11Close associate

11 Close associate

11 Close associate

(1) In this Act, a person is a close associate of another person if the person—

(a) is a business partner of the other person, or

(b) is, or has been in the previous 12 months, an employee or agent of the other person, or

(c) is related to the other person—

(i) as a spouse or de facto partner, including a former spouse or de facto partner, or

(ii) as a child, grandchild, sibling, parent or grandparent, including as a child, grandchild, sibling, parent or grandparent of a person referred to in subparagraph (i), or

(iii) in a way prescribed by the regulations, or

(d) is a body corporate, or a member of a body corporate, partnership, trust, syndicate or joint venture, in which the other person or a person referred to in paragraphs (a)–(c) has a beneficial interest, or

(e) is a body corporate that is a parent company or subsidiary, within the meaning of the Corporations Act, of the other person, or

(f) holds or will hold a relevant position in the business of the other person, or

(g) is able to exercise a significant influence, directly or indirectly, over the other person or the operation or management of the other person’s business because of—

(i) a relevant financial interest, or

(ii) a relevant power, or

(h) is a person prescribed by the regulations.

(2) In this section—

business partner, of a person (the first person), means another person with whom the first person collaborates to trade or do business, including a person with whom the first person has a contractual arrangement or other alliance to trade or do business.

relevant financial interest, for 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 arises at law, in equity or otherwise.

relevant position means the following positions, however described—