For the purposes of this Part, a person ("A") reduces control over a UK authorised person ("B") whenever—
the percentage of shares which A holds in B or in a parent undertaking of B ("P") decreases by any of the steps mentioned in subsection (2);
the percentage of voting power which A holds in B or P decreases by any of the steps mentioned in subsection (2); or
A ceases to be a parent undertaking of B.
The steps are—
from 50% or more to less than 50%;
from 30% or more to less than 30%;
from 20% or more to less than 20%.
For the purposes of this Part, a person ("A") ceases to have control over a UK authorised person ("B") if A ceases to be in the position of holding—
10% or more of the shares in B or in a parent undertaking of B ("P");
10% or more of the voting power in B or P; or
shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.