3EMeaning of "close associate"

### 3E Meaning of "close associate" > [*\[Section 3E Inserted by No. 39 of 2010, s. 6, Applied:01 Jul 2011\]*](/view/html/inforce/2011-07-01/act-2010-039#GS6@EN) > > > (1)  In this section – > > > > > ***relevant financial interest*** means – > > > > > > > > (a) a share in the capital of a business; or > > > > > > > > > (b) an entitlement to receive income derived from the business, whether the entitlement arises at law or in equity or otherwise; > > > > > ***relevant position***, in relation to a business, means – > > > > > > > > (a) the position of director, manager, executive officer or secretary, however that position is designated in that business; or > > > > > > > > > (b) any other prescribed position in that business; > > > > > ***relevant power*** means a power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others, to – > > > > > > > > (a) participate in a directorial, managerial or executive decision; or > > > > > > > > > (b) elect or appoint a person to a relevant position. > > > (2)  A person is a close associate of an applicant for, or holder of, a licence if the person – > > > > > > (a) holds or will hold a relevant financial interest, or is or will be entitled to exercise a relevant power in the business of the applicant or holder and, by reason of that relevant financial interest or relevant power, is or will be able to exercise a significant influence over or with respect to the management or operation of the business; or > > > > > > > (b) holds or will hold a relevant position in the business of the applicant or holder.