6AClose associates

6A Close associates

6A Close associates

(1) In this Act, a person is a close associate, of an applicant for registration as a promoter or manager under this Act or a registered promoter or manager, if—

(a) the person—

(i) holds or will hold a relevant financial interest, or is or will be entitled to exercise a relevant power, whether in the person’s own right or on behalf of another person, in the business of the applicant or registered promoter or manager, and

(ii) because of that interest or power is or will be able, in the Authority’s opinion, to exercise a significant influence over or in relation to the conduct of the business, or

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

(2) In this section—

relevant financial interest, in relation to a business, means—

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

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

relevant position means any of the following positions—

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

(b) another position, however designated, if it is an executive position,

(c) any other position prescribed by the regulations for the purposes of this definition.

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

(a) to participate in a directorial, managerial or executive decision, or

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

s 6A: Ins 2024 No 16, Sch 1[7].