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  • MAE-5.1 MAE-5.1 Control of Substantial Shareholding in Licensed Exchanges

    • MAE-5.1.1

      No person shall enter into any agreement to acquire shares in a licensed exchange by virtue of which he would, if the agreement had been carried out, become a substantial shareholder of the licensed exchange without first obtaining the approval of the CBB to enter into the agreement.

    • MAE-5.1.2

      In Paragraph MAE-5.1.1 "substantial shareholder" means a person who alone or together with his associates:

      (a) Holds not less than 5% of the shares in the licensed exchange; or
      (b) Is in a position to control not less than 5% of the votes in the licensed exchange.

    • MAE-5.1.3

      In this Section:

      (a) A person holds a share if:
      (i) He is deemed to have an interest in that share in terms of the Commercial Companies Law (CCL); or
      (ii) He otherwise has a legal or a beneficial interest in that share, except such interest as is to be disregarded in the terms of the CCL;
      (b) A reference to the control of a percentage of the votes in a licensed exchange shall be construed as a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the licensed exchange; and
      (c) An associate of another person means in respect of individuals, a direct family member and in the case of a company, means the company is bound to follow the directives of the substantial shareholder, or the company in which the substantial shareholder has 20% of the votes of that company.
      Amended: April 2016
      Amended: April 2013

    • MAE-5.1.4

      The CBB may grant its approval referred to in Paragraphs MAE-5.1.1 or MAE-5.1.2 subject to such conditions or restrictions as the CBB may deem fit.

      Amended: April 2016