7Meaning of “close associate”

7 Meaning of “close associate”

7 Meaning of “close associate”

(1) For this Part, a person is a close associate of an applicant or an approval holder if the person—

(a) is or will be able, in the opinion of the relevant racing control body, to exercise significant influence over the applicant’s or approval holder’s business because the person—

(i) holds or will hold a relevant financial interest in the business, or

(ii) is or will be entitled to exercise a relevant power in the business, or

(b) holds or will hold a relevant position, whether in the person’s own right or on behalf of another person, in the applicant’s or approval holder’s business.

(2) In this section—

relevant financial interest, in a business, means—

(a) a share in the capital of the business, or

(b) an entitlement to receive income derived from the business, whether the entitlement is at law, in equity or otherwise.

relevant position means—

(a) the position of director, manager or secretary, or

(b) another executive position, however described.

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

(a) to participate in the making of a decision that may only be made by a person in a relevant position, or

(b) to elect or appoint a person to a relevant position.