Regulation 3

any reference to an entity in which a bank holds a major stake is a reference to an entity in which a bank has a major stake as defined in section 32(7) of the Act; and

any reference to a company in which a financial holding company (referred to in this regulation and regulations 4 and 5 as the relevant major stakeholder) holds a major stake is a reference to a company in which the relevant major stakeholder has —

any beneficial interest exceeding 10% in the share capital;

control over more than 10% of the voting power; or

any interest, where the directors of the company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the relevant major stakeholder, or where the relevant major stakeholder is in a position to determine the policy of the company.