sec.7Meaning of associated person and effective control

### sec.7 Meaning of associated person and effective control An associated person of an applicant for a licence or a licensee is a person who is not an applicant for a licence or a licensee but nevertheless is, or would be if the licence were granted, in effective control of the applicant’s or licensee’s business. A person who is in effective control of a business includes a person who— is regularly or usually in charge of the business; or regularly directs staff of the business in their duties; or is in a position to control or influence substantially the business. If an applicant for a licence or a licensee is a corporation, an executive officer of the corporation is taken to be an associated person of the applicant or licensee. (sec.7-ssec.1) An associated person of an applicant for a licence or a licensee is a person who is not an applicant for a licence or a licensee but nevertheless is, or would be if the licence were granted, in effective control of the applicant’s or licensee’s business. (sec.7-ssec.2) A person who is in effective control of a business includes a person who— is regularly or usually in charge of the business; or regularly directs staff of the business in their duties; or is in a position to control or influence substantially the business. (sec.7-ssec.3) If an applicant for a licence or a licensee is a corporation, an executive officer of the corporation is taken to be an associated person of the applicant or licensee. - (a) is regularly or usually in charge of the business; or - (b) regularly directs staff of the business in their duties; or - (c) is in a position to control or influence substantially the business.