15What is a close associate?

### 15 What is a close associate? > > (1)  For the purposes of [section 13](#GS13@EN) , a person is a close associate of someone (in this section referred to as "the related person") if – > > > > > > (a) the person holds an executive position (however described) in the related person's business; or > > > > > > > (b) [*\[Section 15 Subsection (1) amended by No. 2 of 2012, s. 62, Applied:01 Jan 2013\]*](/view/html/inforce/2013-01-01/act-2012-002#GS62@EN) the regulator 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. > > > (2)  In this section – > > > > > ***business*** includes – > > > > > > > > (a) a business not carried on for profit; and > > > > > > > > > (b) a trade or profession; > > > > > ***executive position***, in a business, means a position (however described) held by a person who 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; or > > > > > > > > > (b) exercisable alone or with others; > > > > > ***relevant power***, in a business, means a power to – > > > > > > > > (a) take part in a directorial, managerial or executive decision for the business; or > > > > > > > > > (b) elect or appoint a person to an executive office in the business.