5Meaning of “close associate”

#### 5 Meaning of “close associate” 5 Meaning of “close associate” > > (1) For the purposes of this Act, a person is a close associate of an applicant for a licence, or of a licensee (whether or not that applicant or licensee is a corporation), if the person— > > > > > (a) holds or will hold any relevant financial interest, or exercises any relevant power (whether in his or her own right, or through an agent or on behalf of any other person), in the business of the applicant or licensee, and by virtue of that interest or power is or will be able (in the opinion of the Secretary) to exercise a significant influence over or with respect to the conduct of that business, or > > > > > (b) holds or will hold any relevant position, whether in his or her own right, or through an agent or on behalf of any other person, in the business of the applicant or licensee. > > > (2) In this section— > > > > relevant financial interest in relation to a business means— > > > > > (a) any share in the capital of the business, or > > > > > (b) any entitlement to receive any income derived from the business, whether the entitlement arises at law or in equity or otherwise. > > > > relevant position means the position of director, manager, and any other executive position and secretary, however those positions are designated, and such other positions as may be prescribed by the regulations for the purposes of this definition. > > > > relevant power means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others— > > > > > (a) to participate in the day to day management of the business concerned, or > > > > > (b) to participate in any directorial, managerial or executive decision, or > > > > > (c) to elect or appoint any person to any relevant position.