Regulation 10

any beneficial interest in the share capital, accumulated funds or contributed capital of a company held by an affiliated company of the DFHC is treated as held by that DFHC;

any voting power in a company controlled by an affiliated company of the DFHC is treated as controlled by that DFHC; and

any interest in a company (where the management of the company is accustomed or under an obligation, whether formal or informal, to act in accordance with the DFHC’s directions, instructions or wishes, or where the DFHC is in a position to determine the policy of the company) held by an affiliated company of the designated FHC is treated as held by that DFHC.

any beneficial interest in the share capital, accumulated funds or contributed capital of a company; or

any voting power in a company,that is acquired or held or controlled, by an affiliated company and transferred or disposed of by the affiliated company in the manner mentioned in regulation 9(2)(a) or (b).

for the benefit of any person other than the affiliated company, the DFHC or any other affiliated company of the DFHC (called in this paragraph the beneficiary) under an obligation imposed under any written law, rule of law, contract or order of court; and

used or exercised by that affiliated company primarily for the benefit of the beneficiary.

the affiliated company is a licensed insurer, and the voting power or interest is controlled or held by it through any of the insurance funds specified in regulation 9(3)(c)(i) to (iv); or

the Authority —

is of the opinion (having regard to the specific circumstances of the case including whether the affiliated company has investment and voting policies that comply with guidelines issued by the Authority) that the voting power or interest in the company is in fact not being used or exercised primarily for the benefit of the beneficiary; and

issues a declaration under paragraph (5) to the DFHC for this purpose.