fixed penalty and a daily rate penalty.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-5"><num>(5)</num><content>For an offence under section 32 or for any other offence under section 34, the monetary penalty may be a fixed penalty only.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-6"><num>(6)</num><content>The amount of the monetary penalty is to be such amount as the Secretary of State considers appropriate but it may not exceed the permitted maximum, as set out in section 41.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-7"><num>(7)</num><intro>When determining a monetary penalty under this section, the Secretary of State must have regard, in particular, to—</intro><level class="para1" eId="section-40-7-a"><num>(a)</num><content>the seriousness of the offence,</content></level><level class="para1" eId="section-40-7-b"><num>(b)</num><content>the desirability of deterring both the person on whom the penalty is imposed and others from committing the offence to which the penalty relates,</content></level><level class="para1" eId="section-40-7-c"><num>(c)</num><content>the possibility, and desirability, of rectifying any failure to which the offence relates,</content></level><level class="para1" eId="section-40-7-d"><num>(d)</num><content>any steps taken by the person on whom the penalty is imposed towards rectifying any failure to which the offence relates, and</content></level><level class="para1" eId="section-40-7-e"><num>(e)</num><content>the ability of the person on whom the penalty is imposed to pay the penalty.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-8"><num>(8)</num><intro>A penalty notice must include information as to—</intro><level class="para1" eId="section-40-8-a"><num>(a)</num><content>the grounds for imposing the monetary penalty,</content></level><level class="para1" eId="section-40-8-b"><num>(b)</num><content>whether the penalty is a fixed penalty, a daily rate penalty or a combination of both and how it is calculated,</content></level><level class="para1" eId="section-40-8-c"><num>(c)</num><content>in the case of a fixed penalty, the amount of the penalty,</content></level><level class="para1" eId="section-40-8-d"><num>(d)</num><content>in the case of a daily rate penalty, the amount of the daily rate, the day on which the amount first starts to accumulate and the day on which, or the circumstances in which, it ceases to accumulate,</content></level><level class="para1" eId="section-40-8-e"><num>(e)</num><content>how the amount of the penalty was determined,</content></level><level class="para1" eId="section-40-8-f"><num>(f)</num><content>how payment may be made,</content></level><level class="para1" eId="section-40-8-g"><num>(g)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-40-8-h"><num>(h)</num><content>rights of appeal,</content></level><level class="para1" eId="section-40-8-i"><num>(i)</num><content>the consequences of non-payment.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-a"><num>(a)</num><content>the grounds for imposing the monetary penalty,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-b"><num>(b)</num><content>whether the penalty is a fixed penalty, a daily rate penalty or a combination of both and how it is calculated,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-c"><num>(c)</num><content>in the case of a fixed penalty, the amount of the penalty,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-d"><num>(d)</num><content>in the case of a daily rate penalty, the amount of the daily rate, the day on which the amount first starts to accumulate and the day on which, or the circumstances in which, it ceases to accumulate,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-e"><num>(e)</num><content>how the amount of the penalty was determined,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-f"><num>(f)</num><content>how payment may be made,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-g"><num>(g)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-h"><num>(h)</num><content>rights of appeal,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-8-i"><num>(i)</num><content>the consequences of non-payment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-9"><num>(9)</num><intro>For the purposes of a daily rate penalty—</intro><level class="para1" eId="section-40-9-a"><num>(a)</num><content>the first day on which the amount may start to accumulate is the day after the day on which the penalty notice is given,</content></level><level class="para1" eId="section-40-9-b"><num>(b)</num><intro>unless the Secretary of State determines an earlier date, the daily rate ceases to accumulate at the beginning of the earliest of—</intro><level class="para2" eId="section-40-9-b-i"><num>(i)</num><content>the day on which the requirement to comply to which the offence relates is satisfied,</content></level><level class="para2" eId="section-40-9-b-ii"><num>(ii)</num><content>the day on which that requirement no longer applies.</content></level></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-10"><num>(10)</num><intro>A monetary penalty imposed under this section is to be paid out of—</intro><level class="para1" eId="section-40-10-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-40-10-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41"><num>41</num><heading>Permitted maximum penalties</heading><subsection eId="section-41-1"><num>(1)</num><intro>The following are the permitted maximum fixed penalties for an offence under section 32 or 33—</intro><level class="para1" eId="section-41-1-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 5% of the total value of the turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £10 million,</content></level><level class="para1" eId="section-41-1-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £10 million.</content></level></subsection><subsection eId="section-41-2"><num>(2)</num><intro>The following are the permitted maximum amounts per day for a daily rate penalty for an offence under section 33—</intro><level class="para1" eId="section-41-2-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 0.1% of the total turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £200,000,</content></level><level class="para1" eId="section-41-2-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £200,000.</content></level></subsection><subsection eId="section-41-3"><num>(3)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(a) is £30,000.</content></subsection><subsection eId="section-41-4"><num>(4)</num><content>The permitted maximum amount per day for a daily rate penalty for an offence under section 34(1)(a) is £15,000.</content></subsection><subsection eId="section-41-5"><num>(5)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(b) is £30,000.</content></subsection><subsection eId="section-41-6"><num>(6)</num><content>The permitted maximum fixed penalty for an offence under section 34(2) is £30,000.</content></subsection><subsection eId="section-41-7"><num>(7)</num><content>The permitted maximum fixed penalty for an offence under section 34(3) or (4) is £30,000.</content></subsection><subsection eId="section-41-8"><num>(8)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-41-8-a"><num>(a)</num><content>provide that a person of a description specified in the regulations is or is not a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-b"><num>(b)</num><content>make provision for determining when a business is to be treated as controlled by another business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-c"><num>(c)</num><content>make provision for determining the turnover (both in and outside the United Kingdom) of a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-d"><num>(d)</num><content>amend subsection (1) or (2) so as to alter the percentage for the time being specified there,</content></level><level class="para1" eId="section-41-8-e"><num>(e)</num><content>amend any of subsections (1) to (7) by substituting a different sum for any sum for the time being specified there.</content></level></subsection><subsection eId="section-41-9"><num>(9)</num><intro>The regulations may in particular—</intro><level class="para1" eId="section-41-9-a"><num>(a)</num><content>include by virtue of subsection (8)(c) provision as to the amounts which are, or which are not, to be treated as comprising the turnover of a business, or provision as to the date or dates by reference to which the turnover of a business is to be determined,</content></level><level class="para1" eId="section-41-9-b"><num>(b)</num><content>make provision for the Secretary of State to determine matters of a description specified in the regulations (including the matters mentioned in paragraph (a)).</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-1"><num>(1)</num><intro>The following are the permitted maximum fixed penalties for an offence under section 32 or 33—</intro><level class="para1" eId="section-41-1-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 5% of the total value of the turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £10 million,</content></level><level class="para1" eId="section-41-1-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £10 million.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-2"><num>(2)</num><intro>The following are the permitted maximum amounts per day for a daily rate penalty for an offence under section 33—</intro><level class="para1" eId="section-41-2-a"><num>(a)</num><content>if the offence is committed by a business, the higher of 0.1% of the total turnover of the business (both in and outside the United Kingdom and including any business owned or controlled by the business) and £200,000,</content></level><level class="para1" eId="section-41-2-b"><num>(b)</num><content>if the offence is committed otherwise than by a business, £200,000.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-3"><num>(3)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(a) is £30,000.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-4"><num>(4)</num><content>The permitted maximum amount per day for a daily rate penalty for an offence under section 34(1)(a) is £15,000.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-5"><num>(5)</num><content>The permitted maximum fixed penalty for an offence under section 34(1)(b) is £30,000.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-6"><num>(6)</num><content>The permitted maximum fixed penalty for an offence under section 34(2) is £30,000.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-7"><num>(7)</num><content>The permitted maximum fixed penalty for an offence under section 34(3) or (4) is £30,000.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-8"><num>(8)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-41-8-a"><num>(a)</num><content>provide that a person of a description specified in the regulations is or is not a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-b"><num>(b)</num><content>make provision for determining when a business is to be treated as controlled by another business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-c"><num>(c)</num><content>make provision for determining the turnover (both in and outside the United Kingdom) of a business for the purposes of this section,</content></level><level class="para1" eId="section-41-8-d"><num>(d)</num><content>amend subsection (1) or (2) so as to alter the percentage for the time being specified there,</content></level><level class="para1" eId="section-41-8-e"><num>(e)</num><content>amend any of subsections (1) to (7) by substituting a different sum for any sum for the time being specified there.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-9"><num>(9)</num><intro>The regulations may in particular—</intro><level class="para1" eId="section-41-9-a"><num>(a)</num><content>include by virtue of subsection (8)(c) provision as to the amounts which are, or which are not, to be treated as comprising the turnover of a business, or provision as to the date or dates by reference to which the turnover of a business is to be determined,</content></level><level class="para1" eId="section-41-9-b"><num>(b)</num><content>make provision for the Secretary of State to determine matters of a description specified in the regulations (including the matters mentioned in paragraph (a)).</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42"><num>42</num><heading>Review, variation and revocation of monetary penalties</heading><subsection eId="section-42-1"><num>(1)</num><content>The Secretary of State must keep a monetary penalty imposed by a penalty notice under review and may vary or revoke the penalty notice as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-42-2"><num>(2)</num><content>If a penalty is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person upon whom the penalty was imposed.</content></subsection><subsection eId="section-42-3"><num>(3)</num><intro>If a penalty, or the period within which a penalty is to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person on whom the penalty was imposed which—</intro><level class="para1" eId="section-42-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-42-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection><subsection eId="section-42-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a penalty variation notice.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-1"><num>(1)</num><content>The Secretary of State must keep a monetary penalty imposed by a penalty notice under review and may vary or revoke the penalty notice as the Secretary of State considers appropriate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-2"><num>(2)</num><content>If a penalty is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person upon whom the penalty was imposed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-3"><num>(3)</num><intro>If a penalty, or the period within which a penalty is to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person on whom the penalty was imposed which—</intro><level class="para1" eId="section-42-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-42-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a penalty variation notice.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43"><num>43</num><heading>Monetary penalties: criminal proceedings and convictions</heading><subsection eId="section-43-1"><num>(1)</num><intro>A penalty notice may not be given to a person in respect of an offence if—</intro><level class="para1" eId="section-43-1-a"><num>(a)</num><content>criminal proceedings have been instituted but not concluded in respect of the offence, or</content></level><level class="para1" eId="section-43-1-b"><num>(b)</num><content>the person has been convicted of the offence.</content></level></subsection><subsection eId="section-43-2"><num>(2)</num><content>Where a person has paid, or is required to pay, a monetary penalty under a penalty notice, no criminal proceedings may be instituted against the person in respect of the offence to which the notice relates.</content></subsection></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44"><num>44</num><heading>Recovering penalties</heading><subsection eId="section-44-1"><num>(1)</num><content>Subsections (2) to (8) apply if all or part of a monetary penalty imposed by a penalty notice is unpaid by the time it is required to be paid.</content></subsection><subsection eId="section-44-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection><subsection eId="section-44-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the penalty as has not already been paid to be paid immediately.</content></subsection><subsection eId="section-44-4"><num>(4)</num><intro>The Secretary of State may recover any of the penalty and any interest that has not been paid if—</intro><level class="para1" eId="section-44-4-a"><num>(a)</num><content>no appeal relating to the penalty has been brought under section 50 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-44-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection><subsection eId="section-44-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the penalty is recoverable as if it were payable under an order of the High Court.</content></subsection><subsection eId="section-44-6"><num>(6)</num><content>In Scotland, the penalty may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection><subsection eId="section-44-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a penalty notice, the penalty is—</intro><level class="para1" eId="section-44-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if it were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-44-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if it were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection><subsection eId="section-44-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of a monetary penalty, or interest in respect of such a penalty, under this Act must be paid into the Consolidated Fund.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-1"><num>(1)</num><content>Subsections (2) to (8) apply if all or part of a monetary penalty imposed by a penalty notice is unpaid by the time it is required to be paid.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the penalty as has not already been paid to be paid immediately.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-4"><num>(4)</num><intro>The Secretary of State may recover any of the penalty and any interest that has not been paid if—</intro><level class="para1" eId="section-44-4-a"><num>(a)</num><content>no appeal relating to the penalty has been brought under section 50 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-44-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the penalty is recoverable as if it were payable under an order of the High Court.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-6"><num>(6)</num><content>In Scotland, the penalty may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a penalty notice, the penalty is—</intro><level class="para1" eId="section-44-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if it were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-44-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if it were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of a monetary penalty, or interest in respect of such a penalty, under this Act must be paid into the Consolidated Fund.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45"><num>45</num><heading>Monetary penalties: cost recovery</heading><subsection eId="section-45-1"><num>(1)</num><content>The Secretary of State may give a notice to a person requiring the person to pay to the Secretary of State the costs incurred by the Secretary of State in relation to the imposition of a monetary penalty on that person under section 40.</content></subsection><subsection eId="section-45-2"><num>(2)</num><content>A notice under subsection (1) is referred to in this Act as a cost recovery notice.</content></subsection><subsection eId="section-45-3"><num>(3)</num><intro>The reference to “costs” in subsection (1) includes, in particular—</intro><level class="para1" eId="section-45-3-a"><num>(a)</num><content>investigation costs,</content></level><level class="para1" eId="section-45-3-b"><num>(b)</num><content>administration costs,</content></level><level class="para1" eId="section-45-3-c"><num>(c)</num><content>costs of obtaining expert advice (including legal advice).</content></level></subsection><subsection eId="section-45-4"><num>(4)</num><intro>A cost recovery notice must specify the amount to be paid and include information as to—</intro><level class="para1" eId="section-45-4-a"><num>(a)</num><content>the grounds for giving the notice,</content></level><level class="para1" eId="section-45-4-b"><num>(b)</num><content>how payment may be made,</content></level><level class="para1" eId="section-45-4-c"><num>(c)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-45-4-d"><num>(d)</num><content>rights of appeal,</content></level><level class="para1" eId="section-45-4-e"><num>(e)</num><content>the consequences of non-payment.</content></level></subsection><subsection eId="section-45-5"><num>(5)</num><content>A person required to pay an amount to the Secretary of State under this section may require the Secretary of State to give a detailed breakdown of that amount.</content></subsection><subsection eId="section-45-6"><num>(6)</num><intro>Costs imposed under this section are to be paid out of—</intro><level class="para1" eId="section-45-6-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-45-6-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-1"><num>(1)</num><content>The Secretary of State may give a notice to a person requiring the person to pay to the Secretary of State the costs incurred by the Secretary of State in relation to the imposition of a monetary penalty on that person under section 40.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-2"><num>(2)</num><content>A notice under subsection (1) is referred to in this Act as a cost recovery notice.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-3"><num>(3)</num><intro>The reference to “costs” in subsection (1) includes, in particular—</intro><level class="para1" eId="section-45-3-a"><num>(a)</num><content>investigation costs,</content></level><level class="para1" eId="section-45-3-b"><num>(b)</num><content>administration costs,</content></level><level class="para1" eId="section-45-3-c"><num>(c)</num><content>costs of obtaining expert advice (including legal advice).</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-4"><num>(4)</num><intro>A cost recovery notice must specify the amount to be paid and include information as to—</intro><level class="para1" eId="section-45-4-a"><num>(a)</num><content>the grounds for giving the notice,</content></level><level class="para1" eId="section-45-4-b"><num>(b)</num><content>how payment may be made,</content></level><level class="para1" eId="section-45-4-c"><num>(c)</num><content>the period within which payment is to be made (which must be at least 28 days),</content></level><level class="para1" eId="section-45-4-d"><num>(d)</num><content>rights of appeal,</content></level><level class="para1" eId="section-45-4-e"><num>(e)</num><content>the consequences of non-payment.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-5"><num>(5)</num><content>A person required to pay an amount to the Secretary of State under this section may require the Secretary of State to give a detailed breakdown of that amount.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-6"><num>(6)</num><intro>Costs imposed under this section are to be paid out of—</intro><level class="para1" eId="section-45-6-a"><num>(a)</num><content>the partnership assets where imposed on a partnership, and</content></level><level class="para1" eId="section-45-6-b"><num>(b)</num><content>the funds of the association where imposed on an unincorporated association other than a partnership.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46"><num>46</num><heading>Review, variation and revocation of cost recovery notice</heading><subsection eId="section-46-1"><num>(1)</num><content>The Secretary of State must keep a cost recovery notice under review and may vary or revoke it as the Secretary of State considers appropriate.</content></subsection><subsection eId="section-46-2"><num>(2)</num><content>If a cost recovery notice is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given.</content></subsection><subsection eId="section-46-3"><num>(3)</num><intro>If the costs, or the period within which the costs are to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given which—</intro><level class="para1" eId="section-46-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-46-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection><subsection eId="section-46-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a cost variation notice.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-1"><num>(1)</num><content>The Secretary of State must keep a cost recovery notice under review and may vary or revoke it as the Secretary of State considers appropriate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-2"><num>(2)</num><content>If a cost recovery notice is revoked under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-3"><num>(3)</num><intro>If the costs, or the period within which the costs are to be paid, is varied under this section, the Secretary of State must, as soon as practicable, give a notice to the person to whom the cost recovery notice was given which—</intro><level class="para1" eId="section-46-3-a"><num>(a)</num><content>states the variation and the reasons for the variation,</content></level><level class="para1" eId="section-46-3-b"><num>(b)</num><content>includes information about rights of appeal and consequences of non-payment.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-4"><num>(4)</num><content>A notice under subsection (3) is referred to in this Act as a cost variation notice.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47"><num>47</num><heading>Enforcement of cost recovery notice</heading><subsection eId="section-47-1"><num>(1)</num><content>Subsections (2) to (8) apply if some or all of the costs payable under a cost recovery notice are unpaid by the time when they are required to be paid.</content></subsection><subsection eId="section-47-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection><subsection eId="section-47-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the costs as have not already been paid to be paid immediately.