Clause 7

by deleting subsection (6) and substituting the following subsection:“(6) For the purposes of subsection (5), a person is an associate of another person if the first-mentioned person is —

a subsidiary of that other person;

a person who is accustomed or is under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to the security referred to in subsection (5); or

a corporation that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to that security.”; and

by inserting, immediately after subsection (11), the following subsection: “(12) In subsection (6)(a), “subsidiary” has the same meaning as in section 5 of the Companies Act (Cap. 50).”.