CBB Volume 6: Contents
MAE-5.1 Control of Substantial Shareholding in Licensed Exchanges
personshall enter into any agreement to acquire shares in a licensed exchangeby virtue of which he would, if the agreement had been carried out, become a substantial shareholder of the licensed exchangewithout first obtaining the approval of the CBB to enter into the agreement.
In Paragraph MAE-5.1.1 "substantial shareholder" means a
personwho alone or together with his associates:(a) Holds not less than 5% of the shares in the licensed exchange; or(b) Is in a position to control not less than 5% of the votes in the licensed exchange.
In this Section:(a) A
personholds a share if:(i) He is deemed to have an interest in that share in terms of the Commercial Companies Law (CCL); or(ii) He otherwise has a legal or a beneficial interest in that share, except such interest as is to be disregarded in the terms of the CCL;(b) A reference to the control of a percentage of the votes in a licensed exchangeshall be construed as a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the licensed exchange; and(c) An associate of another personmeans in respect of individuals, a direct family memberand in the case of a company, means the company is bound to follow the directives of the substantial shareholder, or the company in which the substantial shareholder has 20% of the votes of that company.Amended: April 2016
Amended: April 2013
The CBB may grant its approval referred to in Paragraphs MAE-5.1.1 or MAE-5.1.2 subject to such conditions or restrictions as the CBB may deem fit.Amended: April 2016