3.3.1. Notification for decrease in the level of control of Authorised Person incorporated in the AIFC

A Controller of an Authorised Person which is incorporated in the AIFC must submit, using the form prescribed in Schedule 3, a written notification to the AFSA where that Person:

             (a)      proposes to cease being a Controller; or

(b)       proposes to decrease that Person’s holding from more than 50% to 50% or less.

3.3.2. Notification of changes relating to control of Branches

(1)       In the case of an Authorised Person which is a Branch or a Credit Rating Agency, a written notification to the AFSA must be submitted by a Controller or a Person proposing to become a Controller of that Authorised Person in accordance with (3) in respect of any one of the events specified in (2).

(2)       For the purposes of (1), a notification to the AFSA is required when:

(a)       a Person becomes a Controller;

(b)       an existing Controller proposes to cease being a Controller; or

(c)       an existing Controller’s holding is:

(i)        increased from below 30% to 30% or more;

(ii)       increased from below 50% to 50% or more; or

(iii)      decreased from more than 50% to 50% or less.

(3)       The notification required under (1) must be made by a Controller or Person proposing to become a Controller of a Branch or a Credit Rating Agency using the Form prescribed in Schedule 3 as soon as possible, and in any event, before making the relevant acquisition or disposal.