</content></subsection><subsection eId="section-47-4"><num>(4)</num><intro>The Secretary of State may recover from the person any of the costs and any interest as has not been paid if—</intro><level class="para1" eId="section-47-4-a"><num>(a)</num><content>no appeal relating to the costs has been brought under section 51 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-47-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection><subsection eId="section-47-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the costs are recoverable as if they were payable under an order of the High Court.</content></subsection><subsection eId="section-47-6"><num>(6)</num><content>In Scotland, the costs may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection><subsection eId="section-47-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a cost recovery notice, the costs are—</intro><level class="para1" eId="section-47-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if they were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-47-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if they were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection><subsection eId="section-47-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of costs, or interest in respect of such costs, under this Act must be paid into the Consolidated Fund.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-1"><num>(1)</num><content>Subsections (2) to (8) apply if some or all of the costs payable under a cost recovery notice are unpaid by the time when they are required to be paid.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-2"><num>(2)</num><content>The unpaid balance carries interest from time to time at the rate for the time being specified in section 17 of the Judgments Act 1838.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-3"><num>(3)</num><content>Where the Secretary of State considers it appropriate to do so, the Secretary of State may require so much of the costs as have not already been paid to be paid immediately.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-4"><num>(4)</num><intro>The Secretary of State may recover from the person any of the costs and any interest as has not been paid if—</intro><level class="para1" eId="section-47-4-a"><num>(a)</num><content>no appeal relating to the costs has been brought under section 51 during the period within which such an appeal may be brought, or</content></level><level class="para1" eId="section-47-4-b"><num>(b)</num><content>an appeal has been determined or withdrawn.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-5"><num>(5)</num><content>In England and Wales, and in Northern Ireland, the costs are recoverable as if they were payable under an order of the High Court.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-6"><num>(6)</num><content>In Scotland, the costs may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-7"><num>(7)</num><intro>Where action is taken under this section for the recovery of a sum payable under a cost recovery notice, the costs are—</intro><level class="para1" eId="section-47-7-a"><num>(a)</num><content>in relation to England and Wales, to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if they were a judgment entered in the High Court, and</content></level><level class="para1" eId="section-47-7-b"><num>(b)</num><content>in relation to Northern Ireland, to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if they were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-8"><num>(8)</num><content>Any sums received by the Secretary of State by way of costs, or interest in respect of such costs, under this Act must be paid into the Consolidated Fund.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49"><num>49</num><heading>Procedure for judicial review of certain decisions</heading><subsection eId="section-49-1"><num>(1)</num><content>This section applies to a claim for judicial review of a relevant decision.</content></subsection><subsection eId="section-49-2"><num>(2)</num><intro>A “<term refersTo="#term-relevant-decision" eId="term-relevant-decision">relevant decision</term>” means—</intro><level class="para1" eId="section-49-2-a"><num>(a)</num><intro>a decision or action under or by virtue of any of the following provisions, but not including any such decision or action that is directly related to a Part 3 function of the Secretary of State—</intro><level class="para2" eId="section-49-2-a-i"><num>(i)</num><content>section 19,</content></level><level class="para2" eId="section-49-2-a-ii"><num>(ii)</num><content>section 20,</content></level><level class="para2" eId="section-49-2-a-iii"><num>(iii)</num><content>section 21,</content></level><level class="para2" eId="section-49-2-a-iv"><num>(iv)</num><content>section 54(1) and (2)(a),</content></level><level class="para2" eId="section-49-2-a-v"><num>(v)</num><content>section 54(6) to (8), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vi"><num>(vi)</num><content>section 55(1) and (3), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vii"><num>(vii)</num><content>section 56,</content></level><level class="para2" eId="section-49-2-a-viii"><num>(viii)</num><content>section 57, other than a decision or action related to the disclosure of information under section 54(2)(b) to (f) or (3),</content></level></level><level class="para1" eId="section-49-2-b"><num>(b)</num><content>a decision or action under or by virtue of section 54(9), insofar as the decision or action is related to a decision or action falling within paragraph (a)(iv) or (v),</content></level><level class="para1" eId="section-49-2-c"><num>(c)</num><intro>a decision or action under or by virtue of—</intro><level class="para2" eId="section-49-2-c-i"><num>(i)</num><content>any provision of Part 1 of this Act not mentioned in paragraph (a),</content></level><level class="para2" eId="section-49-2-c-ii"><num>(ii)</num><content>Part 2 of this Act,</content></level><level class="para2" eId="section-49-2-c-iii"><num>(iii)</num><content>section 53, or</content></level><level class="para2" eId="section-49-2-c-iv"><num>(iv)</num><content>section 62,</content></level></level><wrapUp>and “<term refersTo="#term-action" eId="term-action">action</term>” includes a failure to act.</wrapUp></subsection><subsection eId="section-49-3"><num>(3)</num><content>A “<term refersTo="#term-part-3-function" eId="term-part-3-function">Part 3 function</term>” means a function under or by virtue of this Part of this Act.</content></subsection><subsection eId="section-49-4"><num>(4)</num><content>The court may entertain proceedings for a claim to which this section applies only if the claim form is filed before the end of the period of 28 days beginning with the day after the day on which the grounds to make the claim first arose, unless the court considers that exceptional circumstances apply.</content></subsection><subsection eId="section-49-5"><num>(5)</num><intro>In the application of this section to Scotland—</intro><level class="para1" eId="section-49-5-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application to the supervisory jurisdiction of the court in respect ”</quotedText> for “a claim for judicial review”,</mod></content></level><level class="para1" eId="section-49-5-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-5-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-5-b-ii"><num>(ii)</num><content>“application is made” for “claim form is filed”,</content></level><level class="para2" eId="section-49-5-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level></subsection><subsection eId="section-49-6"><num>(6)</num><intro>In the application of this section to Northern Ireland—</intro><level class="para1" eId="section-49-6-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application ”</quotedText> for “a claim”,</mod></content></level><level class="para1" eId="section-49-6-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-6-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-6-b-ii"><num>(ii)</num><content>“application for leave to apply for judicial review” for “claim form is filed”,</content></level><level class="para2" eId="section-49-6-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level></subsection><subsection eId="section-49-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-49-7-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-49-7-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-49-7-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-1"><num>(1)</num><content>This section applies to a claim for judicial review of a relevant decision.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-2"><num>(2)</num><intro>A “<term refersTo="#term-relevant-decision" eId="term-relevant-decision">relevant decision</term>” means—</intro><level class="para1" eId="section-49-2-a"><num>(a)</num><intro>a decision or action under or by virtue of any of the following provisions, but not including any such decision or action that is directly related to a Part 3 function of the Secretary of State—</intro><level class="para2" eId="section-49-2-a-i"><num>(i)</num><content>section 19,</content></level><level class="para2" eId="section-49-2-a-ii"><num>(ii)</num><content>section 20,</content></level><level class="para2" eId="section-49-2-a-iii"><num>(iii)</num><content>section 21,</content></level><level class="para2" eId="section-49-2-a-iv"><num>(iv)</num><content>section 54(1) and (2)(a),</content></level><level class="para2" eId="section-49-2-a-v"><num>(v)</num><content>section 54(6) to (8), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vi"><num>(vi)</num><content>section 55(1) and (3), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vii"><num>(vii)</num><content>section 56,</content></level><level class="para2" eId="section-49-2-a-viii"><num>(viii)</num><content>section 57, other than a decision or action related to the disclosure of information under section 54(2)(b) to (f) or (3),</content></level></level><level class="para1" eId="section-49-2-b"><num>(b)</num><content>a decision or action under or by virtue of section 54(9), insofar as the decision or action is related to a decision or action falling within paragraph (a)(iv) or (v),</content></level><level class="para1" eId="section-49-2-c"><num>(c)</num><intro>a decision or action under or by virtue of—</intro><level class="para2" eId="section-49-2-c-i"><num>(i)</num><content>any provision of Part 1 of this Act not mentioned in paragraph (a),</content></level><level class="para2" eId="section-49-2-c-ii"><num>(ii)</num><content>Part 2 of this Act,</content></level><level class="para2" eId="section-49-2-c-iii"><num>(iii)</num><content>section 53, or</content></level><level class="para2" eId="section-49-2-c-iv"><num>(iv)</num><content>section 62,</content></level></level><wrapUp>and “<term refersTo="#term-action" eId="term-action">action</term>” includes a failure to act.</wrapUp></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-a"><num>(a)</num><intro>a decision or action under or by virtue of any of the following provisions, but not including any such decision or action that is directly related to a Part 3 function of the Secretary of State—</intro><level class="para2" eId="section-49-2-a-i"><num>(i)</num><content>section 19,</content></level><level class="para2" eId="section-49-2-a-ii"><num>(ii)</num><content>section 20,</content></level><level class="para2" eId="section-49-2-a-iii"><num>(iii)</num><content>section 21,</content></level><level class="para2" eId="section-49-2-a-iv"><num>(iv)</num><content>section 54(1) and (2)(a),</content></level><level class="para2" eId="section-49-2-a-v"><num>(v)</num><content>section 54(6) to (8), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vi"><num>(vi)</num><content>section 55(1) and (3), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level><level class="para2" eId="section-49-2-a-vii"><num>(vii)</num><content>section 56,</content></level><level class="para2" eId="section-49-2-a-viii"><num>(viii)</num><content>section 57, other than a decision or action related to the disclosure of information under section 54(2)(b) to (f) or (3),</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-i"><num>(i)</num><content>section 19,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-ii"><num>(ii)</num><content>section 20,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-iii"><num>(iii)</num><content>section 21,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-iv"><num>(iv)</num><content>section 54(1) and (2)(a),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-v"><num>(v)</num><content>section 54(6) to (8), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-vi"><num>(vi)</num><content>section 55(1) and (3), insofar as the decision or action is related to the disclosure of information under section 54(2)(a),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-vii"><num>(vii)</num><content>section 56,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-49-2-a-viii"><num>(viii)</num><content>section 57, other than a decision or action related to the disclosure of information under section 54(2)(b) to (f) or (3),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-b"><num>(b)</num><content>a decision or action under or by virtue of section 54(9), insofar as the decision or action is related to a decision or action falling within paragraph (a)(iv) or (v),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-c"><num>(c)</num><intro>a decision or action under or by virtue of—</intro><level class="para2" eId="section-49-2-c-i"><num>(i)</num><content>any provision of Part 1 of this Act not mentioned in paragraph (a),</content></level><level class="para2" eId="section-49-2-c-ii"><num>(ii)</num><content>Part 2 of this Act,</content></level><level class="para2" eId="section-49-2-c-iii"><num>(iii)</num><content>section 53, or</content></level><level class="para2" eId="section-49-2-c-iv"><num>(iv)</num><content>section 62,</content></level></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-3"><num>(3)</num><content>A “<term refersTo="#term-part-3-function" eId="term-part-3-function">Part 3 function</term>” means a function under or by virtue of this Part of this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-4"><num>(4)</num><content>The court may entertain proceedings for a claim to which this section applies only if the claim form is filed before the end of the period of 28 days beginning with the day after the day on which the grounds to make the claim first arose, unless the court considers that exceptional circumstances apply.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-5"><num>(5)</num><intro>In the application of this section to Scotland—</intro><level class="para1" eId="section-49-5-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application to the supervisory jurisdiction of the court in respect ”</quotedText> for “a claim for judicial review”,</mod></content></level><level class="para1" eId="section-49-5-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-5-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-5-b-ii"><num>(ii)</num><content>“application is made” for “claim form is filed”,</content></level><level class="para2" eId="section-49-5-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-5-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application to the supervisory jurisdiction of the court in respect ”</quotedText> for “a claim for judicial review”,</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-5-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-5-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-5-b-ii"><num>(ii)</num><content>“application is made” for “claim form is filed”,</content></level><level class="para2" eId="section-49-5-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-6"><num>(6)</num><intro>In the application of this section to Northern Ireland—</intro><level class="para1" eId="section-49-6-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application ”</quotedText> for “a claim”,</mod></content></level><level class="para1" eId="section-49-6-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-6-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-6-b-ii"><num>(ii)</num><content>“application for leave to apply for judicial review” for “claim form is filed”,</content></level><level class="para2" eId="section-49-6-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-6-a"><num>(a)</num><content><mod>subsection (1) has effect with the substitution of <quotedText>“ an application ”</quotedText> for “a claim”,</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-6-b"><num>(b)</num><intro>subsection (4) has effect with the substitution of—</intro><level class="para2" eId="section-49-6-b-i"><num>(i)</num><content>“an application” for “a claim”,</content></level><level class="para2" eId="section-49-6-b-ii"><num>(ii)</num><content>“application for leave to apply for judicial review” for “claim form is filed”,</content></level><level class="para2" eId="section-49-6-b-iii"><num>(iii)</num><content>“the application” for “the claim”.</content></level></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-7"><num>(7)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-49-7-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-49-7-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-49-7-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50"><num>50</num><heading>Appeals against monetary penalties</heading><subsection eId="section-50-1"><num>(1)</num><content>A person who is given a penalty notice or a variation notice may appeal to the court.</content></subsection><subsection eId="section-50-2"><num>(2)</num><content>A person may not appeal under this section after the end of the period of 28 days beginning with the day after the day on which the notice is given to the person.</content></subsection><subsection eId="section-50-3"><num>(3)</num><intro>On an appeal against a penalty notice the court may—</intro><level class="para1" eId="section-50-3-a"><num>(a)</num><content>confirm or quash the decision to impose the monetary penalty,</content></level><level class="para1" eId="section-50-3-b"><num>(b)</num><content>confirm or reduce the amount of the penalty,</content></level><level class="para1" eId="section-50-3-c"><num>(c)</num><content>confirm or vary the period within which all or part of the penalty is to be paid.</content></level></subsection><subsection eId="section-50-4"><num>(4)</num><content>On an appeal against a variation notice the court may confirm, vary or quash the variation but may not increase the amount of the monetary penalty.</content></subsection><subsection eId="section-50-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-50-5-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-50-5-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-50-5-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection><subsection eId="section-50-6"><num>(6)</num><content>Where an appeal is brought under this section, the monetary penalty is not payable until the appeal is determined or withdrawn, unless the court orders otherwise.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-1"><num>(1)</num><content>A person who is given a penalty notice or a variation notice may appeal to the court.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-2"><num>(2)</num><content>A person may not appeal under this section after the end of the period of 28 days beginning with the day after the day on which the notice is given to the person.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-3"><num>(3)</num><intro>On an appeal against a penalty notice the court may—</intro><level class="para1" eId="section-50-3-a"><num>(a)</num><content>confirm or quash the decision to impose the monetary penalty,</content></level><level class="para1" eId="section-50-3-b"><num>(b)</num><content>confirm or reduce the amount of the penalty,</content></level><level class="para1" eId="section-50-3-c"><num>(c)</num><content>confirm or vary the period within which all or part of the penalty is to be paid.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-4"><num>(4)</num><content>On an appeal against a variation notice the court may confirm, vary or quash the variation but may not increase the amount of the monetary penalty.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-50-5-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-50-5-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-50-5-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-6"><num>(6)</num><content>Where an appeal is brought under this section, the monetary penalty is not payable until the appeal is determined or withdrawn, unless the court orders otherwise.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51"><num>51</num><heading>Appeals against costs</heading><subsection eId="section-51-1"><num>(1)</num><content>A person given a cost recovery notice or a cost variation notice may appeal to the court.</content></subsection><subsection eId="section-51-2"><num>(2)</num><content>A person may not appeal under this section after the end of the period of 28 days beginning with the day after the day on which the notice is given to the person.</content></subsection><subsection eId="section-51-3"><num>(3)</num><intro>On an appeal against a cost recovery notice the court may—</intro><level class="para1" eId="section-51-3-a"><num>(a)</num><content>confirm or quash the decision to impose costs,</content></level><level class="para1" eId="section-51-3-b"><num>(b)</num><content>confirm or reduce the amount payable,</content></level><level class="para1" eId="section-51-3-c"><num>(c)</num><content>confirm or vary the period within which payment is to be made.</content></level></subsection><subsection eId="section-51-4"><num>(4)</num><content>On an appeal against a cost variation notice the court may confirm, vary or quash the variation but may not increase the amount payable.</content></subsection><subsection eId="section-51-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-51-5-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-51-5-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-51-5-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection><subsection eId="section-51-6"><num>(6)</num><content>Where an appeal is brought under this section, the costs are not payable until the appeal is determined or withdrawn, unless the court orders otherwise.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-1"><num>(1)</num><content>A person given a cost recovery notice or a cost variation notice may appeal to the court.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-2"><num>(2)</num><content>A person may not appeal under this section after the end of the period of 28 days beginning with the day after the day on which the notice is given to the person.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-3"><num>(3)</num><intro>On an appeal against a cost recovery notice the court may—</intro><level class="para1" eId="section-51-3-a"><num>(a)</num><content>confirm or quash the decision to impose costs,</content></level><level class="para1" eId="section-51-3-b"><num>(b)</num><content>confirm or reduce the amount payable,</content></level><level class="para1" eId="section-51-3-c"><num>(c)</num><content>confirm or vary the period within which payment is to be made.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-4"><num>(4)</num><content>On an appeal against a cost variation notice the court may confirm, vary or quash the variation but may not increase the amount payable.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-court" eId="term-the-court">the court</term>” means—</intro><level class="para1" eId="section-51-5-a"><num>(a)</num><content>the High Court in England and Wales,</content></level><level class="para1" eId="section-51-5-b"><num>(b)</num><content>the Court of Session in Scotland, and</content></level><level class="para1" eId="section-51-5-c"><num>(c)</num><content>the High Court in Northern Ireland.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-6"><num>(6)</num><content>Where an appeal is brought under this section, the costs are not payable until the appeal is determined or withdrawn, unless the court orders otherwise.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52"><num>52</num><heading>Extra-territorial application and jurisdiction to try offences</heading><subsection eId="section-52-1"><num>(1)</num><intro>Sections 32, 33, 34 and 35 apply—</intro><level class="para1" eId="section-52-1-a"><num>(a)</num><content>whether the offence is committed in the United Kingdom or elsewhere,</content></level><level class="para1" eId="section-52-1-b"><num>(b)</num><content>if the offence is committed by an individual, whatever the nationality of the individual committing the offence,</content></level><level class="para1" eId="section-52-1-c"><num>(c)</num><content>if the offence is committed otherwise than by an individual, regardless of whether the body corporate or unincorporated association is formed or recognised under the law of a country or territory outside the United Kingdom.</content></level></subsection><subsection eId="section-52-2"><num>(2)</num><intro>Where an offence under this Part is committed outside the United Kingdom—</intro><level class="para1" eId="section-52-2-a"><num>(a)</num><content>proceedings for the offence may be taken at any place in the United Kingdom, and</content></level><level class="para1" eId="section-52-2-b"><num>(b)</num><content>the offence may for all incidental purposes be treated as having been committed at any such place.</content></level></subsection><subsection eId="section-52-3"><num>(3)</num><intro>In the application of subsection (2) to Scotland, any such proceedings against a person may be taken—</intro><level class="para1" eId="section-52-3-a"><num>(a)</num><content>in any sheriff court district in which the person is apprehended or is in custody, or</content></level><level class="para1" eId="section-52-3-b"><num>(b)</num><content>in such sheriff court district as the Lord Advocate may determine.