Section 23: Approval of controllers and beneficial owners
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
23. Approval of controllers and beneficial owners
(1) Subject to subsection (1A), no shares or legal or beneficial interest in
a licensee shall be issued or transferred except with the approval of the
Commission.
(1A) (a) Subsection (1) shall not apply to a transfer of shares or legal or
beneficial interest of less than 5 per cent in a licensee unless such transfer
results in a change in control in the licensee.
(b) Where there is a transfer of shares or legal or beneficial interest
of less than 5 per cent in a licensee, the licensee shall notify the Commission
of the transfer.
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Financial Services Act
(2) The licensee shall provide such particulars of any person under subsection (1) as the Commission may require.
(3) Where, at any time, the Commission is not satisfied that a controller
or beneficial owner of a licensee is a fit and proper person, it may, after giving the person and the licensee an opportunity to make representations about
the matter, direct—
(a) such person to dispose of his shareholding in the licensee;
(b) such person not to exercise any voting rights with respect to his
shareholding in the licensee; or
(c) the licensee to take such remedial measures as may be necessary in the circumstances.
(4) The requirement under subsection (1) shall not apply to such classes
of licensees, or types of shares or legal or beneficial interest, as may be
specified in FSC Rules.
(4A) For the purpose of subsection (4), the Commission may impose
such conditions as it may determine.
(5) Where the Commission refuses an approval under subsection (1), it
shall notify the licensee in writing, giving reasons for the refusal.
[S. 23 amended by s. 7 (c) of Act 10 of 2010 w.e.f. 24 December 2010; s. 24 (a) of
Act 18 of 2016 w.e.f. 7 September 2016.]