84CBoard must not have a significant stake in a foreign listed company

84C Board must not have a significant stake in a foreign listed company

(1) The Board must take all reasonable steps to ensure that it does not hold a stake in a foreign listed company of more than 20%. Stake (2) The Financial Sector (Shareholdings) Act 1998 applies for the purposes of determining the Board’s stake in a foreign listed company, with the following modifications: (a) assume that the Board does not have any associates; (b) assume that any financial assets held by the Board were held by the Board in its own right; (c) disregard paragraph 8(1)(c) of Schedule 1 to that Act; (d) the modification set out in subsection (3). (3) For the purposes of determining the Board’s stake in a foreign listed company, if, under a securities lending arrangement: (a) at a particular time (the disposal time), the Board disposed of a financial asset (the borrowed financial asset) to another person (the borrower); and (b) the Board may come under an obligation to: (i) re‑acquire the borrowed financial asset from the borrower at a later time; or (ii) acquire an identical financial asset from the borrower at a later time; the borrowed financial asset is taken to be held by the Board during the period: (c) beginning at the disposal time; and (d) ending when the obligation mentioned in paragraph (b) is discharged or can no longer arise. Validity of transactions (4) A failure to comply with subsection (1) does not affect the validity of any transaction.