</content></level></subsection><subsection eId="section-52-4"><num>(4)</num><content>In subsection (3) “<term refersTo="#term-sheriff-court-district" eId="term-sheriff-court-district">sheriff court district</term>” is to be read in accordance with the Criminal Procedure (Scotland) Act 1995 (see section 307(1) of that Act).</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-1"><num>(1)</num><intro>Sections 32, 33, 34 and 35 apply—</intro><level class="para1" eId="section-52-1-a"><num>(a)</num><content>whether the offence is committed in the United Kingdom or elsewhere,</content></level><level class="para1" eId="section-52-1-b"><num>(b)</num><content>if the offence is committed by an individual, whatever the nationality of the individual committing the offence,</content></level><level class="para1" eId="section-52-1-c"><num>(c)</num><content>if the offence is committed otherwise than by an individual, regardless of whether the body corporate or unincorporated association is formed or recognised under the law of a country or territory outside the United Kingdom.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-2"><num>(2)</num><intro>Where an offence under this Part is committed outside the United Kingdom—</intro><level class="para1" eId="section-52-2-a"><num>(a)</num><content>proceedings for the offence may be taken at any place in the United Kingdom, and</content></level><level class="para1" eId="section-52-2-b"><num>(b)</num><content>the offence may for all incidental purposes be treated as having been committed at any such place.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-3"><num>(3)</num><intro>In the application of subsection (2) to Scotland, any such proceedings against a person may be taken—</intro><level class="para1" eId="section-52-3-a"><num>(a)</num><content>in any sheriff court district in which the person is apprehended or is in custody, or</content></level><level class="para1" eId="section-52-3-b"><num>(b)</num><content>in such sheriff court district as the Lord Advocate may determine.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-4"><num>(4)</num><content>In subsection (3) “<term refersTo="#term-sheriff-court-district" eId="term-sheriff-court-district">sheriff court district</term>” is to be read in accordance with the Criminal Procedure (Scotland) Act 1995 (see section 307(1) of that Act).</content></subsection>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-4"><num>PART 4</num><heading>Miscellaneous</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-administrative-requirements"><heading>Administrative requirements</heading><section eId="section-53"><num>53</num><heading>Procedure for service, etc</heading><subsection eId="section-53-1"><num>(1)</num><content>The Secretary of State may by regulations make provision for the procedure which must be followed when a provision of or made under this Act requires or allows a notice, order, notification or document of any kind to be given or served.</content></subsection><subsection eId="section-53-2"><num>(2)</num><intro>The regulations may, in particular, make provision—</intro><level class="para1" eId="section-53-2-a"><num>(a)</num><content>as to the manner in which a document must be given or served,</content></level><level class="para1" eId="section-53-2-b"><num>(b)</num><content>as to the address to which a document must be sent,</content></level><level class="para1" eId="section-53-2-c"><num>(c)</num><content>requiring, or allowing, a document to be sent electronically,</content></level><level class="para1" eId="section-53-2-d"><num>(d)</num><content>for treating a document as having been given, received or served on a date or at a time determined in accordance with the regulations,</content></level><level class="para1" eId="section-53-2-e"><num>(e)</num><content>as to what must, or may, be done if a sender or an intended recipient is not an individual,</content></level><level class="para1" eId="section-53-2-f"><num>(f)</num><content>as to what must, or may, be done if a person is treated by virtue of Schedule 1 as holding an interest or right for the purposes of this Act,</content></level><level class="para1" eId="section-53-2-g"><num>(g)</num><content>as to what must, or may, be done if a sender or an intended recipient is outside the United Kingdom.</content></level></subsection><subsection eId="section-53-3"><num>(3)</num><content>Section 7 of the Interpretation Act 1978 (service of notice by post) has effect in relation to provisions made under this Act subject to any provision made by regulations under this section.</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-information-gateways"><heading>Information gateways</heading><section eId="section-54"><num>54</num><heading>Disclosure of information</heading><subsection eId="section-54-1"><num>(1)</num><content>A public authority may disclose information to the Secretary of State for the purpose of facilitating the exercise by the Secretary of State of functions under this Act.</content></subsection><subsection eId="section-54-2"><num>(2)</num><intro>The Secretary of State may disclose information received under this Act to a public authority or an overseas public authority—</intro><level class="para1" eId="section-54-2-a"><num>(a)</num><content>for the purpose of facilitating the exercise by the Secretary of State of functions under this Act,</content></level><level class="para1" eId="section-54-2-b"><num>(b)</num><content>for the prevention or detection of crime,</content></level><level class="para1" eId="section-54-2-c"><num>(c)</num><content>for the purposes of a criminal investigation,</content></level><level class="para1" eId="section-54-2-d"><num>(d)</num><content>for the purposes of criminal proceedings,</content></level><level class="para1" eId="section-54-2-e"><num>(e)</num><content>for the purposes of civil proceedings under this Act, or</content></level><level class="para1" eId="section-54-2-f"><num>(f)</num><content>for the purpose of protecting national security.</content></level></subsection><subsection eId="section-54-3"><num>(3)</num><content>The Secretary of State may also disclose such information to an overseas public authority for the purpose of the exercise of corresponding functions of overseas public authorities.</content></subsection><subsection eId="section-54-4"><num>(4)</num><intro>A person who receives information under subsection (2) or (3) may not—</intro><level class="para1" eId="section-54-4-a"><num>(a)</num><content>use the information for a purpose other than the purpose for which it was disclosed, or</content></level><level class="para1" eId="section-54-4-b"><num>(b)</num><content>further disclose the information,</content></level><wrapUp>except with the consent of the Secretary of State (which may be general or specific).</wrapUp></subsection><subsection eId="section-54-5"><num>(5)</num><content>Subsection (4) does not apply to information to which section 55 applies (information received from HMRC).</content></subsection><subsection eId="section-54-6"><num>(6)</num><content>In deciding whether to disclose information under this section, the Secretary of State must consider whether the disclosure would prejudice, to an unreasonable degree, the commercial interests of any person concerned.</content></subsection><subsection eId="section-54-7"><num>(7)</num><intro>In deciding whether to disclose information to an overseas public authority under this section, the Secretary of State must have regard, in particular, to the following considerations—</intro><level class="para1" eId="section-54-7-a"><num>(a)</num><content>whether the law of the country or territory to whose authority the disclosure would be made provides protection against self-incrimination in criminal proceedings which corresponds to the protection provided in any part of the United Kingdom, and</content></level><level class="para1" eId="section-54-7-b"><num>(b)</num><content>whether the matter in respect of which the disclosure is sought is sufficiently serious to justify making the disclosure.</content></level></subsection><subsection eId="section-54-8"><num>(8)</num><intro>Except as provided by section 57, the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-54-8-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level><level class="para1" eId="section-54-8-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level></subsection><subsection eId="section-54-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-overseas-public-authority" eId="term-overseas-public-authority">overseas public authority</term>” means a person in any country or territory outside the United Kingdom which appears to the Secretary of State to exercise functions of a public nature which—</intro><level class="para1"><num>(a)</num><content>correspond to the functions of the Secretary of State under this Act, or</content></level><level class="para1"><num>(b)</num><content>relate to any of the purposes mentioned in paragraphs (b) to (f) of subsection (2),</content></level></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-public-authority" eId="term-public-authority">public authority</term>” has the same meaning as in section 6 of the Human Rights Act 1998.</content></hcontainer></subsection></section><section eId="section-55"><num>55</num><heading>Disclosure of information held by HMRC</heading><subsection eId="section-55-1"><num>(1)</num><intro>A person who receives information disclosed under section 54 by Her Majesty's Revenue and Customs (or anyone acting on their behalf) may not—</intro><level class="para1" eId="section-55-1-a"><num>(a)</num><content>use the information for a purpose other than the purpose mentioned in section 54(1), or</content></level><level class="para1" eId="section-55-1-b"><num>(b)</num><content>further disclose the information,</content></level><wrapUp>except with the consent of the Commissioners for Her Majesty's Revenue and Customs (which may be general or specific).</wrapUp></subsection><subsection eId="section-55-2"><num>(2)</num><intro>If a person discloses information in contravention of subsection (1)(b) which relates to a person whose identity—</intro><level class="para1" eId="section-55-2-a"><num>(a)</num><content>is specified in the disclosure, or</content></level><level class="para1" eId="section-55-2-b"><num>(b)</num><content>can be deduced from it,</content></level><wrapUp>section 19 of the Commissioners for Revenue and Customs Act 2005 (offence of wrongful disclosure) applies in relation to that disclosure as it applies in relation to a disclosure of information in contravention of section 20(9) of that Act (and, accordingly, section 35 of this Act does not apply to that disclosure).</wrapUp></subsection><subsection eId="section-55-3"><num>(3)</num><intro>Except as provided by section 57, the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-55-3-a"><num>(a)</num><content>any obligation of confidence owed by the person disclosing the information, or</content></level><level class="para1" eId="section-55-3-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-cma-information"><heading>CMA information</heading><section eId="section-56"><num>56</num><heading>Duty of CMA to provide information and assistance</heading><intro>The Competition and Markets Authority must give the Secretary of State—</intro><level class="para1" eId="section-56-a"><num>(a)</num><content>such information in its possession as the Secretary of State may by direction reasonably require to enable the Secretary of State to exercise functions under this Act,</content></level><level class="para1" eId="section-56-b"><num>(b)</num><content>any other assistance which the Secretary of State may by direction reasonably require for the purpose of facilitating the exercise by the Secretary of State of functions under this Act and which it is within the power of the Authority to give.</content></level></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-data-protection"><heading>Data protection</heading><section eId="section-57"><num>57</num><heading>Data protection</heading><subsection eId="section-57-1"><num>(1)</num><content>This section applies to a duty or power to disclose or use information where the duty or power is imposed or conferred by or under any provision of Parts 1 to 4 of this Act.</content></subsection><subsection eId="section-57-2"><num>(2)</num><intro>A duty or power to which this section applies does not operate to require or authorise the disclosure or use of information if the disclosure or use—</intro><level class="para1" eId="section-57-2-a"><num>(a)</num><content>would contravene the data protection legislation (but the duty or power is to be taken into account in determining whether the disclosure or use would contravene that legislation), or</content></level><level class="para1" eId="section-57-2-b"><num>(b)</num><content>is prohibited by any of Parts 1 to 7 of, or Chapter 1 of Part 9 of, the Investigatory Powers Act 2016.</content></level></subsection><subsection eId="section-57-3"><num>(3)</num><content>In this section “<term refersTo="#term-data-protection-legislation" eId="term-data-protection-legislation">data protection legislation</term>” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).</content></subsection></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-minor-amendments-etc"><heading>Minor amendments, etc</heading><section eId="section-58"><num>58</num><heading>Minor and consequential amendments and revocations</heading><content>Schedule 2 contains minor amendments and amendments and revocations which are consequential on this Act.</content></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-disclosure-of-information-under-the-enterprise-act-2002"><heading>Disclosure of information under the Enterprise Act 2002</heading><section eId="section-59"><num>59</num><heading>Overseas information disclosure</heading><content>In section 243(3)(d) of the Enterprise Act 2002, omit “3 or”.</content></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-defamation"><heading>Defamation</heading><section eId="section-60"><num>60</num><heading>Defamation</heading><content>For the purposes of the law relating to defamation, absolute privilege attaches to any notice or direction given, or decision, report or order made, by the Secretary of State or the Competition and Markets Authority in the exercise of functions under or by virtue of this Act.</content></section></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-annual-report"><heading>Annual report</heading><section eId="section-61"><num>61</num><heading>Annual report</heading><subsection eId="section-61-1"><num>(1)</num><intro>The Secretary of State must, in relation to each relevant period—</intro><level class="para1" eId="section-61-1-a"><num>(a)</num><content>prepare a report in accordance with this section, and</content></level><level class="para1" eId="section-61-1-b"><num>(b)</num><content>lay a copy of it before each House of Parliament as soon as is practicable after the end of that period.</content></level></subsection><subsection eId="section-61-2"><num>(2)</num><intro>Each report must provide details of—</intro><level class="para1" eId="section-61-2-a"><num>(a)</num><content>the expenditure incurred by the Secretary of State in giving, or in connection with giving, financial assistance falling within section 30,</content></level><level class="para1" eId="section-61-2-b"><num>(b)</num><content>the amount of the actual or contingent liabilities of the Secretary of State at the end of the relevant period in respect of such financial assistance,</content></level><level class="para1" eId="section-61-2-c"><num>(c)</num><content>the number of mandatory notices accepted,</content></level><level class="para1" eId="section-61-2-d"><num>(d)</num><content>the number of mandatory notices rejected,</content></level><level class="para1" eId="section-61-2-e"><num>(e)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-e-i"><num>(i)</num><content>from receipt of a mandatory notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-e-ii"><num>(ii)</num><content>from receipt of a mandatory notice to giving written reasons for a decision to reject that notice,</content></level></level><level class="para1" eId="section-61-2-f"><num>(f)</num><content>the sectors of the economy in relation to which mandatory notices were given,</content></level><level class="para1" eId="section-61-2-g"><num>(g)</num><content>the number of voluntary notices accepted,</content></level><level class="para1" eId="section-61-2-h"><num>(h)</num><content>the number of voluntary notices rejected,</content></level><level class="para1" eId="section-61-2-i"><num>(i)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-i-i"><num>(i)</num><content>from receipt of a voluntary notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-i-ii"><num>(ii)</num><content>from receipt of a voluntary notice to giving written reasons for a decision to reject that notice,</content></level></level><level class="para1" eId="section-61-2-j"><num>(j)</num><content>the sectors of the economy in relation to which voluntary notices were given,</content></level><level class="para1" eId="section-61-2-k"><num>(k)</num><content>the number of call-in notices given,</content></level><level class="para1" eId="section-61-2-l"><num>(l)</num><content>the sectors of the economy in relation to which call-in notices were given,</content></level><level class="para1" eId="section-61-2-m"><num>(m)</num><content>the number of final notifications given,</content></level><level class="para1" eId="section-61-2-n"><num>(n)</num><content>the number of final orders made,</content></level><level class="para1" eId="section-61-2-o"><num>(o)</num><content>the number of final orders varied,</content></level><level class="para1" eId="section-61-2-p"><num>(p)</num><content>the number of final orders revoked.</content></level></subsection><subsection eId="section-61-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-period" eId="term-relevant-period">Relevant period</term>” means—</intro><level class="para1" eId="section-61-3-a"><num>(a)</num><content>the period beginning with the day on which this section comes into force and ending with the following 31 March, and</content></level><level class="para1" eId="section-61-3-b"><num>(b)</num><content>each subsequent period of 12 months.</content></level></subsection></section></hcontainer></part>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53"><num>53</num><heading>Procedure for service, etc</heading><subsection eId="section-53-1"><num>(1)</num><content>The Secretary of State may by regulations make provision for the procedure which must be followed when a provision of or made under this Act requires or allows a notice, order, notification or document of any kind to be given or served.</content></subsection><subsection eId="section-53-2"><num>(2)</num><intro>The regulations may, in particular, make provision—</intro><level class="para1" eId="section-53-2-a"><num>(a)</num><content>as to the manner in which a document must be given or served,</content></level><level class="para1" eId="section-53-2-b"><num>(b)</num><content>as to the address to which a document must be sent,</content></level><level class="para1" eId="section-53-2-c"><num>(c)</num><content>requiring, or allowing, a document to be sent electronically,</content></level><level class="para1" eId="section-53-2-d"><num>(d)</num><content>for treating a document as having been given, received or served on a date or at a time determined in accordance with the regulations,</content></level><level class="para1" eId="section-53-2-e"><num>(e)</num><content>as to what must, or may, be done if a sender or an intended recipient is not an individual,</content></level><level class="para1" eId="section-53-2-f"><num>(f)</num><content>as to what must, or may, be done if a person is treated by virtue of Schedule 1 as holding an interest or right for the purposes of this Act,</content></level><level class="para1" eId="section-53-2-g"><num>(g)</num><content>as to what must, or may, be done if a sender or an intended recipient is outside the United Kingdom.</content></level></subsection><subsection eId="section-53-3"><num>(3)</num><content>Section 7 of the Interpretation Act 1978 (service of notice by post) has effect in relation to provisions made under this Act subject to any provision made by regulations under this section.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-1"><num>(1)</num><content>The Secretary of State may by regulations make provision for the procedure which must be followed when a provision of or made under this Act requires or allows a notice, order, notification or document of any kind to be given or served.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-2"><num>(2)</num><intro>The regulations may, in particular, make provision—</intro><level class="para1" eId="section-53-2-a"><num>(a)</num><content>as to the manner in which a document must be given or served,</content></level><level class="para1" eId="section-53-2-b"><num>(b)</num><content>as to the address to which a document must be sent,</content></level><level class="para1" eId="section-53-2-c"><num>(c)</num><content>requiring, or allowing, a document to be sent electronically,</content></level><level class="para1" eId="section-53-2-d"><num>(d)</num><content>for treating a document as having been given, received or served on a date or at a time determined in accordance with the regulations,</content></level><level class="para1" eId="section-53-2-e"><num>(e)</num><content>as to what must, or may, be done if a sender or an intended recipient is not an individual,</content></level><level class="para1" eId="section-53-2-f"><num>(f)</num><content>as to what must, or may, be done if a person is treated by virtue of Schedule 1 as holding an interest or right for the purposes of this Act,</content></level><level class="para1" eId="section-53-2-g"><num>(g)</num><content>as to what must, or may, be done if a sender or an intended recipient is outside the United Kingdom.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-a"><num>(a)</num><content>as to the manner in which a document must be given or served,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-b"><num>(b)</num><content>as to the address to which a document must be sent,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-c"><num>(c)</num><content>requiring, or allowing, a document to be sent electronically,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-d"><num>(d)</num><content>for treating a document as having been given, received or served on a date or at a time determined in accordance with the regulations,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-e"><num>(e)</num><content>as to what must, or may, be done if a sender or an intended recipient is not an individual,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-f"><num>(f)</num><content>as to what must, or may, be done if a person is treated by virtue of Schedule 1 as holding an interest or right for the purposes of this Act,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-2-g"><num>(g)</num><content>as to what must, or may, be done if a sender or an intended recipient is outside the United Kingdom.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-3"><num>(3)</num><content>Section 7 of the Interpretation Act 1978 (service of notice by post) has effect in relation to provisions made under this Act subject to any provision made by regulations under this section.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54"><num>54</num><heading>Disclosure of information</heading><subsection eId="section-54-1"><num>(1)</num><content>A public authority may disclose information to the Secretary of State for the purpose of facilitating the exercise by the Secretary of State of functions under this Act.</content></subsection><subsection eId="section-54-2"><num>(2)</num><intro>The Secretary of State may disclose information received under this Act to a public authority or an overseas public authority—</intro><level class="para1" eId="section-54-2-a"><num>(a)</num><content>for the purpose of facilitating the exercise by the Secretary of State of functions under this Act,</content></level><level class="para1" eId="section-54-2-b"><num>(b)</num><content>for the prevention or detection of crime,</content></level><level class="para1" eId="section-54-2-c"><num>(c)</num><content>for the purposes of a criminal investigation,</content></level><level class="para1" eId="section-54-2-d"><num>(d)</num><content>for the purposes of criminal proceedings,</content></level><level class="para1" eId="section-54-2-e"><num>(e)</num><content>for the purposes of civil proceedings under this Act, or</content></level><level class="para1" eId="section-54-2-f"><num>(f)</num><content>for the purpose of protecting national security.</content></level></subsection><subsection eId="section-54-3"><num>(3)</num><content>The Secretary of State may also disclose such information to an overseas public authority for the purpose of the exercise of corresponding functions of overseas public authorities.</content></subsection><subsection eId="section-54-4"><num>(4)</num><intro>A person who receives information under subsection (2) or (3) may not—</intro><level class="para1" eId="section-54-4-a"><num>(a)</num><content>use the information for a purpose other than the purpose for which it was disclosed, or</content></level><level class="para1" eId="section-54-4-b"><num>(b)</num><content>further disclose the information,</content></level><wrapUp>except with the consent of the Secretary of State (which may be general or specific).</wrapUp></subsection><subsection eId="section-54-5"><num>(5)</num><content>Subsection (4) does not apply to information to which section 55 applies (information received from HMRC).</content></subsection><subsection eId="section-54-6"><num>(6)</num><content>In deciding whether to disclose information under this section, the Secretary of State must consider whether the disclosure would prejudice, to an unreasonable degree, the commercial interests of any person concerned.