Regulatory Alerts2017-01-01
Financial Services (Exemption from Approval of Controllers and Beneficial Owners) Rules 2017
The Financial Services Commission promulgated these 2017 rules to exempt the issue or transfer of non-voting shares from the statutory approval requirement for controllers and beneficial owners. Under section 23(1) of the Financial Services Act, licensees must normally obtain Commission approval for share transfers, but this exemption removes that mandate specifically for shares carrying no voting rights. Enacted on 19 January 2017 under sections 23(4) and 93 of the Act, the rules streamline regulatory compliance by clarifying that non-voting share interests are excluded from the approval process.
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