(1) For the purposes of Article 42
(2) of the Law, a Person
is hereby prescribed as a Connected Person
of a Listed Fund
if that Person
(a) becomes a member of the Governing Body of the Listed Fund or an individual involved in the senior management of either the Reporting Entity of the Fund or a controller of the Reporting Entity of the Fund or the Trustee of the Fund; or
(b) owns or beneficially owns voting rights carrying more than 5% of the voting rights attaching to the Units of the Fund or of the Trustee of the Fund.
(2) In (1), a Person is a controller of a Reporting Entity if that Person (the first Person), either alone or with the Associates of that Person, controls the majority of the voting rights in, or the right to appoint or remove the majority of the Board of, the Reporting Entity or any Person who has similar control over the first Person, including an ultimate controller of the first Person.
(3) For the purposes of determining whether a Person
has control for the purposes of (1), any Securities
held by that Person
and his Associates
, including those in which that Person
of the Person
has a beneficial interest, are deemed as his Securities
(a) any such Securities are held by that Person on behalf of another Person who is not an Associate of that Person; or
(b) the Person does not have control over the voting rights attaching to the Securities because some other Person manages those Securities on a discretionary basis.
Derived from RM81/2011
(Made 30th November 2011). [VER1/11-11]
[Amended] DFSA RM120/2013
(Made 14th July 2013). [VER4/07-13]