Singapore legislation
Regulation 12
of Securities and Futures (Approved Holding Companies) Regulations 2005
Regulation 12
Application and criteria for approval to acquire substantial shareholding
Subregulation 1
Any person applying for approval under section 81ZE(1) or (2) of the Act shall submit to the Authority a written application that sets out —
the name of the applicant;
in the case where the applicant is a corporation —
its place of incorporation;
its substantial shareholders;
its directors and chief executive officer; and
its principal business;
in the case where the applicant is a natural person —
his nationality;
his principal occupation; and (iii)his directorships;
all the corporations in which the applicant has a substantial shareholding;
the percentage of shareholding and voting power that the applicant has in the approved holding company;
the percentage of shareholding and voting power the applicant is seeking to have in the approved holding company; (g)the reasons for making the application;
the mode and structure, as appropriate, under which —
the increase in shareholding will be carried out; and
the increased shareholding will be held;
whether the applicant will seek representation on the board of directors of the approved holding company; and
any other information that may facilitate the determination of the Authority as to whether the applicant is a fit and proper person for the purposes of paragraph (3)(a).
Subregulation 2
The Authority may require the applicant to furnish it with such information or documents as the Authority considers necessary in relation to the application and the applicant shall furnish such information or documents as required by the Authority.
Subregulation 3
The Authority may approve an application made under section 81ZE(1) or (2) of the Act if the Authority is satisfied that —
the applicant is a fit and proper person to be a substantial shareholder, or a 12% controller or 20% controller within the meaning of section 81ZE(3) of the Act (as the case may be) of the approved holding company;
having regard to the applicant’s likely influence, the approved holding company will or will continue to conduct its business prudently and in compliance with the provisions of the Act; and
it would not be contrary to the interests of the public to do so.