16Meaning of close associate of firearms dealer etc

16 Meaning of close associate of firearms dealer etc (1) For this Act, an entity is a close associate of a licensed firearms dealer if— (a) the entity— (i) holds or will hold a financial interest, or is or will be entitled to exercise a relevant power, in the dealer’s business; and (ii) is able, or will be able, to exercise significant influence in relation to the conduct of the business because of the interest or power; or (b) the entity holds or will hold a relevant position in the dealer’s business. exercise a power includes exercise the power for someone else. financial interest, in relation to a business, means— (a) a share in the capital of the business; or (b) an entitlement to receive income derived from the business, however the entitlement arises. hold a position includes hold the position for someone else. licensed firearms dealer includes an applicant for a firearms dealer power means a power exercisable— (a) by voting or otherwise; and (b) alone or with others. relevant position, in a business, means a position (however described) whose holder takes part in the management of the business. relevant power, in relation to a business, means a power— (a) to take part in a directorial, managerial or executive decision for the business; or (b) to elect or appoint a person to a relevant position in the business.