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OFS-3.2.19

Past version: Effective from 01 Jan 2014 to 30 Jun 2018
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An appointed advisor must be independent of the issuer. An appointed advisor will not be considered independent by the CBB if:

(a) He owns an interest of 5% or more of equity securities of the issuer or any other company within the issuer's group;
(b) He has a business relationship with, or financial interest in the issuer or any other entity in the issuer's group that would give the appointed advisor, or the appointed advisor's group a material interest in the outcome of the transaction;
(c) He does not provide and has not provided in the previous 2 years any service, assurance, or guidance in any event to the issuer, other than the offering or listing in which he is appointed as an appointed advisor, or to another entity in the issuer's group; or
(d) A director, partner or employee of the appointed advisor or another entity in the appointed advisor's group has a material interest in the issuer or any other entity in the issuer's group.
January 2014