</content></subsection><subsection eId="section-54-7"><num>(7)</num><intro>In deciding whether to disclose information to an overseas public authority under this section, the Secretary of State must have regard, in particular, to the following considerations—</intro><level class="para1" eId="section-54-7-a"><num>(a)</num><content>whether the law of the country or territory to whose authority the disclosure would be made provides protection against self-incrimination in criminal proceedings which corresponds to the protection provided in any part of the United Kingdom, and</content></level><level class="para1" eId="section-54-7-b"><num>(b)</num><content>whether the matter in respect of which the disclosure is sought is sufficiently serious to justify making the disclosure.</content></level></subsection><subsection eId="section-54-8"><num>(8)</num><intro>Except as provided by section 57, the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-54-8-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level><level class="para1" eId="section-54-8-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level></subsection><subsection eId="section-54-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-overseas-public-authority" eId="term-overseas-public-authority">overseas public authority</term>” means a person in any country or territory outside the United Kingdom which appears to the Secretary of State to exercise functions of a public nature which—</intro><level class="para1"><num>(a)</num><content>correspond to the functions of the Secretary of State under this Act, or</content></level><level class="para1"><num>(b)</num><content>relate to any of the purposes mentioned in paragraphs (b) to (f) of subsection (2),</content></level></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-public-authority" eId="term-public-authority">public authority</term>” has the same meaning as in section 6 of the Human Rights Act 1998.</content></hcontainer></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-1"><num>(1)</num><content>A public authority may disclose information to the Secretary of State for the purpose of facilitating the exercise by the Secretary of State of functions under this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-2"><num>(2)</num><intro>The Secretary of State may disclose information received under this Act to a public authority or an overseas public authority—</intro><level class="para1" eId="section-54-2-a"><num>(a)</num><content>for the purpose of facilitating the exercise by the Secretary of State of functions under this Act,</content></level><level class="para1" eId="section-54-2-b"><num>(b)</num><content>for the prevention or detection of crime,</content></level><level class="para1" eId="section-54-2-c"><num>(c)</num><content>for the purposes of a criminal investigation,</content></level><level class="para1" eId="section-54-2-d"><num>(d)</num><content>for the purposes of criminal proceedings,</content></level><level class="para1" eId="section-54-2-e"><num>(e)</num><content>for the purposes of civil proceedings under this Act, or</content></level><level class="para1" eId="section-54-2-f"><num>(f)</num><content>for the purpose of protecting national security.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-a"><num>(a)</num><content>for the purpose of facilitating the exercise by the Secretary of State of functions under this Act,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-b"><num>(b)</num><content>for the prevention or detection of crime,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-c"><num>(c)</num><content>for the purposes of a criminal investigation,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-d"><num>(d)</num><content>for the purposes of criminal proceedings,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-e"><num>(e)</num><content>for the purposes of civil proceedings under this Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-2-f"><num>(f)</num><content>for the purpose of protecting national security.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-3"><num>(3)</num><content>The Secretary of State may also disclose such information to an overseas public authority for the purpose of the exercise of corresponding functions of overseas public authorities.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-4"><num>(4)</num><intro>A person who receives information under subsection (2) or (3) may not—</intro><level class="para1" eId="section-54-4-a"><num>(a)</num><content>use the information for a purpose other than the purpose for which it was disclosed, or</content></level><level class="para1" eId="section-54-4-b"><num>(b)</num><content>further disclose the information,</content></level><wrapUp>except with the consent of the Secretary of State (which may be general or specific).</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-5"><num>(5)</num><content>Subsection (4) does not apply to information to which section 55 applies (information received from HMRC).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-6"><num>(6)</num><content>In deciding whether to disclose information under this section, the Secretary of State must consider whether the disclosure would prejudice, to an unreasonable degree, the commercial interests of any person concerned.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-7"><num>(7)</num><intro>In deciding whether to disclose information to an overseas public authority under this section, the Secretary of State must have regard, in particular, to the following considerations—</intro><level class="para1" eId="section-54-7-a"><num>(a)</num><content>whether the law of the country or territory to whose authority the disclosure would be made provides protection against self-incrimination in criminal proceedings which corresponds to the protection provided in any part of the United Kingdom, and</content></level><level class="para1" eId="section-54-7-b"><num>(b)</num><content>whether the matter in respect of which the disclosure is sought is sufficiently serious to justify making the disclosure.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-8"><num>(8)</num><intro>Except as provided by section 57, the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-54-8-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level><level class="para1" eId="section-54-8-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-9"><num>(9)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-overseas-public-authority" eId="term-overseas-public-authority">overseas public authority</term>” means a person in any country or territory outside the United Kingdom which appears to the Secretary of State to exercise functions of a public nature which—</intro><level class="para1"><num>(a)</num><content>correspond to the functions of the Secretary of State under this Act, or</content></level><level class="para1"><num>(b)</num><content>relate to any of the purposes mentioned in paragraphs (b) to (f) of subsection (2),</content></level></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-public-authority" eId="term-public-authority">public authority</term>” has the same meaning as in section 6 of the Human Rights Act 1998.</content></hcontainer></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(c)</num><content>an undertaking in the course of which goods or services are supplied otherwise than free of charge, and</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-body" eId="term-body">body</term>” means a body corporate, a partnership or an unincorporated association other than a partnership,</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-qualifying-entity" eId="term-qualifying-entity">qualifying entity</term>” has the meaning given by section 7(2),</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-overseas-public-authority" eId="term-overseas-public-authority">overseas public authority</term>” means a person in any country or territory outside the United Kingdom which appears to the Secretary of State to exercise functions of a public nature which—</intro><level class="para1"><num>(a)</num><content>correspond to the functions of the Secretary of State under this Act, or</content></level><level class="para1"><num>(b)</num><content>relate to any of the purposes mentioned in paragraphs (b) to (f) of subsection (2),</content></level></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55"><num>55</num><heading>Disclosure of information held by HMRC</heading><subsection eId="section-55-1"><num>(1)</num><intro>A person who receives information disclosed under section 54 by Her Majesty's Revenue and Customs (or anyone acting on their behalf) may not—</intro><level class="para1" eId="section-55-1-a"><num>(a)</num><content>use the information for a purpose other than the purpose mentioned in section 54(1), or</content></level><level class="para1" eId="section-55-1-b"><num>(b)</num><content>further disclose the information,</content></level><wrapUp>except with the consent of the Commissioners for Her Majesty's Revenue and Customs (which may be general or specific).</wrapUp></subsection><subsection eId="section-55-2"><num>(2)</num><intro>If a person discloses information in contravention of subsection (1)(b) which relates to a person whose identity—</intro><level class="para1" eId="section-55-2-a"><num>(a)</num><content>is specified in the disclosure, or</content></level><level class="para1" eId="section-55-2-b"><num>(b)</num><content>can be deduced from it,</content></level><wrapUp>section 19 of the Commissioners for Revenue and Customs Act 2005 (offence of wrongful disclosure) applies in relation to that disclosure as it applies in relation to a disclosure of information in contravention of section 20(9) of that Act (and, accordingly, section 35 of this Act does not apply to that disclosure).</wrapUp></subsection><subsection eId="section-55-3"><num>(3)</num><intro>Except as provided by section 57, the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-55-3-a"><num>(a)</num><content>any obligation of confidence owed by the person disclosing the information, or</content></level><level class="para1" eId="section-55-3-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-1"><num>(1)</num><intro>A person who receives information disclosed under section 54 by Her Majesty's Revenue and Customs (or anyone acting on their behalf) may not—</intro><level class="para1" eId="section-55-1-a"><num>(a)</num><content>use the information for a purpose other than the purpose mentioned in section 54(1), or</content></level><level class="para1" eId="section-55-1-b"><num>(b)</num><content>further disclose the information,</content></level><wrapUp>except with the consent of the Commissioners for Her Majesty's Revenue and Customs (which may be general or specific).</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-2"><num>(2)</num><intro>If a person discloses information in contravention of subsection (1)(b) which relates to a person whose identity—</intro><level class="para1" eId="section-55-2-a"><num>(a)</num><content>is specified in the disclosure, or</content></level><level class="para1" eId="section-55-2-b"><num>(b)</num><content>can be deduced from it,</content></level><wrapUp>section 19 of the Commissioners for Revenue and Customs Act 2005 (offence of wrongful disclosure) applies in relation to that disclosure as it applies in relation to a disclosure of information in contravention of section 20(9) of that Act (and, accordingly, section 35 of this Act does not apply to that disclosure).</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-3"><num>(3)</num><intro>Except as provided by section 57, the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-55-3-a"><num>(a)</num><content>any obligation of confidence owed by the person disclosing the information, or</content></level><level class="para1" eId="section-55-3-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57"><num>57</num><heading>Data protection</heading><subsection eId="section-57-1"><num>(1)</num><content>This section applies to a duty or power to disclose or use information where the duty or power is imposed or conferred by or under any provision of Parts 1 to 4 of this Act.</content></subsection><subsection eId="section-57-2"><num>(2)</num><intro>A duty or power to which this section applies does not operate to require or authorise the disclosure or use of information if the disclosure or use—</intro><level class="para1" eId="section-57-2-a"><num>(a)</num><content>would contravene the data protection legislation (but the duty or power is to be taken into account in determining whether the disclosure or use would contravene that legislation), or</content></level><level class="para1" eId="section-57-2-b"><num>(b)</num><content>is prohibited by any of Parts 1 to 7 of, or Chapter 1 of Part 9 of, the Investigatory Powers Act 2016.</content></level></subsection><subsection eId="section-57-3"><num>(3)</num><content>In this section “<term refersTo="#term-data-protection-legislation" eId="term-data-protection-legislation">data protection legislation</term>” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57-1"><num>(1)</num><content>This section applies to a duty or power to disclose or use information where the duty or power is imposed or conferred by or under any provision of Parts 1 to 4 of this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57-2"><num>(2)</num><intro>A duty or power to which this section applies does not operate to require or authorise the disclosure or use of information if the disclosure or use—</intro><level class="para1" eId="section-57-2-a"><num>(a)</num><content>would contravene the data protection legislation (but the duty or power is to be taken into account in determining whether the disclosure or use would contravene that legislation), or</content></level><level class="para1" eId="section-57-2-b"><num>(b)</num><content>is prohibited by any of Parts 1 to 7 of, or Chapter 1 of Part 9 of, the Investigatory Powers Act 2016.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57-3"><num>(3)</num><content>In this section “<term refersTo="#term-data-protection-legislation" eId="term-data-protection-legislation">data protection legislation</term>” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-4-crossheading-disclosure-of-information-under-the-enterprise-act-2002"><heading>Disclosure of information under the Enterprise Act 2002</heading><section eId="section-59"><num>59</num><heading>Overseas information disclosure</heading><content>In section 243(3)(d) of the Enterprise Act 2002, omit “3 or”.</content></section></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61"><num>61</num><heading>Annual report</heading><subsection eId="section-61-1"><num>(1)</num><intro>The Secretary of State must, in relation to each relevant period—</intro><level class="para1" eId="section-61-1-a"><num>(a)</num><content>prepare a report in accordance with this section, and</content></level><level class="para1" eId="section-61-1-b"><num>(b)</num><content>lay a copy of it before each House of Parliament as soon as is practicable after the end of that period.</content></level></subsection><subsection eId="section-61-2"><num>(2)</num><intro>Each report must provide details of—</intro><level class="para1" eId="section-61-2-a"><num>(a)</num><content>the expenditure incurred by the Secretary of State in giving, or in connection with giving, financial assistance falling within section 30,</content></level><level class="para1" eId="section-61-2-b"><num>(b)</num><content>the amount of the actual or contingent liabilities of the Secretary of State at the end of the relevant period in respect of such financial assistance,</content></level><level class="para1" eId="section-61-2-c"><num>(c)</num><content>the number of mandatory notices accepted,</content></level><level class="para1" eId="section-61-2-d"><num>(d)</num><content>the number of mandatory notices rejected,</content></level><level class="para1" eId="section-61-2-e"><num>(e)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-e-i"><num>(i)</num><content>from receipt of a mandatory notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-e-ii"><num>(ii)</num><content>from receipt of a mandatory notice to giving written reasons for a decision to reject that notice,</content></level></level><level class="para1" eId="section-61-2-f"><num>(f)</num><content>the sectors of the economy in relation to which mandatory notices were given,</content></level><level class="para1" eId="section-61-2-g"><num>(g)</num><content>the number of voluntary notices accepted,</content></level><level class="para1" eId="section-61-2-h"><num>(h)</num><content>the number of voluntary notices rejected,</content></level><level class="para1" eId="section-61-2-i"><num>(i)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-i-i"><num>(i)</num><content>from receipt of a voluntary notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-i-ii"><num>(ii)</num><content>from receipt of a voluntary notice to giving written reasons for a decision to reject that notice,</content></level></level><level class="para1" eId="section-61-2-j"><num>(j)</num><content>the sectors of the economy in relation to which voluntary notices were given,</content></level><level class="para1" eId="section-61-2-k"><num>(k)</num><content>the number of call-in notices given,</content></level><level class="para1" eId="section-61-2-l"><num>(l)</num><content>the sectors of the economy in relation to which call-in notices were given,</content></level><level class="para1" eId="section-61-2-m"><num>(m)</num><content>the number of final notifications given,</content></level><level class="para1" eId="section-61-2-n"><num>(n)</num><content>the number of final orders made,</content></level><level class="para1" eId="section-61-2-o"><num>(o)</num><content>the number of final orders varied,</content></level><level class="para1" eId="section-61-2-p"><num>(p)</num><content>the number of final orders revoked.</content></level></subsection><subsection eId="section-61-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-period" eId="term-relevant-period">Relevant period</term>” means—</intro><level class="para1" eId="section-61-3-a"><num>(a)</num><content>the period beginning with the day on which this section comes into force and ending with the following 31 March, and</content></level><level class="para1" eId="section-61-3-b"><num>(b)</num><content>each subsequent period of 12 months.</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-1"><num>(1)</num><intro>The Secretary of State must, in relation to each relevant period—</intro><level class="para1" eId="section-61-1-a"><num>(a)</num><content>prepare a report in accordance with this section, and</content></level><level class="para1" eId="section-61-1-b"><num>(b)</num><content>lay a copy of it before each House of Parliament as soon as is practicable after the end of that period.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-2"><num>(2)</num><intro>Each report must provide details of—</intro><level class="para1" eId="section-61-2-a"><num>(a)</num><content>the expenditure incurred by the Secretary of State in giving, or in connection with giving, financial assistance falling within section 30,</content></level><level class="para1" eId="section-61-2-b"><num>(b)</num><content>the amount of the actual or contingent liabilities of the Secretary of State at the end of the relevant period in respect of such financial assistance,</content></level><level class="para1" eId="section-61-2-c"><num>(c)</num><content>the number of mandatory notices accepted,</content></level><level class="para1" eId="section-61-2-d"><num>(d)</num><content>the number of mandatory notices rejected,</content></level><level class="para1" eId="section-61-2-e"><num>(e)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-e-i"><num>(i)</num><content>from receipt of a mandatory notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-e-ii"><num>(ii)</num><content>from receipt of a mandatory notice to giving written reasons for a decision to reject that notice,</content></level></level><level class="para1" eId="section-61-2-f"><num>(f)</num><content>the sectors of the economy in relation to which mandatory notices were given,</content></level><level class="para1" eId="section-61-2-g"><num>(g)</num><content>the number of voluntary notices accepted,</content></level><level class="para1" eId="section-61-2-h"><num>(h)</num><content>the number of voluntary notices rejected,</content></level><level class="para1" eId="section-61-2-i"><num>(i)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-i-i"><num>(i)</num><content>from receipt of a voluntary notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-i-ii"><num>(ii)</num><content>from receipt of a voluntary notice to giving written reasons for a decision to reject that notice,</content></level></level><level class="para1" eId="section-61-2-j"><num>(j)</num><content>the sectors of the economy in relation to which voluntary notices were given,</content></level><level class="para1" eId="section-61-2-k"><num>(k)</num><content>the number of call-in notices given,</content></level><level class="para1" eId="section-61-2-l"><num>(l)</num><content>the sectors of the economy in relation to which call-in notices were given,</content></level><level class="para1" eId="section-61-2-m"><num>(m)</num><content>the number of final notifications given,</content></level><level class="para1" eId="section-61-2-n"><num>(n)</num><content>the number of final orders made,</content></level><level class="para1" eId="section-61-2-o"><num>(o)</num><content>the number of final orders varied,</content></level><level class="para1" eId="section-61-2-p"><num>(p)</num><content>the number of final orders revoked.</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-a"><num>(a)</num><content>the expenditure incurred by the Secretary of State in giving, or in connection with giving, financial assistance falling within section 30,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-b"><num>(b)</num><content>the amount of the actual or contingent liabilities of the Secretary of State at the end of the relevant period in respect of such financial assistance,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-c"><num>(c)</num><content>the number of mandatory notices accepted,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-d"><num>(d)</num><content>the number of mandatory notices rejected,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-e"><num>(e)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-e-i"><num>(i)</num><content>from receipt of a mandatory notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-e-ii"><num>(ii)</num><content>from receipt of a mandatory notice to giving written reasons for a decision to reject that notice,</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-f"><num>(f)</num><content>the sectors of the economy in relation to which mandatory notices were given,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-g"><num>(g)</num><content>the number of voluntary notices accepted,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-h"><num>(h)</num><content>the number of voluntary notices rejected,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-i"><num>(i)</num><intro>the average number of working days—</intro><level class="para2" eId="section-61-2-i-i"><num>(i)</num><content>from receipt of a voluntary notice to notification of a decision to accept that notice, and</content></level><level class="para2" eId="section-61-2-i-ii"><num>(ii)</num><content>from receipt of a voluntary notice to giving written reasons for a decision to reject that notice,</content></level></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-j"><num>(j)</num><content>the sectors of the economy in relation to which voluntary notices were given,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-k"><num>(k)</num><content>the number of call-in notices given,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-l"><num>(l)</num><content>the sectors of the economy in relation to which call-in notices were given,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-m"><num>(m)</num><content>the number of final notifications given,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-n"><num>(n)</num><content>the number of final orders made,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-o"><num>(o)</num><content>the number of final orders varied,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-p"><num>(p)</num><content>the number of final orders revoked.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-period" eId="term-relevant-period">Relevant period</term>” means—</intro><level class="para1" eId="section-61-3-a"><num>(a)</num><content>the period beginning with the day on which this section comes into force and ending with the following 31 March, and</content></level><level class="para1" eId="section-61-3-b"><num>(b)</num><content>each subsequent period of 12 months.</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62"><num>62</num><heading>Transitional and saving provision in relation to the Enterprise Act 2002</heading><subsection eId="section-62-1"><num>(1)</num><content>Nothing in this Act has effect in relation to anything that took place before 12 November 2020.</content></subsection><subsection eId="section-62-2"><num>(2)</num><content>Subsections (3) and (4) apply in relation to events which constitute a trigger event described in section 2(4), unless any action has been taken under this Act in relation to the events.