Section 184(4)

Shares representing no more than 5% of the total voting power in B or P held by an investment firm are disregarded, provided that it— holds the shares in the capacity of a market maker (as defined in article 2.1.6 of the markets in financial instruments regulation); has a Part 4A permission to carry on one or more investment services and activities; neither intervenes in the management of B or P nor exerts any influence on B or P to buy the shares or back the share price.

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Source: legislation.gov.uk · retrieved 2026-09-04