14Who is a close associate?

14 Who is a close associate? close associate—a person is a close associate of someone (the related person) if— (a) the person holds or will hold an executive position (however described) in the related person’s business; or (b) the commissioner is satisfied that the person is or will be able to exercise a significant influence in relation to the conduct of the related person’s business because the person holds or will hold a financial interest, or is entitled to exercise a relevant power, in the business. business includes— (a) a business not carried on for profit; and (b) a trade or profession.

Important concepts Division 1.3 executive position—a position (however described) in the related person’s business is an executive position if the holder of the position is concerned with, or takes part in, the management of the business. exercise a power includes exercise the power on behalf of someone else. financial interest, in 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 on behalf of someone else. power means a power exercisable— (a) by voting or otherwise; and (b) alone or with others. relevant power, in 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 as an executive officer in the