</content></subsection><subsection eId="section-62-3"><num>(3)</num><intro>If, disregarding the effect of any amendment made by this Act to the Enterprise Act 2002, the Secretary of State could, in relation to the events—</intro><level class="para1" eId="section-62-3-a"><num>(a)</num><content>give an intervention notice under section 42(2) of that Act,</content></level><level class="para1" eId="section-62-3-b"><num>(b)</num><content>give a special intervention notice under section 59(2) of that Act, or</content></level><level class="para1" eId="section-62-3-c"><num>(c)</num><content>give a European intervention notice under section 67(2) of that Act,</content></level><wrapUp>the Secretary of State may give the notice on or after the day on which this section comes into force.</wrapUp></subsection><subsection eId="section-62-4"><num>(4)</num><intro>If any such notice is given in relation to events to which this section applies—</intro><level class="para1" eId="section-62-4-a"><num>(a)</num><content>before the day on which this section comes into force, or</content></level><level class="para1" eId="section-62-4-b"><num>(b)</num><content>by virtue of subsection (3), on or after the day on which this section comes into force,</content></level><wrapUp>nothing in this Act has effect in relation to the events (and, accordingly, the Enterprise Act 2002 continues to have effect in relation to the events, disregarding the effect of any amendment made by this Act to that Act.)</wrapUp></subsection><subsection eId="section-62-5"><num>(5)</num><content>Regulations under section 66(4)(b) may make further provision for the purposes of this section.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-1"><num>(1)</num><content>Nothing in this Act has effect in relation to anything that took place before 12 November 2020.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-2"><num>(2)</num><content>Subsections (3) and (4) apply in relation to events which constitute a trigger event described in section 2(4), unless any action has been taken under this Act in relation to the events.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-3"><num>(3)</num><intro>If, disregarding the effect of any amendment made by this Act to the Enterprise Act 2002, the Secretary of State could, in relation to the events—</intro><level class="para1" eId="section-62-3-a"><num>(a)</num><content>give an intervention notice under section 42(2) of that Act,</content></level><level class="para1" eId="section-62-3-b"><num>(b)</num><content>give a special intervention notice under section 59(2) of that Act, or</content></level><level class="para1" eId="section-62-3-c"><num>(c)</num><content>give a European intervention notice under section 67(2) of that Act,</content></level><wrapUp>the Secretary of State may give the notice on or after the day on which this section comes into force.</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-4"><num>(4)</num><intro>If any such notice is given in relation to events to which this section applies—</intro><level class="para1" eId="section-62-4-a"><num>(a)</num><content>before the day on which this section comes into force, or</content></level><level class="para1" eId="section-62-4-b"><num>(b)</num><content>by virtue of subsection (3), on or after the day on which this section comes into force,</content></level><wrapUp>nothing in this Act has effect in relation to the events (and, accordingly, the Enterprise Act 2002 continues to have effect in relation to the events, disregarding the effect of any amendment made by this Act to that Act.)</wrapUp></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-5"><num>(5)</num><content>Regulations under section 66(4)(b) may make further provision for the purposes of this section.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63"><num>63</num><heading>Regulations under this Act</heading><subsection eId="section-63-1"><num>(1)</num><content>This section applies to regulations under this Act other than regulations under section 66 (commencement regulations).</content></subsection><subsection eId="section-63-2"><num>(2)</num><content>Regulations are to be made by statutory instrument.</content></subsection><subsection eId="section-63-3"><num>(3)</num><content>Regulations may contain consequential, transitional, transitory or saving provision.</content></subsection><subsection eId="section-63-4"><num>(4)</num><content>Subject to subsection (5), a statutory instrument containing regulations is subject to annulment in pursuance of a resolution of either House of Parliament.</content></subsection><subsection eId="section-63-5"><num>(5)</num><intro>A statutory instrument containing (whether alone or with other provision) regulations under any of the following may not be made unless a draft of it has been laid before Parliament and approved by a resolution of each House—</intro><level class="para1" eId="section-63-5-a"><num>(a)</num><content>section 6(1),</content></level><level class="para1" eId="section-63-5-b"><num>(b)</num><content>section 11(3),</content></level><level class="para1" eId="section-63-5-c"><num>(c)</num><content>section 41(8).</content></level></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-1"><num>(1)</num><content>This section applies to regulations under this Act other than regulations under section 66 (commencement regulations).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-2"><num>(2)</num><content>Regulations are to be made by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-3"><num>(3)</num><content>Regulations may contain consequential, transitional, transitory or saving provision.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-4"><num>(4)</num><content>Subject to subsection (5), a statutory instrument containing regulations is subject to annulment in pursuance of a resolution of either House of Parliament.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-5"><num>(5)</num><intro>A statutory instrument containing (whether alone or with other provision) regulations under any of the following may not be made unless a draft of it has been laid before Parliament and approved by a resolution of each House—</intro><level class="para1" eId="section-63-5-a"><num>(a)</num><content>section 6(1),</content></level><level class="para1" eId="section-63-5-b"><num>(b)</num><content>section 11(3),</content></level><level class="para1" eId="section-63-5-c"><num>(c)</num><content>section 41(8).</content></level></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64"><num>64</num><heading>Financial provision</heading><content>Any expenditure incurred by the Secretary of State under or by virtue of this Act is to be paid out of money provided by Parliament.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-65"><num>65</num><heading>Interpretation</heading><intro>In this Act—</intro><hcontainer name="definition"><content>“<term refersTo="#term-acquirer" eId="term-acquirer">acquirer</term>” has the meaning given by section 5(2),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-assessment-period" eId="term-assessment-period">assessment period</term>” has the meaning given in section 23,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-attendance-notice" eId="term-attendance-notice">attendance notice</term>” means a notice given under section 20(1),</content></hcontainer><hcontainer name="definition"><intro>“<term refersTo="#term-business" eId="term-business">business</term>” includes—</intro><level class="para1"><num>(a)</num><content>a professional practice,</content></level><level class="para1"><num>(b)</num><content>an undertaking which is carried on for gain or reward,</content></level><level class="para1"><num>(c)</num><content>an undertaking in the course of which goods or services are supplied otherwise than free of charge, and</content></level><wrapUp>references to a person carrying on business include references to a person carrying on business in partnership with one or more other persons,</wrapUp></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-call-in-notice" eId="term-call-in-notice">call-in notice</term>” means a notice given under section 1(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-cost-recovery-notice" eId="term-cost-recovery-notice">cost recovery notice</term>” means a notice given under section 45(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-cost-variation-notice" eId="term-cost-variation-notice">cost variation notice</term>” means a notice given under section 46(3),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-final-notification" eId="term-final-notification">final notification</term>” has the meaning given by section 26(2),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-final-order" eId="term-final-order">final order</term>” means an order made under section 26(3),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-information-notice" eId="term-information-notice">information notice</term>” means a notice given under section 19(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-interim-order" eId="term-interim-order">interim order</term>” means an order made under section 25(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-mandatory-notice" eId="term-mandatory-notice">mandatory notice</term>” means a notice given under section 14(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-monetary-penalty" eId="term-monetary-penalty">monetary penalty</term>” has the meaning given by section 40(3),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-notifiable-acquisition" eId="term-notifiable-acquisition">notifiable acquisition</term>” has the meaning given by section 6(2) (and see subsection (3) of that section),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-notifiable-acquisition-regulations" eId="term-notifiable-acquisition-regulations">notifiable acquisition regulations</term>” means regulations made under section 6(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-penalty-notice" eId="term-penalty-notice">penalty notice</term>” means a notice given under section 40(1),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-penalty-variation-notice" eId="term-penalty-variation-notice">penalty variation notice</term>” means a notice given under section 42(3),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-qualifying-asset" eId="term-qualifying-asset">qualifying asset</term>” has the meaning given by section 7(4),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-qualifying-entity" eId="term-qualifying-entity">qualifying entity</term>” has the meaning given by section 7(2),</content></hcontainer><hcontainer name="definition"><content> <ins class="first" ukl:ChangeId="key-f237ff48d3f92b2b84c5ccf5c861dc4b-1687161933798" ukl:CommentaryRef="key-f237ff48d3f92b2b84c5ccf5c861dc4b"><noteRef uk:name="commentary" href="#key-f237ff48d3f92b2b84c5ccf5c861dc4b" class="commentary"/>“</ins><term refersTo="#term-secretary-of-state"><ins ukl:ChangeId="key-f237ff48d3f92b2b84c5ccf5c861dc4b-1687161933798" ukl:CommentaryRef="key-f237ff48d3f92b2b84c5ccf5c861dc4b">Secretary of State</ins></term><ins class="last" ukl:ChangeId="key-f237ff48d3f92b2b84c5ccf5c861dc4b-1687161933798" ukl:CommentaryRef="key-f237ff48d3f92b2b84c5ccf5c861dc4b">” includes the Chancellor of the Duchy of Lancaster,</ins> </content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-the-territorial-sea" eId="term-the-territorial-sea">the territorial sea</term>” means the territorial sea adjacent to the United Kingdom,</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-trigger-event" eId="term-trigger-event">trigger event</term>” has the meaning given by section 5(1) and includes, where the context requires, a trigger event that has not yet taken place,</content></hcontainer><hcontainer name="definition"><intro>“<term refersTo="#term-united-kingdom-national" eId="term-united-kingdom-national">United Kingdom national</term>” means an individual who is—</intro><level class="para1"><num>(a)</num><content>a British citizen, a British overseas territories citizen, a British National (Overseas) or a British Overseas citizen,</content></level><level class="para1"><num>(b)</num><content>a person who under the British Nationality Act 1981 is a British subject, or</content></level><level class="para1"><num>(c)</num><content>a British protected person within the meaning of that Act,</content></level></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-validation-application" eId="term-validation-application">validation application</term>” has the meaning given by section 16(2),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-validation-notice" eId="term-validation-notice">validation notice</term>” means a notice given under section 15(2)(b), 16(7)(b)(ii) or 17(2) (and see section 15(3)),</content></hcontainer><hcontainer name="definition"><content>“<term refersTo="#term-voluntary-notice" eId="term-voluntary-notice">voluntary notice</term>” means a notice given under section 18(2),</content></hcontainer><hcontainer name="definition"><intro>“<term refersTo="#term-working-day" eId="term-working-day">working day</term>”, in relation to a part of the United Kingdom, means a day other than—</intro><level class="para1"><num>(a)</num><content>a Saturday or Sunday, or</content></level><level class="para1"><num>(b)</num><content>a day which is a bank holiday under the Banking and Financial Dealings Act 1971 in that or any other part of the United Kingdom.</content></level></hcontainer></section>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-territorial-sea" eId="term-the-territorial-sea">the territorial sea</term>” means the territorial sea adjacent to the United Kingdom,</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7"><heading>Rights treated as held by person who controls their exercise</heading><paragraph eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-1-paragraph-5-1"><num>(1)</num><content>Where a person controls a right, the right is to be treated as held by that person (and not by the person who in fact holds the right, unless that person also controls it).</content></subparagraph><subparagraph eId="schedule-1-paragraph-5-2"><num>(2)</num><intro>A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only—</intro><level class="para1" eId="schedule-1-paragraph-5-2-a"><num>(a)</num><content>by that person,</content></level><level class="para1" eId="schedule-1-paragraph-5-2-b"><num>(b)</num><content>in accordance with that person’s directions or instructions, or</content></level><level class="para1" eId="schedule-1-paragraph-5-2-c"><num>(c)</num><content>with that person’s consent or concurrence.</content></level></subparagraph></paragraph></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-1-paragraph-5-1"><num>(1)</num><content>Where a person controls a right, the right is to be treated as held by that person (and not by the person who in fact holds the right, unless that person also controls it).</content></subparagraph><subparagraph eId="schedule-1-paragraph-5-2"><num>(2)</num><intro>A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only—</intro><level class="para1" eId="schedule-1-paragraph-5-2-a"><num>(a)</num><content>by that person,</content></level><level class="para1" eId="schedule-1-paragraph-5-2-b"><num>(b)</num><content>in accordance with that person's directions or instructions, or</content></level><level class="para1" eId="schedule-1-paragraph-5-2-c"><num>(c)</num><content>with that person's consent or concurrence.</content></level></subparagraph></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><content>Two or more persons who are connected with each other (within the meaning given by paragraph 9 or 10) are each to be treated as holding the combined interests or rights of both or all of them.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-1-paragraph-9-1"><num>(1)</num><content>Two or more undertakings are connected if they are group undertakings in respect of each other.</content></subparagraph><subparagraph eId="schedule-1-paragraph-9-2"><num>(2)</num><content>In sub-paragraph (1), “<term refersTo="#term-undertaking" eId="term-undertaking">undertaking</term>” and “<term refersTo="#term-group-undertaking" eId="term-group-undertaking">group undertaking</term>” have the same meanings as in the Companies Act 2006 (see section 1161 of that Act).</content></subparagraph></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-1-paragraph-10-1"><num>(1)</num><intro>An individual, A, is connected with another individual, B, if—</intro><level class="para1" eId="schedule-1-paragraph-10-1-a"><num>(a)</num><content>A is B's spouse, civil partner or cohabitee,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-b"><num>(b)</num><content>A is a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-c"><num>(c)</num><content>A is the spouse, civil partner or cohabitee of a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-d"><num>(d)</num><content>A is a relative of B's spouse, civil partner or cohabitee, or</content></level><level class="para1" eId="schedule-1-paragraph-10-1-e"><num>(e)</num><content>A is the spouse, civil partner or cohabitee of a relative of B's spouse, civil partner or cohabitee.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-10-2"><num>(2)</num><intro>For the purposes of sub-paragraph (1)—</intro><level class="para1" eId="schedule-1-paragraph-10-2-a"><num>(a)</num><content>two persons who are living together as if they were a married couple or civil partners are cohabitees,</content></level><level class="para1" eId="schedule-1-paragraph-10-2-b"><num>(b)</num><content>references to a spouse, civil partner or cohabitee include a former spouse, civil partner or cohabitee, and</content></level><level class="para1" eId="schedule-1-paragraph-10-2-c"><num>(c)</num><content>“<term refersTo="#term-relative" eId="term-relative">relative</term>” means a brother, sister, uncle, aunt, nephew, niece, lineal ancestor or descendant (the stepchild of any person, or anyone adopted by a person, whether legally or otherwise, as their child, being regarded as a relative or taken into account to trace a relationship in the same way as that person's child).</content></level></subparagraph></paragraph>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-trigger-event" eId="term-trigger-event">trigger event</term>” has the meaning given by section 5(1) and includes, where the context requires, a trigger event that has not yet taken place,</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>correspond to the functions of the Secretary of State under this Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>an undertaking which is carried on for gain or reward,</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66"><num>66</num><heading>Short title, commencement and extent</heading><subsection eId="section-66-1"><num>(1)</num><content>This Act may be cited as the National Security and Investment Act 2021.</content></subsection><subsection eId="section-66-2"><num>(2)</num><intro>This Part of this Act and the following provisions of this Act (which contain powers to make regulations) come into force on the day on which this Act is passed—</intro><level class="para1" eId="section-66-2-a"><num>(a)</num><content>section 6(1),</content></level><level class="para1" eId="section-66-2-b"><num>(b)</num><content>section 11(3),</content></level><level class="para1" eId="section-66-2-c"><num>(c)</num><content>section 14(4),</content></level><level class="para1" eId="section-66-2-d"><num>(d)</num><content>section 16(3),</content></level><level class="para1" eId="section-66-2-e"><num>(e)</num><content>section 18(4),</content></level><level class="para1" eId="section-66-2-f"><num>(f)</num><content>section 36(5),</content></level><level class="para1" eId="section-66-2-g"><num>(g)</num><content>section 41(8),</content></level><level class="para1" eId="section-66-2-h"><num>(h)</num><content>section 53(1).</content></level></subsection><subsection eId="section-66-3"><num>(3)</num><content>The rest of this Act comes into force on such day as the Secretary of State may by regulations made by statutory instrument appoint.</content></subsection><subsection eId="section-66-4"><num>(4)</num><intro>Regulations under subsection (3) may—</intro><level class="para1" eId="section-66-4-a"><num>(a)</num><content>appoint different days for different purposes;</content></level><level class="para1" eId="section-66-4-b"><num>(b)</num><content>make transitional, transitory or saving provision.</content></level></subsection><subsection eId="section-66-5"><num>(5)</num><content>This Act extends to England and Wales, Scotland and Northern Ireland, except that the amendment or repeal of any enactment has the same extent as the enactment amended or repealed.</content></subsection></section>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-1"><num>(1)</num><content>This Act may be cited as the National Security and Investment Act 2021.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-2"><num>(2)</num><intro>This Part of this Act and the following provisions of this Act (which contain powers to make regulations) come into force on the day on which this Act is passed—</intro><level class="para1" eId="section-66-2-a"><num>(a)</num><content>section 6(1),</content></level><level class="para1" eId="section-66-2-b"><num>(b)</num><content>section 11(3),</content></level><level class="para1" eId="section-66-2-c"><num>(c)</num><content>section 14(4),</content></level><level class="para1" eId="section-66-2-d"><num>(d)</num><content>section 16(3),</content></level><level class="para1" eId="section-66-2-e"><num>(e)</num><content>section 18(4),</content></level><level class="para1" eId="section-66-2-f"><num>(f)</num><content>section 36(5),</content></level><level class="para1" eId="section-66-2-g"><num>(g)</num><content>section 41(8),</content></level><level class="para1" eId="section-66-2-h"><num>(h)</num><content>section 53(1).</content></level></subsection>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-a"><num>(a)</num><content>section 6(1),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-b"><num>(b)</num><content>section 11(3),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-c"><num>(c)</num><content>section 14(4),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-d"><num>(d)</num><content>section 16(3),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-e"><num>(e)</num><content>section 18(4),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-f"><num>(f)</num><content>section 36(5),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-g"><num>(g)</num><content>section 41(8),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-h"><num>(h)</num><content>section 53(1).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-3"><num>(3)</num><content>The rest of this Act comes into force on such day as the Secretary of State may by regulations made by statutory instrument appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-4"><num>(4)</num><intro>Regulations under subsection (3) may—</intro><level class="para1" eId="section-66-4-a"><num>(a)</num><content>appoint different days for different purposes;</content></level><level class="para1" eId="section-66-4-b"><num>(b)</num><content>make transitional, transitory or saving provision.</content></level></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-5"><num>(5)</num><content>This Act extends to England and Wales, Scotland and Northern Ireland, except that the amendment or repeal of any enactment has the same extent as the enactment amended or repealed.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedules"><heading>SCHEDULES</heading><hcontainer name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote">Section 10</authorialNote></num><heading>Trigger events: holding of interests and rights</heading><hcontainer name="crossheading" class="schGroup7"><heading>Joint interests</heading><paragraph eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content>If two or more persons each hold an interest or right jointly, each of them is treated as holding that interest or right.</content></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Joint arrangements</heading><paragraph eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-1-paragraph-2-1"><num>(1)</num><content>If interests or rights held by a person and interests or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined interests or rights of both of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-2-2"><num>(2)</num><content>A “joint arrangement” is an arrangement between the holders of interests or rights that they will exercise all or substantially all the rights conferred by their respective interests, or their respective rights, jointly in a way that is pre-determined by the arrangement.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Indirect holdings</heading><paragraph eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num>(1)</num><content>An interest or right held indirectly by a person is to be treated as held by the person.</content></subparagraph><subparagraph eId="schedule-1-paragraph-3-2"><num>(2)</num><intro>A person holds an interest or right “indirectly” if the person has a majority stake in an entity and that entity—</intro><level class="para1" eId="schedule-1-paragraph-3-2-a"><num>(a)</num><content>holds the interest or right, or</content></level><level class="para1" eId="schedule-1-paragraph-3-2-b"><num>(b)</num><intro>is part of a chain of entities—</intro><level class="para2" eId="schedule-1-paragraph-3-2-b-i"><num>(i)</num><content>each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and</content></level><level class="para2" eId="schedule-1-paragraph-3-2-b-ii"><num>(ii)</num><content>the last of which holds the interest or right.</content></level></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-3"><num>(3)</num><intro>For these purposes, A has a “majority stake” in B if—</intro><level class="para1" eId="schedule-1-paragraph-3-3-a"><num>(a)</num><content>A holds a majority of voting rights in B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-b"><num>(b)</num><content>A is a member of B and has the right to appoint or remove a majority of the board of directors of B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-c"><num>(c)</num><content>A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or</content></level><level class="para1" eId="schedule-1-paragraph-3-3-d"><num>(d)</num><content>A has the right to exercise, or actually exercises, dominant influence or control over B.