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  • GR-5.2 GR-5.2 Definition of Controller

    • GR-5.2.1

      A controller of a conventional bank licensee is a natural or legal person who:

      (a) holds 10% or more of the shares in the licensee ("L"), or is able to exercise (or control the exercise) of more than 10% of the voting power in L; or
      (b) holds 10% or more of the shares in a parent undertaking ("P") of L, or is able to exercise (or control the exercise) of more than 10% of the voting power in P; or
      (c) is able to exercise significant influence over the management of L or P.

    • GR-5.2.2

      For the purposes of Paragraph GR-5.2.1, "person" means the person ("H") or any of the person's associates, where associate includes:

      (a) the spouse, child or stepchild of H;
      (b) an undertaking of which H is a Director;
      (c) a person who is an employee or partner of H;
      (d) if H is a corporate entity, a Director of H, a subsidiary of H, or a Director of any subsidiary undertaking of H.

    • GR-5.2.3

      Associate also includes any other person or undertaking with which the person H has entered into an agreement or arrangement as to the acquisition, holding or disposal of shares or other interests in the conventional bank licensee, or under which they undertake to act together in exercising their voting power in relation to the conventional bank licensee.