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.
142 Government Notices 2017
Government Notice No. 15 of 2017
THE FINANCIAL SERVICES ACT
FSC Rules made by the Financial Services Commission under sections 23(4) and 93 of the Financial Services Act
1. Citation These rules may be cited as the Financial Services (Exemption from Approval of Controllers and Beneficial Owners) Rules 2017.
2. Interpretation “Act” means the Financial Services Act; “shares” includes any shares or legal or beneficial interest in a licensee.
3. Exemption from the requirement to seek the approval of the Commission The requirement to seek approval under section 23(1) of the Act shall not apply to the issue or the transfer of the type of shares that do not carry voting rights.
Made by the Financial Services Commission on 19 January 2017.
BY AUTHORITY: GOVERNMENT PRINTING DEPARTMENT, LA TOUR KOENIG 8/01/17 – 1271