Past version: effective from 28/04/2011 - 22/12/2012
To view other versions open the versions tab on the right
(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
(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
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.
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]