Change in Control (CIC) Application Service

When a UK-regulated Money Service Business (MSB) is being bought, sold, or restructured, any individual or entity acquiring control (typically 10% or more of shares or voting rights) must notify and gain approval from the Financial Conduct Authority (FCA). This legal requirement falls under Section 178 of the Financial Services and Markets Act (FSMA) 2000, and the process is commonly referred to as a Change in Control (CIC) notification. Failing to submit a Section 178 notification or proceeding without FCA approval is a criminal offence and could lead to enforcement action, licence suspension, or fines. At Eminent Global Compliance, we provide expert support for both buyers and sellers to manage this process smoothly and avoid costly delays or compliance breaches.

Our CIC Application Service Includes:

• Preparing and Submitting Section 178 Notification.

  We handle the full preparation and filing of the notification to the FCA, ensuring all required forms and supporting documents are accurate and complete.

• Liaising Directly with the FCA
  We act as your compliance representative throughout the process, responding to FCA queries, clarifying ownership structures, and expediting the review process.

• SUP 11 Rule Compliance
  We guide you through the relevant FCA Handbook rules, particularly SUP 11 (Controllers and Close Links), to ensure your business structure and changes meet regulatory expectations.

• Risk Reduction and Efficiency
  Many CIC applications face delays due to documentation errors or poor preparation. We mitigate this risk by avoiding common pitfalls and ensuring the FCA receives a clear, professional submission.

Whether you're acquiring or selling an FCA-regulated MSB, Eminent ensures full compliance with Section 178 FSMA, guiding you through each step of the Change in Control process. Our proactive, detail-focused approach protects your transaction and maintains your business’s regulatory integrity.