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Application and criteria for approval to acquire substantial shareholding

Securities and Futures (Clearing Facilities) Regulations 2013

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—(1) Any person applying for approval under section 70(1) or (2) of the Act shall submit to the Authority a written application that sets out —(a)the name of the applicant;(b)where the applicant is a corporation —(i)its place of incorporation;(ii)its substantial shareholders;(iii)its directors and chief executive officer; and(iv)its principal business;(c)where the applicant is an individual —(i)his nationality;(ii)his principal occupation; and(iii)his directorships;(d)all the corporations in which the applicant has a substantial shareholding;(e)the percentage of shareholding and voting power that the applicant has in the approved clearing house;(f)the percentage of shareholding and voting power that the applicant is seeking to have in the approved clearing house;(g)the reasons for making the application;(h)the mode and structure, as appropriate, under which —(i)the increase in shareholding will be carried out; and(ii)the increased shareholding will be held;(i)whether the applicant will seek representation on the board of directors of the approved clearing house; and(j)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).(2) Where an application under paragraph (1) has been made, the Authority may require the applicant to furnish the Authority with such information or documents as the Authority considers necessary in relation to the application, and the applicant shall comply with that requirement.(3) The Authority may grant its approval under section 70(1) or (2) of the Act if the Authority is satisfied that —(a)the applicant is a fit and proper person to be a substantial shareholder, 12% controller or 20% controller (as the case may be) of the approved clearing house;(b)having regard to the applicant’s likely influence, the approved clearing house will, or will continue to, conduct its business prudently and in compliance with the provisions of the Act; and(c)it would not be contrary to the interests of the public to do so.(4) In paragraph (3), “12% controller” and “20% controller” have the same meanings as in section 70(3) of the Act.

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