Meaning of associate

In force

(1)

For the purposes of this Act, a person who is of or above the age of

18 years is an associate of an applicant for a licence or a licence holder if the person—

(a)

holds any relevant financial interest, or is entitled to exercise any relevant power (whether in right of the person or on behalf of any other person) in the business of the applicant or the licence holder (being the business to which the application or licence relates), and by virtue of that interest or power, is able to exercise a significant influence over or with respect to the management or operation of the business; or

(b)

holds any relevant position (whether in right of the person or on behalf of any other person) in the business of the applicant or the licence holder (being the business to which the application or licence relates).

(2)

In subsection (1)—

relevant financial interest in relation to a business means—

(a)

any share in the capital of the business; or

(b)

any entitlement to receive any income derived from the business;

relevant position, in relation to the business of an applicant or a licence holder, means—

(a)

the position of director, partner, trustee, manager, secretary or other executive position, however designated; and

(b)

any other position determined by the Chief Executive to be associated or connected with the ownership, administration or management of the operations or business of the applicant;

relevant power means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others—

(a)

to participate in any directorial, managerial or executive decision; or

(b)

to elect or appoint any person to any relevant position.

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4 Meaning of associate