§ 16 — Meanings of “Level A controller”, “Level B controller”, “Level C controller”, “Level D controller”, “Level Y controller” and “Level Z controller”

16.—(1) In this Part —“Level A controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the voting power in the designated entity;

“Level B controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the voting power in the designated entity;

“Level C controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the voting power in, the designated entity;

“Level D controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level D% or more of the total equity interests in the designated entity; or

(b)

is in a position to control Level D% or more of the voting power in the designated entity;

“Level Y controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the voting power in the designated entity;

“Level Z controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level Z% or more of the total equity interests in the designated entity; or

(b)

is in a position to control Level Z% or more of the voting power in the designated entity.

(2) For the purposes of subsection (1) and section 18(2) —“Level A%” means —(a)

unless paragraph (b) applies, 5%; or

(b)

such other percentage (less than or equal to Level B%) as may be prescribed from time to time;

“Level B%” means —(a)

unless paragraph (b) applies, 12%; or

(b)

such other percentage (less than or equal to Level C%) as may be prescribed from time to time;

“Level C%” means —(a)

unless paragraph (b) applies, 25%; or

(b)

such other percentage (less than or equal to Level D%) as may be prescribed from time to time;

“Level D%” means —(a)

unless paragraph (b) applies, 50%; or

(b)

such other percentage as may be prescribed from time to time;

“Level Y%” means —(a)

unless paragraph (b) applies, 50%; or

(b)

such other percentage (less than or equal to Level Z%) as may be prescribed from time to time;

“Level Z%” means —(a)

unless paragraph (b) applies, 75%; or

(b)

such other percentage as may be prescribed from time to time.

(3) The Minister may, for the purpose of paragraph (b) of the definitions of “Level A%”, “Level B%”, “Level C%”, “Level D%”, “Level Y%” and “Level Z%” mentioned in subsection (2), prescribe —(a)

different percentages in respect of —(i)

different designated entities;

(ii)

different classes of designated entities; or

(iii)

different designated entities within a class of designated entities; and

(b)

the same percentage for all or any of the definitions.

—(1) In this Part —“Level A controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the voting power in the designated entity;

“Level B controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the voting power in the designated entity;

“Level C controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the voting power in, the designated entity;

“Level D controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level D% or more of the total equity interests in the designated entity; or

(b)

is in a position to control Level D% or more of the voting power in the designated entity;

“Level Y controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the voting power in the designated entity;

“Level Z controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)

holds Level Z% or more of the total equity interests in the designated entity; or

(b)

is in a position to control Level Z% or more of the voting power in the designated entity.

(2) For the purposes of subsection (1) and section 18(2) —“Level A%” means —(a)

unless paragraph (b) applies, 5%; or

(b)

such other percentage (less than or equal to Level B%) as may be prescribed from time to time;

“Level B%” means —(a)

unless paragraph (b) applies, 12%; or

(b)

such other percentage (less than or equal to Level C%) as may be prescribed from time to time;

“Level C%” means —(a)

unless paragraph (b) applies, 25%; or

(b)

such other percentage (less than or equal to Level D%) as may be prescribed from time to time;

“Level D%” means —(a)

unless paragraph (b) applies, 50%; or

(b)

such other percentage as may be prescribed from time to time;

“Level Y%” means —(a)

unless paragraph (b) applies, 50%; or

(b)

such other percentage (less than or equal to Level Z%) as may be prescribed from time to time;

“Level Z%” means —(a)

unless paragraph (b) applies, 75%; or

(b)

such other percentage as may be prescribed from time to time.

(3) The Minister may, for the purpose of paragraph (b) of the definitions of “Level A%”, “Level B%”, “Level C%”, “Level D%”, “Level Y%” and “Level Z%” mentioned in subsection (2), prescribe —(a)

different percentages in respect of —(i)

different designated entities;

(ii)

different classes of designated entities; or

(iii)

different designated entities within a class of designated entities; and

(b)

the same percentage for all or any of the definitions.