Schedule 10, Part 2, paragraph 7(3)

A firm is to be treated as controlled by qualified persons if, and only if— a majority of the members of the firm are qualified persons, and where the firm's affairs are managed by a board of directors, committee or other management body, a majority of that body are qualified persons or, if the body consists of two persons only, at least one of them is a qualified person.

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