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  • MIR-5.1 MIR-5.1 Control of Substantial Shareholding in a Licensed Member

    • MIR-5.1.1

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

      Amended: April 2013
      Adopted January 2010

    • MIR-5.1.2

      In rule MIR-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 member; or
      (b) Is in a position to control not less than 5% of the votes in the licensed member.
      Amended: April 2013
      Adopted January 2010

    • MIR-5.1.3

      In this section:

      (a) A person holds a share if:
      1. He is deemed to have an interest in that share in terms of the CBB Law, rules and regulations; or
      2. 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 CBB Law, rules and regulations;
      (b) A reference to the control of a percentage of the votes in a licensed member 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 member; 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 2013
      Adopted January 2010

    • MIR-5.1.4

      The CBB may grant its approval referred to in rule MIR-5.1.1, subject to such conditions or restrictions as the CBB may think fit.

      Adopted January 2010