Close Associates

A close associate is a person who;

  • holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power (whether in his or her own right or on behalf of any other person), in the business of the licence applicant or holder, and by virtue of that interest or power is or will be able (in the opinion of the Commissioner) to exercise a significant influence over or with respect to the conduct of that business, or
  • holds or will hold any relevant position, whether in his or her own right or on behalf of any other person, in the business of the licence applicant or holder.

Relevant financial interest, in relation to a business means;

  • any share in the capital of the business, or
  • 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 or manager, or
  • any other executive position, or
  • the position of secretary, however those positions are delegated.