(1) Subject to (2), to be admitted to the Official List, an Applicant which has one or more controlling Shareholders must be able to demonstrate to the Regulator that it can operate its business independently of such controlling Shareholder and any Associate thereof.
(2) The requirement in (1) does not apply if an Applicant can demonstrate to the Regulator's satisfaction that holders of the Issuer's Shares would have no appreciable risk of prejudice by the involvement in the relevant business of a controlling Shareholder.
(3) For the purposes of this chapter, a controlling Shareholder is any Person, or Persons acting jointly by agreement, whether formal or otherwise, who is:
(a) entitled to exercise, or control the exercise of, 30% or more of the voting rights at a general meeting of the Applicant; or
(b) able to control the appointment of one or more Directors who are able to exercise a majority of the votes at Board meetings of the Applicant.