Banking Act (Cap. 371), article 13D

13D. In determining whether the criteria for a qualifying shareholding are fulfilled, the voting rights referred to in Articles 9, 10 and 11 of Directive 2004/109/EC and the conditions regarding aggregation thereof set out in Article 12(4) and (5) of that same Directive, shall be taken into account: Provided that in determining whether the criteria for a qualifying shareholding are fulfilled, the competent authority shall not take into account voting rights or shares which credit institutions may hold as a result of providing the underwriting of financial instruments on a firm commitments basis in terms of point 6 of Section A of Annex 1 to the MiFID, provided that those rights are not exercised or otherwise used to intervene in the management of the issuer and are disposed of within one year of acquisition. Control of a credit institution. Amended by: XVII. 2002.170; XX. 2007.96; XVII. 2009.19; X. 2015.20; LXXI.2021.37.