(1)  In this section –

relevant financial interest means –

(a) a share in the capital of a business; or

(b) an entitlement to receive income derived from the business, whether the entitlement arises at law or in equity or otherwise;

relevant position , in relation to a business, means –

(a) the position of director, manager, executive officer or secretary, however that position is designated in that business; or

(b) any other prescribed position in that business;

relevant power means a power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others, to –

(a) participate in a directorial, managerial or executive decision; or

(b) elect or appoint a person to a relevant position.

(2)  A person is a close associate of an applicant for, or holder of, a licence if the person –

(a) holds or will hold a relevant financial interest, or is or will be entitled to exercise a relevant power in the business of the applicant or holder and, by reason of that relevant financial interest or relevant power, is or will be able to exercise a significant influence over or with respect to the management or operation of the business; or

(b) holds or will hold a relevant position in the business of the applicant or holder.