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Amendment of section 38 of Act of 1995.
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63.—Section 38 of the Act of 1995 is hereby amended in subsection (2) by the insertion in paragraph (a) before “exceed” of “reach or” and the subsection as so amended is set out in the Table to this section.
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TABLE
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(2) In this Part “acquiring transaction”means any direct or indirect acquisition by a person or more than one person acting in concert of shares or other interest in an authorised investment business firm:
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Provided that after the proposed acquisition—
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(a) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed a qualifying holding, or
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(b) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed 20 per cent., 33 per cent. or 50 per cent., or
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(c) an authorised investment business firm would become a subsidiary of the acquirer.
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