Regulation 21

any beneficial interest in the share capital, accumulated funds or contributed capital of an entity held by an affiliated entity of the merchant bank is treated as held by that merchant bank;

any voting power in an entity controlled by an affiliated entity of the merchant bank is treated as controlled by that merchant bank; and

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

any beneficial interest in the share capital, accumulated funds or contributed capital of an entity; or

any voting power in an entity,that is acquired or held, or controlled, by an affiliated entity and transferred or disposed of by the affiliated entity in the manner mentioned in regulation 20(2)(a) or (b).

for the benefit of any person other than the affiliated entity, the merchant bank or any other affiliated entity of the merchant bank (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 entity primarily for the benefit of the beneficiary.

the affiliated entity is an insurer licensed under the Insurance Act, and the voting power or interest is controlled or held by it through any of the insurance funds specified in regulation 20(4)(a); or

the Authority —

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

issues a declaration under paragraph (5) by written notice to the merchant bank.