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-4"><num>(4)</num><intro>In the application of this paragraph to the right to appoint or remove a majority of the board of directors, an entity is to be treated as having the right to appoint a director if—</intro><level class="para1" eId="schedule-1-paragraph-3-4-a"><num>(a)</num><content>a person’s appointment as director follows necessarily from that person’s appointment as director of the entity, or</content></level><level class="para1" eId="schedule-1-paragraph-3-4-b"><num>(b)</num><content>the directorship is held by the entity itself.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-5"><num>(5)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-1-paragraph-3-5-a"><num>(a)</num><content>the reference to the right to appoint or remove a majority of the board of directors of an entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-b"><num>(b)</num><content>the reference to the board of directors, in the case of an entity that does not have such a board, is to be read as a reference to the equivalent management body of that entity,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-c"><num>(c)</num><content>references to “voting rights” are to be read in accordance with section 8(7).</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Interests held by nominees</heading><paragraph eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content>An interest held by a person as nominee for another is to be treated as held by the other (and not by the nominee).</content></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Rights treated as held by person who controls their exercise</heading><paragraph eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-1-paragraph-5-1"><num>(1)</num><content>Where a person controls a right, the right is to be treated as held by that person (and not by the person who in fact holds the right, unless that person also controls it).</content></subparagraph><subparagraph eId="schedule-1-paragraph-5-2"><num>(2)</num><intro>A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only—</intro><level class="para1" eId="schedule-1-paragraph-5-2-a"><num>(a)</num><content>by that person,</content></level><level class="para1" eId="schedule-1-paragraph-5-2-b"><num>(b)</num><content>in accordance with that person’s directions or instructions, or</content></level><level class="para1" eId="schedule-1-paragraph-5-2-c"><num>(c)</num><content>with that person’s consent or concurrence.</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Rights exercisable only in certain circumstances etc</heading><paragraph eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num>(1)</num><intro>Rights that are exercisable by a person only in certain circumstances are to be treated as held by the person only—</intro><level class="para1" eId="schedule-1-paragraph-6-1-a"><num>(a)</num><content>when the circumstances have arisen, and for so long as they continue to obtain, or</content></level><level class="para1" eId="schedule-1-paragraph-6-1-b"><num>(b)</num><content>when the circumstances are within the control of the person.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-2"><num>(2)</num><content>But rights that are exercisable by an administrator or by creditors while an entity is in relevant insolvency proceedings are not to be regarded as held by the administrator or creditors even while the entity is in those proceedings.</content></subparagraph><subparagraph eId="schedule-1-paragraph-6-3"><num>(3)</num><intro>“Relevant insolvency proceedings” means—</intro><level class="para1" eId="schedule-1-paragraph-6-3-a"><num>(a)</num><content>administration within the meaning of the Insolvency Act 1986,</content></level><level class="para1" eId="schedule-1-paragraph-6-3-b"><num>(b)</num><content>administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (<ref eId="c00010" href="http://www.legislation.gov.uk/id/nisi/1989/2405">S.I. 1989/2405 (N.I. 19)</ref>), or</content></level><level class="para1" eId="schedule-1-paragraph-6-3-c"><num>(c)</num><content>proceedings under the insolvency law of another country or territory during which an entity’s assets and affairs are subject to the control or supervision of a third party or creditor.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-4"><num>(4)</num><content>Rights that are normally exercisable but are temporarily incapable of exercise are not for that reason to be treated as not being held.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Rights attached to shares held by way of security</heading><paragraph eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><intro>Rights attached to shares held by way of security provided by a person are to be treated as held by that person—</intro><level class="para1" eId="schedule-1-paragraph-7-a"><num>(a)</num><content>where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person’s instructions, and</content></level><level class="para1" eId="schedule-1-paragraph-7-b"><num>(b)</num><content>where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person’s interests.</content></level></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Connected persons</heading><paragraph eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><content>Two or more persons who are connected with each other (within the meaning given by paragraph <ref href="#schedule-1-paragraph-9">9</ref> or <ref href="#schedule-1-paragraph-10">10</ref>) are each to be treated as holding the combined interests or rights of both or all of them.</content></paragraph><paragraph eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-1-paragraph-9-1"><num>(1)</num><content>Two or more undertakings are connected if they are group undertakings in respect of each other.</content></subparagraph><subparagraph eId="schedule-1-paragraph-9-2"><num>(2)</num><content>In sub-paragraph (1), “undertaking” and “group undertaking” have the same meanings as in the Companies Act 2006 (see section 1161 of that Act).</content></subparagraph></paragraph><paragraph eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-1-paragraph-10-1"><num>(1)</num><intro>An individual, A, is connected with another individual, B, if—</intro><level class="para1" eId="schedule-1-paragraph-10-1-a"><num>(a)</num><content>A is B’s spouse, civil partner or cohabitee,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-b"><num>(b)</num><content>A is a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-c"><num>(c)</num><content>A is the spouse, civil partner or cohabitee of a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-d"><num>(d)</num><content>A is a relative of B’s spouse, civil partner or cohabitee, or</content></level><level class="para1" eId="schedule-1-paragraph-10-1-e"><num>(e)</num><content>A is the spouse, civil partner or cohabitee of a relative of B’s spouse, civil partner or cohabitee.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-10-2"><num>(2)</num><intro>For the purposes of sub-paragraph (1)—</intro><level class="para1" eId="schedule-1-paragraph-10-2-a"><num>(a)</num><content>two persons who are living together as if they were a married couple or civil partners are cohabitees,</content></level><level class="para1" eId="schedule-1-paragraph-10-2-b"><num>(b)</num><content>references to a spouse, civil partner or cohabitee include a former spouse, civil partner or cohabitee, and</content></level><level class="para1" eId="schedule-1-paragraph-10-2-c"><num>(c)</num><content>“relative” means a brother, sister, uncle, aunt, nephew, niece, lineal ancestor or descendant (the stepchild of any person, or anyone adopted by a person, whether legally or otherwise, as their child, being regarded as a relative or taken into account to trace a relationship in the same way as that person’s child).</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Common purpose</heading><paragraph eId="schedule-1-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-1-paragraph-11-1"><num>(1)</num><content>Two or more persons who share a common purpose in relation to an asset or entity are each to be treated as holding the combined interests or rights of both or all of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-2"><num>(2)</num><content>The cases in which persons share a common purpose in relation to an entity include (but are not limited to) cases in which the persons co-ordinate their influence on the activities, operations, governance or strategy of the entity.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-3"><num>(3)</num><content>The cases in which persons share a common purpose in relation to an asset include (but are not limited to) cases in which the persons co-ordinate their influence on the way in which the asset is used, and section 9(2) applies for the purposes of this sub-paragraph.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" class="schGroup7"><heading>Arrangements</heading><paragraph eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><num>(1)</num><intro>In this Schedule “arrangement” includes—</intro><level class="para1" eId="schedule-1-paragraph-12-1-a"><num>(a)</num><content>any scheme, agreement or understanding, whether or not it is legally enforceable, and</content></level><level class="para1" eId="schedule-1-paragraph-12-1-b"><num>(b)</num><content>any convention, custom or practice of any kind.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-12-2"><num>(2)</num><content>But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, the time it has been in existence or otherwise).</content></subparagraph></paragraph></hcontainer></hcontainer><hcontainer name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="referenceNote">Section 58</authorialNote></num><heading>Minor and consequential amendments and revocations</heading><paragraph eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content>The Enterprise Act 2002 is amended in accordance with paragraphs <ref href="#schedule-2-paragraph-2">2</ref> to <ref href="#schedule-2-paragraph-10">10</ref>.</content></paragraph><paragraph eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-2-paragraph-2-1"><num>(1)</num><content>Section 23 (relevant merger situations) is amended as follows.</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-2"><num>(2)</num><content><mod>For subsections (1) and (2) substitute—<quotedStructure startQuote="“" endQuote="”" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="double"><subsection><num>(1)</num><intro>For the purposes of this Part, a relevant merger situation has been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million.</content></level></subsection><subsection><num>(2)</num><intro>For the purposes of this Part, a relevant merger situation has also been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>as a result, one or both of the conditions mentioned in subsections (3) and (4) below prevails or prevails to a greater extent.</content></level></subsection></quotedStructure></mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-3"><num>(3)</num><content>Omit subsections (2A), (4A) and (4B).</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-4"><num>(4)</num><content>In subsection (5), for “(3), (4), (4A) or (4B)” substitute “(3) or (4)”.</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-5"><num>(5)</num><content>In subsection (6), for “(3), (4), (4A) and (4B)” substitute “(3) and (4)”.</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-6"><num>(6)</num><content>Omit subsection (10).</content></subparagraph></paragraph><paragraph eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><content>Omit section 23A.</content></paragraph><paragraph eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><content>In section 35(7) (questions to be decided in relation to completed mergers), for “, for the purposes of section 23(2)(b), the share of supply test is met,” substitute “any such result as is mentioned in section 23(2)(b) has arisen,”.</content></paragraph><paragraph eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><content>In section 36(6) (questions to be decided in relation to anticipated mergers), for “, for the purposes of section 23(2)(b), the share of supply test will be met,” substitute “any such result as is mentioned in section 23(2)(b) will arise,”.</content></paragraph><paragraph eId="schedule-2-paragraph-6" class="schProv1"><num>6</num><content>In section 48(3) (cases where references or certain questions need not be decided), for “, for the purposes of section 23(2)(b), the share of supply test is or will be met,” substitute “any such result as is mentioned in section 23(2)(b) has arisen or the question whether any such result will arise,”.</content></paragraph><paragraph eId="schedule-2-paragraph-7" class="schProv1"><num>7</num><content>In section 58 (specified considerations), omit subsections (1) and (2).</content></paragraph><paragraph eId="schedule-2-paragraph-8" class="schProv1"><num>8</num><content>In section 59 (intervention by Secretary of State in special public interest cases), omit subsections (3)(b)(i), (3B), (8) and (9).</content></paragraph><paragraph eId="schedule-2-paragraph-9" class="schProv1"><num>9</num><content>In section 153 (specified considerations), omit subsection (2).</content></paragraph><paragraph eId="schedule-2-paragraph-10" class="schProv1"><num>10</num><content>In paragraph 20(1) of Schedule 8 (national security) omit “(within the meaning of section 58(1))”.</content></paragraph><paragraph eId="schedule-2-paragraph-11" class="schProv1"><num>11</num><intro>In consequence of the preceding paragraphs, the following are revoked—</intro><level class="para1" eId="schedule-2-paragraph-11-a"><num>(a)</num><content>the Enterprise Act 2002 (Share of Supply Test) (Amendment) Order 2018 (<ref eId="c00011" href="http://www.legislation.gov.uk/id/uksi/2018/578">S.I. 2018/578</ref>),</content></level><level class="para1" eId="schedule-2-paragraph-11-b"><num>(b)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2018 (<ref eId="c00012" href="http://www.legislation.gov.uk/id/uksi/2018/593">S.I. 2018/593</ref>),</content></level><level class="para1" eId="schedule-2-paragraph-11-c"><num>(c)</num><content>the Enterprise Act 2002 (Share of Supply) (Amendment) Order 2020 (<ref eId="c00013" href="http://www.legislation.gov.uk/id/uksi/2020/748">S.I. 2020/748</ref>), and</content></level><level class="para1" eId="schedule-2-paragraph-11-d"><num>(d)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2020 (<ref eId="c00014" href="http://www.legislation.gov.uk/id/uksi/2020/763">S.I. 2020/763</ref>).</content></level></paragraph></hcontainer></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote"> Section 10</authorialNote></num><heading>Trigger events: holding of interests and rights</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-joint-interests"><heading>Joint interests</heading><paragraph eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content>If two or more persons each hold an interest or right jointly, each of them is treated as holding that interest or right.</content></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-joint-arrangements"><heading>Joint arrangements</heading><paragraph eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-1-paragraph-2-1"><num>(1)</num><content>If interests or rights held by a person and interests or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined interests or rights of both of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-2-2"><num>(2)</num><content>A “joint arrangement” is an arrangement between the holders of interests or rights that they will exercise all or substantially all the rights conferred by their respective interests, or their respective rights, jointly in a way that is pre-determined by the arrangement.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-indirect-holdings"><heading>Indirect holdings</heading><paragraph eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num>(1)</num><content>An interest or right held indirectly by a person is to be treated as held by the person.</content></subparagraph><subparagraph eId="schedule-1-paragraph-3-2"><num>(2)</num><intro>A person holds an interest or right “indirectly” if the person has a majority stake in an entity and that entity—</intro><level class="para1" eId="schedule-1-paragraph-3-2-a"><num>(a)</num><content>holds the interest or right, or</content></level><level class="para1" eId="schedule-1-paragraph-3-2-b"><num>(b)</num><intro>is part of a chain of entities—</intro><level class="para2" eId="schedule-1-paragraph-3-2-b-i"><num>(i)</num><content>each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and</content></level><level class="para2" eId="schedule-1-paragraph-3-2-b-ii"><num>(ii)</num><content>the last of which holds the interest or right.</content></level></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-3"><num>(3)</num><intro>For these purposes, A has a “majority stake” in B if—</intro><level class="para1" eId="schedule-1-paragraph-3-3-a"><num>(a)</num><content>A holds a majority of voting rights in B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-b"><num>(b)</num><content>A is a member of B and has the right to appoint or remove a majority of the board of directors of B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-c"><num>(c)</num><content>A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or</content></level><level class="para1" eId="schedule-1-paragraph-3-3-d"><num>(d)</num><content>A has the right to exercise, or actually exercises, dominant influence or control over B.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-4"><num>(4)</num><intro>In the application of this paragraph to the right to appoint or remove a majority of the board of directors, an entity is to be treated as having the right to appoint a director if—</intro><level class="para1" eId="schedule-1-paragraph-3-4-a"><num>(a)</num><content>a person's appointment as director follows necessarily from that person's appointment as director of the entity, or</content></level><level class="para1" eId="schedule-1-paragraph-3-4-b"><num>(b)</num><content>the directorship is held by the entity itself.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-5"><num>(5)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-1-paragraph-3-5-a"><num>(a)</num><content>the reference to the right to appoint or remove a majority of the board of directors of an entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-b"><num>(b)</num><content>the reference to the board of directors, in the case of an entity that does not have such a board, is to be read as a reference to the equivalent management body of that entity,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-c"><num>(c)</num><content>references to “voting rights” are to be read in accordance with section 8(7).</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-interests-held-by-nominees"><heading>Interests held by nominees</heading><paragraph eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content>An interest held by a person as nominee for another is to be treated as held by the other (and not by the nominee).</content></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-treated-as-held-by-person-who-controls-their-exercise"><heading>Rights treated as held by person who controls their exercise</heading><paragraph eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-1-paragraph-5-1"><num>(1)</num><content>Where a person controls a right, the right is to be treated as held by that person (and not by the person who in fact holds the right, unless that person also controls it).</content></subparagraph><subparagraph eId="schedule-1-paragraph-5-2"><num>(2)</num><intro>A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only—</intro><level class="para1" eId="schedule-1-paragraph-5-2-a"><num>(a)</num><content>by that person,</content></level><level class="para1" eId="schedule-1-paragraph-5-2-b"><num>(b)</num><content>in accordance with that person's directions or instructions, or</content></level><level class="para1" eId="schedule-1-paragraph-5-2-c"><num>(c)</num><content>with that person's consent or concurrence.</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-exercisable-only-in-certain-circumstances-etc"><heading>Rights exercisable only in certain circumstances etc</heading><paragraph eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num>(1)</num><intro>Rights that are exercisable by a person only in certain circumstances are to be treated as held by the person only—</intro><level class="para1" eId="schedule-1-paragraph-6-1-a"><num>(a)</num><content>when the circumstances have arisen, and for so long as they continue to obtain, or</content></level><level class="para1" eId="schedule-1-paragraph-6-1-b"><num>(b)</num><content>when the circumstances are within the control of the person.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-2"><num>(2)</num><content>But rights that are exercisable by an administrator or by creditors while an entity is in relevant insolvency proceedings are not to be regarded as held by the administrator or creditors even while the entity is in those proceedings.</content></subparagraph><subparagraph eId="schedule-1-paragraph-6-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-insolvency-proceedings" eId="term-relevant-insolvency-proceedings">Relevant insolvency proceedings</term>” means—</intro><level class="para1" eId="schedule-1-paragraph-6-3-a"><num>(a)</num><content>administration within the meaning of the Insolvency Act 1986,</content></level><level class="para1" eId="schedule-1-paragraph-6-3-b"><num>(b)</num><content>administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or</content></level><level class="para1" eId="schedule-1-paragraph-6-3-c"><num>(c)</num><content>proceedings under the insolvency law of another country or territory during which an entity's assets and affairs are subject to the control or supervision of a third party or creditor.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-4"><num>(4)</num><content>Rights that are normally exercisable but are temporarily incapable of exercise are not for that reason to be treated as not being held.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-attached-to-shares-held-by-way-of-security"><heading>Rights attached to shares held by way of security</heading><paragraph eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><intro>Rights attached to shares held by way of security provided by a person are to be treated as held by that person—</intro><level class="para1" eId="schedule-1-paragraph-7-a"><num>(a)</num><content>where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person's instructions, and</content></level><level class="para1" eId="schedule-1-paragraph-7-b"><num>(b)</num><content>where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interests.</content></level></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-connected-persons"><heading>Connected persons</heading><paragraph eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><content>Two or more persons who are connected with each other (within the meaning given by paragraph 9 or 10) are each to be treated as holding the combined interests or rights of both or all of them.</content></paragraph><paragraph eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-1-paragraph-9-1"><num>(1)</num><content>Two or more undertakings are connected if they are group undertakings in respect of each other.</content></subparagraph><subparagraph eId="schedule-1-paragraph-9-2"><num>(2)</num><content>In sub-paragraph (1), “<term refersTo="#term-undertaking" eId="term-undertaking">undertaking</term>” and “<term refersTo="#term-group-undertaking" eId="term-group-undertaking">group undertaking</term>” have the same meanings as in the Companies Act 2006 (see section 1161 of that Act).</content></subparagraph></paragraph><paragraph eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-1-paragraph-10-1"><num>(1)</num><intro>An individual, A, is connected with another individual, B, if—</intro><level class="para1" eId="schedule-1-paragraph-10-1-a"><num>(a)</num><content>A is B's spouse, civil partner or cohabitee,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-b"><num>(b)</num><content>A is a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-c"><num>(c)</num><content>A is the spouse, civil partner or cohabitee of a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-d"><num>(d)</num><content>A is a relative of B's spouse, civil partner or cohabitee, or</content></level><level class="para1" eId="schedule-1-paragraph-10-1-e"><num>(e)</num><content>A is the spouse, civil partner or cohabitee of a relative of B's spouse, civil partner or cohabitee.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-10-2"><num>(2)</num><intro>For the purposes of sub-paragraph (1)—</intro><level class="para1" eId="schedule-1-paragraph-10-2-a"><num>(a)</num><content>two persons who are living together as if they were a married couple or civil partners are cohabitees,</content></level><level class="para1" eId="schedule-1-paragraph-10-2-b"><num>(b)</num><content>references to a spouse, civil partner or cohabitee include a former spouse, civil partner or cohabitee, and</content></level><level class="para1" eId="schedule-1-paragraph-10-2-c"><num>(c)</num><content>“<term refersTo="#term-relative" eId="term-relative">relative</term>” means a brother, sister, uncle, aunt, nephew, niece, lineal ancestor or descendant (the stepchild of any person, or anyone adopted by a person, whether legally or otherwise, as their child, being regarded as a relative or taken into account to trace a relationship in the same way as that person's child).