Financial Sector (Shareholdings) Act 1998

For the purposes of the ownership provisions, the following persons are associates of a person:

a relative of the person;

a partner of the person;

a company of which the person is an officer;

if the person is a company—an officer of the company;

an officer of a company of which the person is an officer;

an employee of an individual of whom the person is an employee;

the trustee of a discretionary trust where the person or another person who is an associate of the person by virtue of another paragraph of this subclause benefits, or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust, either directly or through any interposed companies, partnerships or trusts;

a company whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person;

a company where the person is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the company;

a company in which the person has, apart from this paragraph, a stake of not less than 20%;

if the person is a company—a person who holds, apart from this paragraph, a stake in the company of not less than 20%;

a person who is, because of this subclause, an associate of any other person who is an associate of the person (including a person who is an associate of the person by any other application or applications of this paragraph).

If a person (the first person) enters, or proposes to enter, into an arrangement with another person (the second person) that relates to any of the following matters:

the first person and the second person being in a position, by acting together, to control any of the voting power in a company;

the power of the first person and the second person, by acting together, to appoint or remove a director of a company;

the situation where one or more of the directors of a company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the first person and the second person acting together;