No. S 138
Companies (Exemption from Notification of Substantial Shareholding) Order 2004
1. This Order may be cited as the Companies (Exemption from Notification of Substantial Shareholding) Order 2004 and shall come into operation on 1st April 2004.
—(1) The Minister hereby exempts the following persons from Division 4 of Part IV of the Act:
any person, being the holder of a capital markets services licence or an exempt person, who acts as a securities lending intermediary in a securities lending transaction where the securities are transferred to and out of the person’s securities account within 2 business days; and
(2) The condition referred to in sub-paragraph (1)(b) is there is in force between the substantial shareholder and the borrower an agreement for the lending of the securities which provides that the substantial shareholder shall —
retain all beneficial interests in the securities; and
be in a position to exercise any of his rights as a shareholder of the securities.
(3) In this paragraph —
“borrower” includes a securities lending intermediary;
“capital markets services licence” and “exempt person” have the same meanings as in section 2(1) of the Securities and Futures Act (Cap. 289);
“securities”, in relation to a securities lending transaction, means the shares that are the subject of the securities lending transaction.
[F14.1.0032 V12; AG/LEG/SL/50/2002/1/Vol.6]