</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-common-purpose"><heading>Common purpose</heading><paragraph eId="schedule-1-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-1-paragraph-11-1"><num>(1)</num><content>Two or more persons who share a common purpose in relation to an asset or entity are each to be treated as holding the combined interests or rights of both or all of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-2"><num>(2)</num><content>The cases in which persons share a common purpose in relation to an entity include (but are not limited to) cases in which the persons co-ordinate their influence on the activities, operations, governance or strategy of the entity.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-3"><num>(3)</num><content>The cases in which persons share a common purpose in relation to an asset include (but are not limited to) cases in which the persons co-ordinate their influence on the way in which the asset is used, and section 9(2) applies for the purposes of this sub-paragraph.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-arrangements"><heading>Arrangements</heading><paragraph eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><num>(1)</num><intro>In this Schedule “<term refersTo="#term-arrangement" eId="term-arrangement">arrangement</term>” includes—</intro><level class="para1" eId="schedule-1-paragraph-12-1-a"><num>(a)</num><content>any scheme, agreement or understanding, whether or not it is legally enforceable, and</content></level><level class="para1" eId="schedule-1-paragraph-12-1-b"><num>(b)</num><content>any convention, custom or practice of any kind.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-12-2"><num>(2)</num><content>But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, the time it has been in existence or otherwise).</content></subparagraph></paragraph></hcontainer></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-seller" eId="term-seller">seller</term>”, in relation to a trigger event, means a person who has ceded control of the qualifying entity or a qualifying asset (or in relation to a trigger event that has not yet taken place, would cede that control).</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content>If two or more persons each hold an interest or right jointly, each of them is treated as holding that interest or right.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content>An interest held by a person as nominee for another is to be treated as held by the other (and not by the nominee).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><intro>Rights attached to shares held by way of security provided by a person are to be treated as held by that person—</intro><level class="para1" eId="schedule-1-paragraph-7-a"><num>(a)</num><content>where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person's instructions, and</content></level><level class="para1" eId="schedule-1-paragraph-7-b"><num>(b)</num><content>where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interests.</content></level></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><num>(1)</num><intro>In this Schedule “<term refersTo="#term-arrangement" eId="term-arrangement">arrangement</term>” includes—</intro><level class="para1" eId="schedule-1-paragraph-12-1-a"><num>(a)</num><content>any scheme, agreement or understanding, whether or not it is legally enforceable, and</content></level><level class="para1" eId="schedule-1-paragraph-12-1-b"><num>(b)</num><content>any convention, custom or practice of any kind.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-12-2"><num>(2)</num><content>But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, the time it has been in existence or otherwise).</content></subparagraph></paragraph>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-joint-interests"><heading>Joint interests</heading><paragraph eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content>If two or more persons each hold an interest or right jointly, each of them is treated as holding that interest or right.</content></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-joint-arrangements"><heading>Joint arrangements</heading><paragraph eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-1-paragraph-2-1"><num>(1)</num><content>If interests or rights held by a person and interests or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined interests or rights of both of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-2-2"><num>(2)</num><content>A “joint arrangement” is an arrangement between the holders of interests or rights that they will exercise all or substantially all the rights conferred by their respective interests, or their respective rights, jointly in a way that is pre-determined by the arrangement.</content></subparagraph></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7"><heading>Indirect holdings</heading><paragraph eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num>(1)</num><content>An interest or right held indirectly by a person is to be treated as held by the person.</content></subparagraph><subparagraph eId="schedule-1-paragraph-3-2"><num>(2)</num><intro>A person holds an interest or right “indirectly” if the person has a majority stake in an entity and that entity—</intro><level class="para1" eId="schedule-1-paragraph-3-2-a"><num>(a)</num><content>holds the interest or right, or</content></level><level class="para1" eId="schedule-1-paragraph-3-2-b"><num>(b)</num><intro>is part of a chain of entities—</intro><level class="para2" eId="schedule-1-paragraph-3-2-b-i"><num>(i)</num><content>each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and</content></level><level class="para2" eId="schedule-1-paragraph-3-2-b-ii"><num>(ii)</num><content>the last of which holds the interest or right.</content></level></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-3"><num>(3)</num><intro>For these purposes, A has a “majority stake” in B if—</intro><level class="para1" eId="schedule-1-paragraph-3-3-a"><num>(a)</num><content>A holds a majority of voting rights in B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-b"><num>(b)</num><content>A is a member of B and has the right to appoint or remove a majority of the board of directors of B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-c"><num>(c)</num><content>A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or</content></level><level class="para1" eId="schedule-1-paragraph-3-3-d"><num>(d)</num><content>A has the right to exercise, or actually exercises, dominant influence or control over B.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-4"><num>(4)</num><intro>In the application of this paragraph to the right to appoint or remove a majority of the board of directors, an entity is to be treated as having the right to appoint a director if—</intro><level class="para1" eId="schedule-1-paragraph-3-4-a"><num>(a)</num><content>a person’s appointment as director follows necessarily from that person’s appointment as director of the entity, or</content></level><level class="para1" eId="schedule-1-paragraph-3-4-b"><num>(b)</num><content>the directorship is held by the entity itself.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-5"><num>(5)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-1-paragraph-3-5-a"><num>(a)</num><content>the reference to the right to appoint or remove a majority of the board of directors of an entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-b"><num>(b)</num><content>the reference to the board of directors, in the case of an entity that does not have such a board, is to be read as a reference to the equivalent management body of that entity,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-c"><num>(c)</num><content>references to “voting rights” are to be read in accordance with section 8(7).</content></level></subparagraph></paragraph></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num>(1)</num><content>An interest or right held indirectly by a person is to be treated as held by the person.</content></subparagraph><subparagraph eId="schedule-1-paragraph-3-2"><num>(2)</num><intro>A person holds an interest or right “indirectly” if the person has a majority stake in an entity and that entity—</intro><level class="para1" eId="schedule-1-paragraph-3-2-a"><num>(a)</num><content>holds the interest or right, or</content></level><level class="para1" eId="schedule-1-paragraph-3-2-b"><num>(b)</num><intro>is part of a chain of entities—</intro><level class="para2" eId="schedule-1-paragraph-3-2-b-i"><num>(i)</num><content>each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and</content></level><level class="para2" eId="schedule-1-paragraph-3-2-b-ii"><num>(ii)</num><content>the last of which holds the interest or right.</content></level></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-3"><num>(3)</num><intro>For these purposes, A has a “majority stake” in B if—</intro><level class="para1" eId="schedule-1-paragraph-3-3-a"><num>(a)</num><content>A holds a majority of voting rights in B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-b"><num>(b)</num><content>A is a member of B and has the right to appoint or remove a majority of the board of directors of B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-c"><num>(c)</num><content>A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or</content></level><level class="para1" eId="schedule-1-paragraph-3-3-d"><num>(d)</num><content>A has the right to exercise, or actually exercises, dominant influence or control over B.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-4"><num>(4)</num><intro>In the application of this paragraph to the right to appoint or remove a majority of the board of directors, an entity is to be treated as having the right to appoint a director if—</intro><level class="para1" eId="schedule-1-paragraph-3-4-a"><num>(a)</num><content>a person's appointment as director follows necessarily from that person's appointment as director of the entity, or</content></level><level class="para1" eId="schedule-1-paragraph-3-4-b"><num>(b)</num><content>the directorship is held by the entity itself.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-5"><num>(5)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-1-paragraph-3-5-a"><num>(a)</num><content>the reference to the right to appoint or remove a majority of the board of directors of an entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-b"><num>(b)</num><content>the reference to the board of directors, in the case of an entity that does not have such a board, is to be read as a reference to the equivalent management body of that entity,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-c"><num>(c)</num><content>references to “voting rights” are to be read in accordance with section 8(7).</content></level></subparagraph></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num>(1)</num><intro>Rights that are exercisable by a person only in certain circumstances are to be treated as held by the person only—</intro><level class="para1" eId="schedule-1-paragraph-6-1-a"><num>(a)</num><content>when the circumstances have arisen, and for so long as they continue to obtain, or</content></level><level class="para1" eId="schedule-1-paragraph-6-1-b"><num>(b)</num><content>when the circumstances are within the control of the person.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-2"><num>(2)</num><content>But rights that are exercisable by an administrator or by creditors while an entity is in relevant insolvency proceedings are not to be regarded as held by the administrator or creditors even while the entity is in those proceedings.</content></subparagraph><subparagraph eId="schedule-1-paragraph-6-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-insolvency-proceedings" eId="term-relevant-insolvency-proceedings">Relevant insolvency proceedings</term>” means—</intro><level class="para1" eId="schedule-1-paragraph-6-3-a"><num>(a)</num><content>administration within the meaning of the Insolvency Act 1986,</content></level><level class="para1" eId="schedule-1-paragraph-6-3-b"><num>(b)</num><content>administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or</content></level><level class="para1" eId="schedule-1-paragraph-6-3-c"><num>(c)</num><content>proceedings under the insolvency law of another country or territory during which an entity's assets and affairs are subject to the control or supervision of a third party or creditor.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-4"><num>(4)</num><content>Rights that are normally exercisable but are temporarily incapable of exercise are not for that reason to be treated as not being held.</content></subparagraph></paragraph>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-indirect-holdings"><heading>Indirect holdings</heading><paragraph eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num>(1)</num><content>An interest or right held indirectly by a person is to be treated as held by the person.</content></subparagraph><subparagraph eId="schedule-1-paragraph-3-2"><num>(2)</num><intro>A person holds an interest or right “indirectly” if the person has a majority stake in an entity and that entity—</intro><level class="para1" eId="schedule-1-paragraph-3-2-a"><num>(a)</num><content>holds the interest or right, or</content></level><level class="para1" eId="schedule-1-paragraph-3-2-b"><num>(b)</num><intro>is part of a chain of entities—</intro><level class="para2" eId="schedule-1-paragraph-3-2-b-i"><num>(i)</num><content>each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and</content></level><level class="para2" eId="schedule-1-paragraph-3-2-b-ii"><num>(ii)</num><content>the last of which holds the interest or right.</content></level></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-3"><num>(3)</num><intro>For these purposes, A has a “majority stake” in B if—</intro><level class="para1" eId="schedule-1-paragraph-3-3-a"><num>(a)</num><content>A holds a majority of voting rights in B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-b"><num>(b)</num><content>A is a member of B and has the right to appoint or remove a majority of the board of directors of B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-c"><num>(c)</num><content>A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or</content></level><level class="para1" eId="schedule-1-paragraph-3-3-d"><num>(d)</num><content>A has the right to exercise, or actually exercises, dominant influence or control over B.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-4"><num>(4)</num><intro>In the application of this paragraph to the right to appoint or remove a majority of the board of directors, an entity is to be treated as having the right to appoint a director if—</intro><level class="para1" eId="schedule-1-paragraph-3-4-a"><num>(a)</num><content>a person's appointment as director follows necessarily from that person's appointment as director of the entity, or</content></level><level class="para1" eId="schedule-1-paragraph-3-4-b"><num>(b)</num><content>the directorship is held by the entity itself.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-5"><num>(5)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-1-paragraph-3-5-a"><num>(a)</num><content>the reference to the right to appoint or remove a majority of the board of directors of an entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-b"><num>(b)</num><content>the reference to the board of directors, in the case of an entity that does not have such a board, is to be read as a reference to the equivalent management body of that entity,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-c"><num>(c)</num><content>references to “voting rights” are to be read in accordance with section 8(7).</content></level></subparagraph></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-interests-held-by-nominees"><heading>Interests held by nominees</heading><paragraph eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content>An interest held by a person as nominee for another is to be treated as held by the other (and not by the nominee).</content></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-treated-as-held-by-person-who-controls-their-exercise"><heading>Rights treated as held by person who controls their exercise</heading><paragraph eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-1-paragraph-5-1"><num>(1)</num><content>Where a person controls a right, the right is to be treated as held by that person (and not by the person who in fact holds the right, unless that person also controls it).</content></subparagraph><subparagraph eId="schedule-1-paragraph-5-2"><num>(2)</num><intro>A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only—</intro><level class="para1" eId="schedule-1-paragraph-5-2-a"><num>(a)</num><content>by that person,</content></level><level class="para1" eId="schedule-1-paragraph-5-2-b"><num>(b)</num><content>in accordance with that person's directions or instructions, or</content></level><level class="para1" eId="schedule-1-paragraph-5-2-c"><num>(c)</num><content>with that person's consent or concurrence.</content></level></subparagraph></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-exercisable-only-in-certain-circumstances-etc"><heading>Rights exercisable only in certain circumstances etc</heading><paragraph eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num>(1)</num><intro>Rights that are exercisable by a person only in certain circumstances are to be treated as held by the person only—</intro><level class="para1" eId="schedule-1-paragraph-6-1-a"><num>(a)</num><content>when the circumstances have arisen, and for so long as they continue to obtain, or</content></level><level class="para1" eId="schedule-1-paragraph-6-1-b"><num>(b)</num><content>when the circumstances are within the control of the person.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-2"><num>(2)</num><content>But rights that are exercisable by an administrator or by creditors while an entity is in relevant insolvency proceedings are not to be regarded as held by the administrator or creditors even while the entity is in those proceedings.</content></subparagraph><subparagraph eId="schedule-1-paragraph-6-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-insolvency-proceedings" eId="term-relevant-insolvency-proceedings">Relevant insolvency proceedings</term>” means—</intro><level class="para1" eId="schedule-1-paragraph-6-3-a"><num>(a)</num><content>administration within the meaning of the Insolvency Act 1986,</content></level><level class="para1" eId="schedule-1-paragraph-6-3-b"><num>(b)</num><content>administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or</content></level><level class="para1" eId="schedule-1-paragraph-6-3-c"><num>(c)</num><content>proceedings under the insolvency law of another country or territory during which an entity's assets and affairs are subject to the control or supervision of a third party or creditor.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-4"><num>(4)</num><content>Rights that are normally exercisable but are temporarily incapable of exercise are not for that reason to be treated as not being held.</content></subparagraph></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-attached-to-shares-held-by-way-of-security"><heading>Rights attached to shares held by way of security</heading><paragraph eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><intro>Rights attached to shares held by way of security provided by a person are to be treated as held by that person—</intro><level class="para1" eId="schedule-1-paragraph-7-a"><num>(a)</num><content>where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person's instructions, and</content></level><level class="para1" eId="schedule-1-paragraph-7-b"><num>(b)</num><content>where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interests.</content></level></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-connected-persons"><heading>Connected persons</heading><paragraph eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><content>Two or more persons who are connected with each other (within the meaning given by paragraph 9 or 10) are each to be treated as holding the combined interests or rights of both or all of them.</content></paragraph><paragraph eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-1-paragraph-9-1"><num>(1)</num><content>Two or more undertakings are connected if they are group undertakings in respect of each other.</content></subparagraph><subparagraph eId="schedule-1-paragraph-9-2"><num>(2)</num><content>In sub-paragraph (1), “<term refersTo="#term-undertaking" eId="term-undertaking">undertaking</term>” and “<term refersTo="#term-group-undertaking" eId="term-group-undertaking">group undertaking</term>” have the same meanings as in the Companies Act 2006 (see section 1161 of that Act).</content></subparagraph></paragraph><paragraph eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-1-paragraph-10-1"><num>(1)</num><intro>An individual, A, is connected with another individual, B, if—</intro><level class="para1" eId="schedule-1-paragraph-10-1-a"><num>(a)</num><content>A is B's spouse, civil partner or cohabitee,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-b"><num>(b)</num><content>A is a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-c"><num>(c)</num><content>A is the spouse, civil partner or cohabitee of a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-d"><num>(d)</num><content>A is a relative of B's spouse, civil partner or cohabitee, or</content></level><level class="para1" eId="schedule-1-paragraph-10-1-e"><num>(e)</num><content>A is the spouse, civil partner or cohabitee of a relative of B's spouse, civil partner or cohabitee.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-10-2"><num>(2)</num><intro>For the purposes of sub-paragraph (1)—</intro><level class="para1" eId="schedule-1-paragraph-10-2-a"><num>(a)</num><content>two persons who are living together as if they were a married couple or civil partners are cohabitees,</content></level><level class="para1" eId="schedule-1-paragraph-10-2-b"><num>(b)</num><content>references to a spouse, civil partner or cohabitee include a former spouse, civil partner or cohabitee, and</content></level><level class="para1" eId="schedule-1-paragraph-10-2-c"><num>(c)</num><content>“<term refersTo="#term-relative" eId="term-relative">relative</term>” means a brother, sister, uncle, aunt, nephew, niece, lineal ancestor or descendant (the stepchild of any person, or anyone adopted by a person, whether legally or otherwise, as their child, being regarded as a relative or taken into account to trace a relationship in the same way as that person's child).</content></level></subparagraph></paragraph></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity,</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-common-purpose"><heading>Common purpose</heading><paragraph eId="schedule-1-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-1-paragraph-11-1"><num>(1)</num><content>Two or more persons who share a common purpose in relation to an asset or entity are each to be treated as holding the combined interests or rights of both or all of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-2"><num>(2)</num><content>The cases in which persons share a common purpose in relation to an entity include (but are not limited to) cases in which the persons co-ordinate their influence on the activities, operations, governance or strategy of the entity.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-3"><num>(3)</num><content>The cases in which persons share a common purpose in relation to an asset include (but are not limited to) cases in which the persons co-ordinate their influence on the way in which the asset is used, and section 9(2) applies for the purposes of this sub-paragraph.</content></subparagraph></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-arrangements"><heading>Arrangements</heading><paragraph eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><num>(1)</num><intro>In this Schedule “<term refersTo="#term-arrangement" eId="term-arrangement">arrangement</term>” includes—</intro><level class="para1" eId="schedule-1-paragraph-12-1-a"><num>(a)</num><content>any scheme, agreement or understanding, whether or not it is legally enforceable, and</content></level><level class="para1" eId="schedule-1-paragraph-12-1-b"><num>(b)</num><content>any convention, custom or practice of any kind.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-12-2"><num>(2)</num><content>But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, the time it has been in existence or otherwise).</content></subparagraph></paragraph></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="referenceNote"> Section 58</authorialNote></num><heading>Minor and consequential amendments and revocations</heading><paragraph eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content>The Enterprise Act 2002 is amended in accordance with paragraphs 2 to 10.</content></paragraph><paragraph eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-2-paragraph-2-1"><num>(1)</num><content>Section 23 (relevant merger situations) is amended as follows.</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-2"><num>(2)</num><content><mod>For subsections (1) and (2) substitute—<quotedStructure startQuote="“" endQuote="”" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="default"><subsection><num>(1)</num><intro>For the purposes of this Part, a relevant merger situation has been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million.</content></level></subsection><subsection><num>(2)</num><intro>For the purposes of this Part, a relevant merger situation has also been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>as a result, one or both of the conditions mentioned in subsections (3) and (4) below prevails or prevails to a greater extent.