GEN 11.8.4

Past version: effective from 28/04/2011 - 22/12/2012
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(1) Subject to (2) and (3), a Person specified in Rule 11.8.1(b) must not act as a Controller of an Authorised Firm unless he, or the Authorised Firm, has:
(a) obtained prior approval pursuant to Rule 11.8.5; or
(b) made a prior notification pursuant to Rule 11.8.5 or Rule 11.8.7, as may be applicable.
(2) The requirement in (1) does not apply to a Person who becomes a Controller by virtue of:
(a) having acquired Shares for the sole purpose of clearing and settling within a short settlement cycle; or
(b) holding Shares in a custodian capacity, provided that the Person can only exercise the voting rights attached to the Shares under instructions given in writing.
(3) The requirement in (1) does not apply to an Authorised Firm or a Regulated Financial Institution that becomes a Controller by virtue of holding Shares or holding or exercising voting rights as a result of:
(a) providing the underwriting of financial instruments; or
(b) placing financial instruments on a firm commitment basis,
provided that voting rights are not exercised or otherwise used to intervene in the management of the issuer and that the holding is disposed of within one year of acquisition.