Regulation 13

any beneficial interest in the share capital, accumulated funds or contributed capital of an entity held by an affiliated entity of the bank shall be deemed to be a beneficial interest in that share capital, accumulated funds or contributed capital held by that bank;

any control of voting power in an entity held by an affiliated entity of the bank shall be deemed to be a control of such voting power held by that bank; and

any interest in an entity (where the management of the entity is accustomed or under an obligation, whether formal or informal, to act in accordance with the bank’s directions, instructions or wishes, or where the bank is in a position to determine the policy of the entity) held by an affiliated entity of the bank shall be deemed to be an interest held by that bank.

for the benefit of any person other than the affiliated entity, the bank or any other affiliated entity of the bank (referred to in this paragraph as the beneficiary), pursuant to an obligation imposed under any written law, rule of law, contract or order of court; and

used or exercised by that affiliated entity primarily for the benefit of the beneficiary,unless —

that affiliated entity is an insurer licensed under the Insurance Act (Cap. 142), and it holds the control of voting power or interest in the entity through any of the insurance funds specified in regulation 12(3)(i)(A) to (D); or

the Authority (having regard to the specific circumstances of the case including whether the affiliated entity has investment and voting policies that comply with guidelines issued by the Authority) is of the opinion that the control of voting power or interest in the entity is in fact not being used or exercised primarily for the benefit of the beneficiary, and the Authority issues a declaration by notice in writing to the bank that paragraph (1)(b) or (c), as the case may be, shall, with effect from the date of the declaration apply to the control of voting power or interest in the entity held by that affiliated entity.