GEN 11.8.2

(1) A Controller is a Person who, either alone or with any Associate:
(a) holds 10% or more of the shares in either the Authorised Firm or a Holding Company of that firm;
(b) is entitled to exercise, or controls the exercise of, 10% or more of the voting rights in either the Authorised Firm or a Holding Company of that firm; or
(c) is able to exercise significant influence over the management of the Authorised Firm as a result of holding shares or being able to exercise voting rights in the Authorised Firm or a Holding Company of that firm or having a current exercisable right to acquire such shares or voting rights.
(2) A reference in this chapter to the term:
(a) "share" means:
(i) in the case of an Authorised Firm, or a Holding Company of an Authorised Firm, which has a share capital, its allotted shares;
(ii) in the case of an Authorised Firm, or a Holding Company of an Authorised Firm, with capital but no share capital, rights to a share in its capital; and
(iii) in the case of an Authorised Firm, or a Holding Company of an Authorised Firm, without capital, any interest conferring a right to share in its profits or losses or any obligation to contribute to a share of its debt or expenses in the event of its winding up; and
(b) "a holding" means, in respect of a Person, shares, voting rights or a right to acquire shares or voting rights in an Authorised Firm or a Holding Company of that firm held by that Person either alone or with any Associate.
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]