</content></level></subsection></quotedStructure></mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-3"><num>(3)</num><content>Omit subsections (2A), (4A) and (4B).</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-4"><num>(4)</num><content><mod>In subsection (5), for “(3), (4), (4A) or (4B)” substitute <quotedText>“ (3) or (4) ”</quotedText>.</mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-5"><num>(5)</num><content><mod>In subsection (6), for “(3), (4), (4A) and (4B)” substitute <quotedText>“ (3) and (4) ”</quotedText>.</mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-6"><num>(6)</num><content>Omit subsection (10).</content></subparagraph></paragraph><paragraph eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><content>Omit section 23A.</content></paragraph><paragraph eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 35(7) (questions to be decided in relation to completed mergers), for “, for the purposes of section 23(2)(b), the share of supply test is met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) has arisen, ”</quotedText>.</mod></content></paragraph><paragraph eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 36(6) (questions to be decided in relation to anticipated mergers), for “, for the purposes of section 23(2)(b), the share of supply test will be met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) will arise, ”</quotedText>.</mod></content></paragraph><paragraph eId="schedule-2-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 48(3) (cases where references or certain questions need not be decided), for “, for the purposes of section 23(2)(b), the share of supply test is or will be met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) has arisen or the question whether any such result will arise, ”</quotedText>.</mod></content></paragraph><paragraph eId="schedule-2-paragraph-7" class="schProv1"><num>7</num><content>In section 58 (specified considerations), omit subsections (1) and (2).</content></paragraph><paragraph eId="schedule-2-paragraph-8" class="schProv1"><num>8</num><content>In section 59 (intervention by Secretary of State in special public interest cases), omit subsections (3)(b)(i), (3B), (8) and (9).</content></paragraph><paragraph eId="schedule-2-paragraph-9" class="schProv1"><num>9</num><content>In section 153 (specified considerations), omit subsection (2).</content></paragraph><paragraph eId="schedule-2-paragraph-10" class="schProv1"><num>10</num><content>In paragraph 20(1) of Schedule 8 (national security) omit “(within the meaning of section 58(1))”.</content></paragraph><paragraph eId="schedule-2-paragraph-11" class="schProv1"><num>11</num><intro>In consequence of the preceding paragraphs, the following are revoked—</intro><level class="para1" eId="schedule-2-paragraph-11-a"><num>(a)</num><content>the Enterprise Act 2002 (Share of Supply Test) (Amendment) Order 2018 (S.I. 2018/578),</content></level><level class="para1" eId="schedule-2-paragraph-11-b"><num>(b)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2018 (S.I. 2018/593),</content></level><level class="para1" eId="schedule-2-paragraph-11-c"><num>(c)</num><content>the Enterprise Act 2002 (Share of Supply) (Amendment) Order 2020 (S.I. 2020/748), and</content></level><level class="para1" eId="schedule-2-paragraph-11-d"><num>(d)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2020 (S.I. 2020/763).</content></level></paragraph></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content>The Enterprise Act 2002 is amended in accordance with paragraphs 2 to 10.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-2-paragraph-2-1"><num>(1)</num><content>Section 23 (relevant merger situations) is amended as follows.</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-2"><num>(2)</num><content><mod>For subsections (1) and (2) substitute—<quotedStructure startQuote="“" endQuote="”" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="default"><subsection><num>(1)</num><intro>For the purposes of this Part, a relevant merger situation has been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million.</content></level></subsection><subsection><num>(2)</num><intro>For the purposes of this Part, a relevant merger situation has also been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>as a result, one or both of the conditions mentioned in subsections (3) and (4) below prevails or prevails to a greater extent.</content></level></subsection></quotedStructure></mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-3"><num>(3)</num><content>Omit subsections (2A), (4A) and (4B).</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-4"><num>(4)</num><content><mod>In subsection (5), for “(3), (4), (4A) or (4B)” substitute <quotedText>“ (3) or (4) ”</quotedText>.</mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-5"><num>(5)</num><content><mod>In subsection (6), for “(3), (4), (4A) and (4B)” substitute <quotedText>“ (3) and (4) ”</quotedText>.</mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-6"><num>(6)</num><content>Omit subsection (10).</content></subparagraph></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><content>Omit section 23A.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 35(7) (questions to be decided in relation to completed mergers), for “, for the purposes of section 23(2)(b), the share of supply test is met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) has arisen, ”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 36(6) (questions to be decided in relation to anticipated mergers), for “, for the purposes of section 23(2)(b), the share of supply test will be met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) will arise, ”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 48(3) (cases where references or certain questions need not be decided), for “, for the purposes of section 23(2)(b), the share of supply test is or will be met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) has arisen or the question whether any such result will arise, ”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-7" class="schProv1"><num>7</num><content>In section 58 (specified considerations), omit subsections (1) and (2).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-8" class="schProv1"><num>8</num><content>In section 59 (intervention by Secretary of State in special public interest cases), omit subsections (3)(b)(i), (3B), (8) and (9).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-9" class="schProv1"><num>9</num><content>In section 153 (specified considerations), omit subsection (2).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-10" class="schProv1"><num>10</num><content>In paragraph 20(1) of Schedule 8 (national security) omit “(within the meaning of section 58(1))”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-11" class="schProv1"><num>11</num><intro>In consequence of the preceding paragraphs, the following are revoked—</intro><level class="para1" eId="schedule-2-paragraph-11-a"><num>(a)</num><content>the Enterprise Act 2002 (Share of Supply Test) (Amendment) Order 2018 (S.I. 2018/578),</content></level><level class="para1" eId="schedule-2-paragraph-11-b"><num>(b)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2018 (S.I. 2018/593),</content></level><level class="para1" eId="schedule-2-paragraph-11-c"><num>(c)</num><content>the Enterprise Act 2002 (Share of Supply) (Amendment) Order 2020 (S.I. 2020/748), and</content></level><level class="para1" eId="schedule-2-paragraph-11-d"><num>(d)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2020 (S.I. 2020/763).</content></level></paragraph>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedules" eId="schedules"><heading>SCHEDULES</heading><hcontainer name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote"> Section 10</authorialNote></num><heading>Trigger events: holding of interests and rights</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-joint-interests"><heading>Joint interests</heading><paragraph eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content>If two or more persons each hold an interest or right jointly, each of them is treated as holding that interest or right.</content></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-joint-arrangements"><heading>Joint arrangements</heading><paragraph eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-1-paragraph-2-1"><num>(1)</num><content>If interests or rights held by a person and interests or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined interests or rights of both of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-2-2"><num>(2)</num><content>A “joint arrangement” is an arrangement between the holders of interests or rights that they will exercise all or substantially all the rights conferred by their respective interests, or their respective rights, jointly in a way that is pre-determined by the arrangement.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-indirect-holdings"><heading>Indirect holdings</heading><paragraph eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num>(1)</num><content>An interest or right held indirectly by a person is to be treated as held by the person.</content></subparagraph><subparagraph eId="schedule-1-paragraph-3-2"><num>(2)</num><intro>A person holds an interest or right “indirectly” if the person has a majority stake in an entity and that entity—</intro><level class="para1" eId="schedule-1-paragraph-3-2-a"><num>(a)</num><content>holds the interest or right, or</content></level><level class="para1" eId="schedule-1-paragraph-3-2-b"><num>(b)</num><intro>is part of a chain of entities—</intro><level class="para2" eId="schedule-1-paragraph-3-2-b-i"><num>(i)</num><content>each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and</content></level><level class="para2" eId="schedule-1-paragraph-3-2-b-ii"><num>(ii)</num><content>the last of which holds the interest or right.</content></level></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-3"><num>(3)</num><intro>For these purposes, A has a “majority stake” in B if—</intro><level class="para1" eId="schedule-1-paragraph-3-3-a"><num>(a)</num><content>A holds a majority of voting rights in B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-b"><num>(b)</num><content>A is a member of B and has the right to appoint or remove a majority of the board of directors of B,</content></level><level class="para1" eId="schedule-1-paragraph-3-3-c"><num>(c)</num><content>A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or</content></level><level class="para1" eId="schedule-1-paragraph-3-3-d"><num>(d)</num><content>A has the right to exercise, or actually exercises, dominant influence or control over B.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-4"><num>(4)</num><intro>In the application of this paragraph to the right to appoint or remove a majority of the board of directors, an entity is to be treated as having the right to appoint a director if—</intro><level class="para1" eId="schedule-1-paragraph-3-4-a"><num>(a)</num><content>a person's appointment as director follows necessarily from that person's appointment as director of the entity, or</content></level><level class="para1" eId="schedule-1-paragraph-3-4-b"><num>(b)</num><content>the directorship is held by the entity itself.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-3-5"><num>(5)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-1-paragraph-3-5-a"><num>(a)</num><content>the reference to the right to appoint or remove a majority of the board of directors of an entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-b"><num>(b)</num><content>the reference to the board of directors, in the case of an entity that does not have such a board, is to be read as a reference to the equivalent management body of that entity,</content></level><level class="para1" eId="schedule-1-paragraph-3-5-c"><num>(c)</num><content>references to “voting rights” are to be read in accordance with section 8(7).</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-interests-held-by-nominees"><heading>Interests held by nominees</heading><paragraph eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content>An interest held by a person as nominee for another is to be treated as held by the other (and not by the nominee).</content></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-treated-as-held-by-person-who-controls-their-exercise"><heading>Rights treated as held by person who controls their exercise</heading><paragraph eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-1-paragraph-5-1"><num>(1)</num><content>Where a person controls a right, the right is to be treated as held by that person (and not by the person who in fact holds the right, unless that person also controls it).</content></subparagraph><subparagraph eId="schedule-1-paragraph-5-2"><num>(2)</num><intro>A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only—</intro><level class="para1" eId="schedule-1-paragraph-5-2-a"><num>(a)</num><content>by that person,</content></level><level class="para1" eId="schedule-1-paragraph-5-2-b"><num>(b)</num><content>in accordance with that person's directions or instructions, or</content></level><level class="para1" eId="schedule-1-paragraph-5-2-c"><num>(c)</num><content>with that person's consent or concurrence.</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-exercisable-only-in-certain-circumstances-etc"><heading>Rights exercisable only in certain circumstances etc</heading><paragraph eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num>(1)</num><intro>Rights that are exercisable by a person only in certain circumstances are to be treated as held by the person only—</intro><level class="para1" eId="schedule-1-paragraph-6-1-a"><num>(a)</num><content>when the circumstances have arisen, and for so long as they continue to obtain, or</content></level><level class="para1" eId="schedule-1-paragraph-6-1-b"><num>(b)</num><content>when the circumstances are within the control of the person.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-2"><num>(2)</num><content>But rights that are exercisable by an administrator or by creditors while an entity is in relevant insolvency proceedings are not to be regarded as held by the administrator or creditors even while the entity is in those proceedings.</content></subparagraph><subparagraph eId="schedule-1-paragraph-6-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-insolvency-proceedings" eId="term-relevant-insolvency-proceedings">Relevant insolvency proceedings</term>” means—</intro><level class="para1" eId="schedule-1-paragraph-6-3-a"><num>(a)</num><content>administration within the meaning of the Insolvency Act 1986,</content></level><level class="para1" eId="schedule-1-paragraph-6-3-b"><num>(b)</num><content>administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or</content></level><level class="para1" eId="schedule-1-paragraph-6-3-c"><num>(c)</num><content>proceedings under the insolvency law of another country or territory during which an entity's assets and affairs are subject to the control or supervision of a third party or creditor.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-6-4"><num>(4)</num><content>Rights that are normally exercisable but are temporarily incapable of exercise are not for that reason to be treated as not being held.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-rights-attached-to-shares-held-by-way-of-security"><heading>Rights attached to shares held by way of security</heading><paragraph eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><intro>Rights attached to shares held by way of security provided by a person are to be treated as held by that person—</intro><level class="para1" eId="schedule-1-paragraph-7-a"><num>(a)</num><content>where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person's instructions, and</content></level><level class="para1" eId="schedule-1-paragraph-7-b"><num>(b)</num><content>where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interests.</content></level></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-connected-persons"><heading>Connected persons</heading><paragraph eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><content>Two or more persons who are connected with each other (within the meaning given by paragraph 9 or 10) are each to be treated as holding the combined interests or rights of both or all of them.</content></paragraph><paragraph eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-1-paragraph-9-1"><num>(1)</num><content>Two or more undertakings are connected if they are group undertakings in respect of each other.</content></subparagraph><subparagraph eId="schedule-1-paragraph-9-2"><num>(2)</num><content>In sub-paragraph (1), “<term refersTo="#term-undertaking" eId="term-undertaking">undertaking</term>” and “<term refersTo="#term-group-undertaking" eId="term-group-undertaking">group undertaking</term>” have the same meanings as in the Companies Act 2006 (see section 1161 of that Act).</content></subparagraph></paragraph><paragraph eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-1-paragraph-10-1"><num>(1)</num><intro>An individual, A, is connected with another individual, B, if—</intro><level class="para1" eId="schedule-1-paragraph-10-1-a"><num>(a)</num><content>A is B's spouse, civil partner or cohabitee,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-b"><num>(b)</num><content>A is a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-c"><num>(c)</num><content>A is the spouse, civil partner or cohabitee of a relative of B,</content></level><level class="para1" eId="schedule-1-paragraph-10-1-d"><num>(d)</num><content>A is a relative of B's spouse, civil partner or cohabitee, or</content></level><level class="para1" eId="schedule-1-paragraph-10-1-e"><num>(e)</num><content>A is the spouse, civil partner or cohabitee of a relative of B's spouse, civil partner or cohabitee.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-10-2"><num>(2)</num><intro>For the purposes of sub-paragraph (1)—</intro><level class="para1" eId="schedule-1-paragraph-10-2-a"><num>(a)</num><content>two persons who are living together as if they were a married couple or civil partners are cohabitees,</content></level><level class="para1" eId="schedule-1-paragraph-10-2-b"><num>(b)</num><content>references to a spouse, civil partner or cohabitee include a former spouse, civil partner or cohabitee, and</content></level><level class="para1" eId="schedule-1-paragraph-10-2-c"><num>(c)</num><content>“<term refersTo="#term-relative" eId="term-relative">relative</term>” means a brother, sister, uncle, aunt, nephew, niece, lineal ancestor or descendant (the stepchild of any person, or anyone adopted by a person, whether legally or otherwise, as their child, being regarded as a relative or taken into account to trace a relationship in the same way as that person's child).</content></level></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-common-purpose"><heading>Common purpose</heading><paragraph eId="schedule-1-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-1-paragraph-11-1"><num>(1)</num><content>Two or more persons who share a common purpose in relation to an asset or entity are each to be treated as holding the combined interests or rights of both or all of them.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-2"><num>(2)</num><content>The cases in which persons share a common purpose in relation to an entity include (but are not limited to) cases in which the persons co-ordinate their influence on the activities, operations, governance or strategy of the entity.</content></subparagraph><subparagraph eId="schedule-1-paragraph-11-3"><num>(3)</num><content>The cases in which persons share a common purpose in relation to an asset include (but are not limited to) cases in which the persons co-ordinate their influence on the way in which the asset is used, and section 9(2) applies for the purposes of this sub-paragraph.</content></subparagraph></paragraph></hcontainer><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-arrangements"><heading>Arrangements</heading><paragraph eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><num>(1)</num><intro>In this Schedule “<term refersTo="#term-arrangement" eId="term-arrangement">arrangement</term>” includes—</intro><level class="para1" eId="schedule-1-paragraph-12-1-a"><num>(a)</num><content>any scheme, agreement or understanding, whether or not it is legally enforceable, and</content></level><level class="para1" eId="schedule-1-paragraph-12-1-b"><num>(b)</num><content>any convention, custom or practice of any kind.</content></level></subparagraph><subparagraph eId="schedule-1-paragraph-12-2"><num>(2)</num><content>But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, the time it has been in existence or otherwise).</content></subparagraph></paragraph></hcontainer></hcontainer><hcontainer name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="referenceNote"> Section 58</authorialNote></num><heading>Minor and consequential amendments and revocations</heading><paragraph eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content>The Enterprise Act 2002 is amended in accordance with paragraphs 2 to 10.</content></paragraph><paragraph eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-2-paragraph-2-1"><num>(1)</num><content>Section 23 (relevant merger situations) is amended as follows.</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-2"><num>(2)</num><content><mod>For subsections (1) and (2) substitute—<quotedStructure startQuote="“" endQuote="”" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="default"><subsection><num>(1)</num><intro>For the purposes of this Part, a relevant merger situation has been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million.</content></level></subsection><subsection><num>(2)</num><intro>For the purposes of this Part, a relevant merger situation has also been created if—</intro><level class="para1"><num>(a)</num><content>two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and</content></level><level class="para1"><num>(b)</num><content>as a result, one or both of the conditions mentioned in subsections (3) and (4) below prevails or prevails to a greater extent.</content></level></subsection></quotedStructure></mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-3"><num>(3)</num><content>Omit subsections (2A), (4A) and (4B).</content></subparagraph><subparagraph eId="schedule-2-paragraph-2-4"><num>(4)</num><content><mod>In subsection (5), for “(3), (4), (4A) or (4B)” substitute <quotedText>“ (3) or (4) ”</quotedText>.</mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-5"><num>(5)</num><content><mod>In subsection (6), for “(3), (4), (4A) and (4B)” substitute <quotedText>“ (3) and (4) ”</quotedText>.</mod></content></subparagraph><subparagraph eId="schedule-2-paragraph-2-6"><num>(6)</num><content>Omit subsection (10).</content></subparagraph></paragraph><paragraph eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><content>Omit section 23A.</content></paragraph><paragraph eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 35(7) (questions to be decided in relation to completed mergers), for “, for the purposes of section 23(2)(b), the share of supply test is met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) has arisen, ”</quotedText>.</mod></content></paragraph><paragraph eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 36(6) (questions to be decided in relation to anticipated mergers), for “, for the purposes of section 23(2)(b), the share of supply test will be met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) will arise, ”</quotedText>.</mod></content></paragraph><paragraph eId="schedule-2-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 48(3) (cases where references or certain questions need not be decided), for “, for the purposes of section 23(2)(b), the share of supply test is or will be met,” substitute <quotedText>“ any such result as is mentioned in section 23(2)(b) has arisen or the question whether any such result will arise, ”</quotedText>.</mod></content></paragraph><paragraph eId="schedule-2-paragraph-7" class="schProv1"><num>7</num><content>In section 58 (specified considerations), omit subsections (1) and (2).</content></paragraph><paragraph eId="schedule-2-paragraph-8" class="schProv1"><num>8</num><content>In section 59 (intervention by Secretary of State in special public interest cases), omit subsections (3)(b)(i), (3B), (8) and (9).</content></paragraph><paragraph eId="schedule-2-paragraph-9" class="schProv1"><num>9</num><content>In section 153 (specified considerations), omit subsection (2).</content></paragraph><paragraph eId="schedule-2-paragraph-10" class="schProv1"><num>10</num><content>In paragraph 20(1) of Schedule 8 (national security) omit “(within the meaning of section 58(1))”.</content></paragraph><paragraph eId="schedule-2-paragraph-11" class="schProv1"><num>11</num><intro>In consequence of the preceding paragraphs, the following are revoked—</intro><level class="para1" eId="schedule-2-paragraph-11-a"><num>(a)</num><content>the Enterprise Act 2002 (Share of Supply Test) (Amendment) Order 2018 (S.I. 2018/578),</content></level><level class="para1" eId="schedule-2-paragraph-11-b"><num>(b)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2018 (S.I. 2018/593),</content></level><level class="para1" eId="schedule-2-paragraph-11-c"><num>(c)</num><content>the Enterprise Act 2002 (Share of Supply) (Amendment) Order 2020 (S.I. 2020/748), and</content></level><level class="para1" eId="schedule-2-paragraph-11-d"><num>(d)</num><content>the Enterprise Act 2002 (Turnover Test) (Amendment) Order 2020 (S.I. 2020/763).</content></level></paragraph></hcontainer></hcontainer>