15What is a close associate?

15 What is a close associate?

(1)  For the purposes of section 13 , 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] 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 –