Securities Industry Act - The Bahamas Laws On-Line - The ...

SECURITIES INDUSTRY [CH.363 – 49
more of the votes attached to the securities of
the company whether such control or direction is
exercised by virtue of direct or indirect ownership
or by virtue of statute or agreement and a
connected person of such a person;
(e) a person, whether or not he is employed by the
company —
(i) who receives specific confidential information
from a person described in this section,
and
(ii) who has knowledge that the person giving
the information is a person described in this
section; or
(f) any agent, auditor, contractor or consultant to
the company who receives or comes into
confidential information.
(2) In this section —
(a) “associated company” includes a company (not
being a subsidiary of the investing group or
company) in which either —
(i) the investing group or company’s interest
is effectively that of a partner in a joint
venture or consortium and the investing
group or company is in a position to
exercise significant influence over the investee
company; or
(ii) the investing group or company’s interest is
substantial and for the long term and,
having regard to the disposition of the other
share holdings of the investing group or
company, is in a position to participate in
the investee company’s operating and financial
policies (including dividend policy),
but not necessarily exercise control over
these policies;
and where the investing group or company’s
interest amounts to twenty per cent or more of the
equity voting rights of a company, it shall be
presumed, subject to clear rebuttal otherwise, that
the investing group or company has the ability to
exercise significant influence over that company
(through the participation in the operating and
financial policy decisions of that company);
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS