Back Custom print Link Text Only Rich Text Print

  • GR-5.2 GR-5.2 Definition of Controller

    • GR-5.2.1

      A controller of a licensee is a natural or legal person who, either alone or with his associates:

      (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;
      (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.
      October 2010

    • GR-5.2.2

      For the purposes of Paragraph GR-5.2.1, 'associate' includes:

      (a) In the case of natural persons, a member of the controller's family;
      (b) An undertaking of which a controller is a Director;
      (c) A person who is an employee or partner of the controller; or
      (d) If the controller is a corporate entity, a Director of the controller, a subsidiary of the controller, or a Director of any subsidiary undertaking of the controller.
      October 2010

    • GR-5.2.3

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

      October 2010