Clause 4

A person holds an equity interest under this Part if the person —

has or is deemed to have an equity interest in accordance with subsection (2); or

otherwise has a legal or equitable interest in that equity interest,except for any interest that is to be disregarded under subsection (3) or prescribed as an interest that is to be disregarded.(2) A person is deemed to have an equity interest in an entity if that person —

has entered into a contract to purchase the equity interest; or

is entitled to exercise or control the exercise of a right attached to the equity interest, otherwise than by reason of the person having been appointed a proxy or representative to vote at —

a general meeting of the entity;

in the case of an entity that is a business trust — a general meeting of the unitholders of the business trust; or

in the case of an entity that is a trust other than a business trust — a general meeting of the beneficiaries of the trust in question.(3) For the purposes of construing an equity interest in this section, the following interests are disregarded:

an equity interest of a person who holds the equity interest as a bare trustee;

an equity interest of a person whose ordinary business includes the lending of money, if the person holds the equity interest only by way of security for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money;

an equity interest of a person whose ordinary business includes the underwriting of securities, if the person holds the equity interest only as an underwriter or a sub‑underwriter to any offering of equity interest of an entity;

an equity interest of a person —

in the person’s capacity as a liquidator, the Official Receiver, the Official Assignee or the Public Trustee; or

by reason of the person holding such other office as may be prescribed for the purposes of section 7(9)(c) of the Companies Act 1967;

an interest of a corporation in its own shares purchased or otherwise acquired in accordance with sections 76B to 76G of the Companies Act 1967 (including treasury shares);

such interest in a share as may be prescribed for the purposes of section 7(9)(d) of the Companies Act 1967, being an interest of such person, or of a person included in such class of persons, as may be prescribed for the purposes of that provision.(4) Where the interest relates to an interest in a share, section 7(7), (8) and (10) of the Companies Act 1967 applies in determining whether a person has an equity interest for the purposes of subsections (2) and (3).(5) Regulations made under section 81 may further provide that any other equity interest is to be disregarded for the purposes of this section.Meaning of “associate”60B. In this Part, a person (A) is an associate of another person (B) if —

A is the spouse, or a parent, step‑parent or remoter lineal ancestor, or a child, step‑child or remoter issue, or a sibling or step‑sibling of B;

A is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B or, where B is a corporation, of the directors of B;

B is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A or, where A is a corporation, of the directors of A;

A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B or, where B is a corporation, of the directors of B;

B is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A or, where A is a corporation, of the directors of A;

A is a related corporation of B or B is a related corporation of A;

A is a corporation in which B, alone or together with other associates of B as described in paragraphs (b) to (f), is in a position to control not less than 12% of the voting power in A;

B is a corporation in which A, alone or together with other associates of A as described in paragraphs (b) to (f), is in a position to control not less than 12% of the voting power in B;

A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares, units or other equity interests in, or with respect to the exercise of their voting power in relation to, a regulated person;

A is related to B in such other manner as may be prescribed.”.