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In forceAmended2020 Revised Edition
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Part 5A · Control of Designated Telecommunication Licensees, Designated Business Trusts and Designated Trusts

38. Control of equity interests and voting power in designated telecommunication licensee, designated business trust or designated trust

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Amended

Last amended by an amending law of 2026. 3 amendments in all.

(1)

Subject to subsection (9), a designated telecommunication licensee must give written notice to the Authority, within 7 days after the designated telecommunication licensee first becomes aware of the event, in the event that any person, whether by a series of transactions over a period of time or otherwise —

(a)

holds 5% or more but less than 12% of the total number of voting shares in the designated telecommunication licensee; or

(b)

is in a position to control 5% or more but less than 12% of the voting power in the designated telecommunication licensee.

(2)

Subject to subsection (9), the trustee-manager of a designated business trust must give written notice to the Authority, within 7 days after the trustee‑manager first becomes aware of the event, in the event that any person, whether by a series of transactions over a period of time or otherwise —

(a)

holds 5% or more but less than 12% of the total number of units in the designated business trust; or

(b)

is in a position to control 5% or more but less than 12% of the voting power in the designated business trust.

(3)

Subject to subsection (9), the trustee of a designated trust must give written notice to the Authority, within 7 days after the trustee first becomes aware of the event, in the event that any person, whether by a series of transactions over a period of time or otherwise —

(a)

holds 5% or more but less than 12% of the equity interests in the designated trust; or

(b)

is in a position to control 5% or more but less than 12% of the voting power in the designated trust.

(4)

Every person required to give a notice under subsection (1), (2) or (3) must ensure that the notice —

(a)

is given in such form and manner as the Authority may determine; and

(b)

is supported by such information as the Authority may require.

(5)

Subject to subsection (10), a person must not, without obtaining the prior written approval of the Authority to do so, become, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of a designated telecommunication licensee, designated business trust or designated trust.

(6)

Subject to subsection (10), a person must not, without obtaining the prior written approval of the Authority to do so, acquire any business (of a designated telecommunication licensee, designated business trust or designated trust) that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern.

(7)

Subject to subsection (10), a person must not, without obtaining the prior written approval of the Authority to do so, obtain effective control over a designated telecommunication licensee, designated business trust or designated trust.

(8)

An application for the written approval of the Authority under subsection (5), (6) or (7) —

(a)

must be made in such form and manner as the Authority may determine; and

(b)

must be supported by such information as the Authority may require.

(9)

A written notice need not be given to the Authority under subsection (1), (2) or (3), if the event mentioned in the applicable subsection occurs by virtue only of any transaction prescribed by the Minister by order in the Gazette.

(10)

Any person may, without obtaining the prior written approval of the Authority to do so, do any thing mentioned in subsection (5), (6) or (7), if the doing of that thing occurs by virtue only of any transaction prescribed under subsection (9).

(11)

A designated telecommunication licensee must give written notice to the Authority, within 7 days after the designated telecommunication licensee first becomes aware of the event, in the event that any person, by virtue only of any transaction prescribed under subsection (9) —

(a)

becomes, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of the designated telecommunication licensee;

(b)

acquires any business of the designated telecommunication licensee that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern; or

(c)

obtains effective control over the designated telecommunication licensee.

(12)

The trustee-manager of a designated business trust must give written notice to the Authority, within 7 days after the trustee‑manager first becomes aware of the event, in the event that any person, by virtue only of any transaction prescribed under subsection (9) —

(a)

becomes, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of the designated business trust;

(b)

acquires any business of the designated business trust that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern; or

(c)

obtains effective control over the designated business trust.

(13)

The trustee of a designated trust must give written notice to the Authority, within 7 days after the trustee first becomes aware of the event, in the event that any person, by virtue only of any transaction prescribed under subsection (9) —

(a)

becomes, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of the designated trust;

(b)

acquires any business of the designated trust that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern; or

(c)

obtains effective control over the designated trust.

(14)

Subject to subsection (15), any person who contravenes subsection (2), (3), (12) or (13) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.

(15)

Subsection (14) does not apply to a telecommunication licensee that is —

(a)

a trustee‑manager of a designated business trust; or

(b)

a trustee of a designated trust.[32B

Report

Read on from s 39

Part 5B

Special Administration Order

Read on from Part 5B

Part 5C

Alternative Dispute Resolution Scheme

Read on from Part 5C

Part 6

Offences and Penalties

Read on from Part 6

Part 7

International Obligations and National Interests

Read on from Part 7

Part 8

Enforcement Powers and Procedures

Read on from Part 8

Part 9

General Provisions

Read on from Part 9