Financial Markets Act (Cap. 345), article 4B

4B. (1) Persons who are in a position to exercise, directly or indirectly, significant influence over the management of the regulated market mus t be fit and proper. (2) No person shall acquire a direct or indirect holding in a regulated market and, or the market operator which represents t en (10) per cent or more of the share capital issued by such body or of the voting rights attaching to such share capital or which make s it possible to exercise a significant influence over the managemen t of the regulated market ("qualifying shareholding") or increase su ch qualifying shareholding so that the proportion of the voting ri ghts or of the share capital held by him in the regulated market rea ches or exceeds twenty (20) per cent, thirty-three (33) per cent or fifty (50) per cent unless the competent authority has been notified of that intention by such person or by the relevant regulated mark et and the competent authority has approved the acquisition of or increase in such qualifying shareholding. (3) The competent authority shall refuse to approve any changes to controlling interests as proposed by the regulated market and, or the market operator in terms of sub-article (2) where there are objective and demonstrab le grounds for believing that they would pose a threat to the sound and prudent management of the said regulated market. (4) The market operator of a regulated market shall: (a) provide the competent authority with, and make public, information regarding the ownership of the regulated market and, or the market operator, and in particular, the identity and scale of interests of any parties in a position to exercise significant influence over the management; (b) inform the competent authority of and make public, any transfer of ownership which gives rise to a change in the identity of the persons exercising significant influence over the operati on of the regulated market. 18 CAP. 345.] FINANCIAL MARKETS Regulated market bye-laws and arrangements. Added by: XX. 2007.18. Amended by: XIX. 2016.6; XXXI. 2017.20.