s 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.