Condition of licence: Control of take-overs of licensees
15.—(1) No person shall enter into an agreement to acquire shares of a licensee by virtue of which he would, if the agreement is carried out, obtain effective control of that licensee without first notifying the Board of his intention to enter into the agreement and obtaining the approval of the Board to his entering into the agreement.
(2) For the purposes of this regulation —
(a)
a “licensee” means a commodity futures broker, a commodity futures pool operator or a commodity futures trading adviser. A person shall be regarded as entering into an agreement by virtue of which he would obtain effective control of a licensee if the person alone or acting together with any connected person would be in a position to control not less than 20% of the voting power in the licensee or would hold interests in not less than 20% of the issued shares of the licensee;
(b)
a reference to an agreement by which a person would obtain effective control of a licensee that is incorporated in Singapore includes a reference to an agreement by which the person would acquire any interest in shares in the licensee where, upon the acquisition of those interests and of any other interests in other shares of the licensee that he has offered to acquire, he would have effective control of the licensee; and
(c)
a reference to the voting power in a licensee is a reference to the total number of votes that might be cast in the general meeting of the licensee.