Singapore legislation
Regulation 2
of Postal Services (Control of Designated Postal Licensees) Regulations 2012
Regulation 2
Definitions
Subregulation 1
In these Regulations, unless the context otherwise requires —
Definition
“applicant” means the person making an application and includes a designated postal licensee and an acquiring party within the meaning of regulation 7;
Definition
“application” means an application for the prior written approval of the Postal Authority under section 26B(2), (3) or (4) or 26F of the Act;
Definition
“open market transaction” means a transaction entered into in the ordinary course of business on, or otherwise subject to the business rules of, a securities exchange;
Definition
“relative”, in relation to a person, means —
the person’s spouse;
a parent or remoter lineal ancestor, or a step-parent, of the person;
a child or remoter issue, or a step-child, of the person; or
a sibling or step-sibling of the person;
Definition
“working day” means a day other than a Saturday, a Sunday or a public holiday.
Subregulation 2
For the purposes of these Regulations, a person, X, is an affiliate of another person, Y, if —
X is an entity which has an attributable interest (direct or indirect) in Y of 5% or more (referred to in this paragraph as a parent);
Y is an entity in which X has an attributable interest (direct or indirect) of 5% or more (referred to in this paragraph as a subsidiary); or
X is an entity in which Y’s parent has an attributable interest (direct or indirect) of 5% or more (referred to in this paragraph as a sibling), but X will not be considered an affiliate of Y if the common parent of X and Y has only a passive ownership interest in the 2 sibling entities, such as where the parent entity does not in practice cause the subsidiary entity to take, or prevent the subsidiary entity from taking, decisions regarding the management and major operating decisions of the entity,and any party’s attributable interest shall be determined using the “sum-the-percentages” methodology applied successively at each level of the ownership chain.