7. Exclusion of certain entities from operation of section 32 of Act

The Authority hereby excludes, from the operation of section 32 of the Act —

any entity which carries on a business prescribed in regulation 23F(1) (whether as its principal business or otherwise); or

any other entity whose principal business is that of investing in any entity referred to in sub-paragraph (a).

The exclusion in paragraph (1) shall not apply to an entity which is —

not carrying on any substantial business or not in operation;

carrying on the business of engaging in property-related activities;

carrying on the business of factoring, leasing equipment or otherwise purchasing debt obligations from others; or

an entity, or an entity within a class of entities, specified by the Authority by notice in writing by reference to a bank or a class of banks.

The Authority hereby excludes, from the operation of section 32 of the Act —

any entity which carries on a business prescribed in regulation 23F(1) (whether as its principal business or otherwise); or

any other entity whose principal business is that of investing in any entity referred to in sub-paragraph (a).

The exclusion in paragraph (1) shall not apply to an entity which is —

not carrying on any substantial business or not in operation;

carrying on the business of engaging in property-related activities;

carrying on the business of factoring, leasing equipment or otherwise purchasing debt obligations from others; or

an entity, or an entity within a class of entities, specified by the Authority by notice in writing by reference to a bank or a class of banks.