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  • GR-4.2 GR-4.2 Definition of Controller

    • GR-4.2.1

      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 issued and paid up share capital in the licensee ("L"), or is able to exercise (or control the exercise of) 10% or more of the voting power in L;
      (b) Holds 10% or more of the issued and paid up share capital in a parent undertaking ("P") of L, or is able to exercise (or control the exercise of ) 10% or more of the voting power in P; or
      (c) Is able to exercise significant influence over the management of L or P.
      January 2014

    • GR-4.2.2

      For the purposes of Paragraph GR-4.2.1, "associate" includes:

      (a) The spouse, son(s) or daughter(s) of a controller;
      (b) An undertaking of which a controller is a director;
      (c) A person who is an employee or partner of the controller; and
      (d) If the controller is a legal person, a director of the controller, a subsidiary of the controller, or a director of any subsidiary undertaking of the controller.
      January 2014

    • GR-4.2.3

      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.

      January 2014