Regulation 9

any subsidiary of the DFHC;

any company in which the DFHC and its subsidiaries hold in the aggregate a beneficial interest in not less than 20% of the share capital, accumulated funds or contributed capital;

any company in which the DFHC and its subsidiaries control in the aggregate not less than 20% of the voting power;

any other company where the directors of the company are 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; or

any subsidiary of a company mentioned in sub‑paragraph (b), (c) or (d).

acquired by a DFHC or any company mentioned in paragraph (1) (called in this paragraph the relevant company) under an arrangement with a person who has a trading account with the relevant company, and transferred to the trading account of that person within 2 market days from the date of acquisition; or

acquired or held by the DFHC or the relevant company in the course of satisfaction of debts due to it and disposed of at the earliest suitable opportunity,is excluded for the purpose of determining whether the company is an affiliated company of the DFHC.

for the benefit of any person other than the DFHC or its subsidiary, 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 the DFHC or its subsidiary primarily for the benefit of the beneficiary,is excluded for the purpose of determining whether the company is an affiliated company of the DFHC, unless —

the control of voting power in the company is held by the DFHC’s subsidiary that is a licensed insurer, through —

any insurance fund established and maintained under the Insurance Act 1966 for its general business;

any insurance fund established and maintained under the Insurance Act 1966 for its non‑participating policies;

any insurance fund established and maintained under the Insurance Act 1966 for its participating policies, and that relates to assets held other than for the purpose of meeting the liabilities in respect of the policies of the insurance fund; or

any insurance fund established and maintained under the Insurance Act 1966 for its investment‑linked policies, and that relates to assets held other than for the purpose of meeting those liabilities in respect of the policies of the insurance fund, the values of which are dependent on the value of the underlying assets; or

the Authority is of the opinion (having regard to the specific circumstances of the case including whether the DFHC or its subsidiaries has investment and voting policies that comply with guidelines issued by the Authority) that the control of voting power in the company is in fact not being used or exercised primarily for the benefit of the beneficiary, and the Authority issues a declaration by written notice to the DFHC for this purpose.