these Regulations, unless the context otherwise requires- "Act" means the Financial Institutions Act, "affiliate" in respect of any financial institution, means any entity, corporate or unincorporated, where 5% or more of any class of its voting shares or other voting participation is directly or indirectly owned or controlled by that financial institution, or is held by it with power to vote;
(a)
in relation to a natural person-
(i)
where the relationship is through marriage; includes wife, husband, mother or father in law, wife or husband's sister, wife or husband's brother; (ii) where the relationship is through consanguinity; includes father, mother, sister, brother, son, daughter, niece, nephew, grandson or granddaughter, maternal or paternal uncle or aunt or cousin- german; (iii) any company of which that person is a director; (iv) any person who is an employee or partner of that person; (b) in relation to a company; any company which enjoys common share holding or common shareholders with another company directly or indirectly; and (c) in relation to trusts; the trustees of any settlement in which that person is a beneficiary. "control" means the relationship between the parent undertaking and a subsidiary undertaking or similar relations between an individual and an undertaking or the power to determine the financial and operational policies of a financial institution pursuant to its charter, or to an agreement, or direct or indirect influence by a person over the decision-making and management of a financial institution;
"credit accommodation" includes contractual commitments to lend, letters of credit and guarantees issued on behalf of any persons; "director" means a natural person occupying the position of a director, by whatever name called, of a body corporate; "employee" means salaried employees of the institution and includes executive directors of the institution; "insider" means a director or person who has executive authority or a shareholder of a financial institution and includes any related person and any related interest of that person; "non-preferential" when used in reference to a credit transaction; means upon terms not more favourable than those which would be offered under prevailing conditions to non-insiders; "officer" includes a person who carries out or is empowered to carry out functions relating to the direction of a financial institution; "related interest" means interests of affiliates, associates and their related persons and the business interests of any of them; "related person" or "group of related persons" means- (a) in relation to natural persons- (i) an associate or close relative of the person; (ii) any person who has entered into an agreement or arrangement with the first-mentioned person, relating to
the acquisition, holding or disposal of, or the exercising of voting rights in respect of shares in the financial institution in question;
(b)
in relation to a company, means- (i) any subsidiary or holding company of that company, any other subsidiary of that holding company and any other company of which that holding company is a subsidiary; (ii) any associate of the company;
(c)
in relation to a non- natural person which is not a company, means another non-natural person which would have been a subsidiary of the first mentioned non- natural person- (i) had the first-mentioned non-natural person been a company; or (ii) where that other non-natural person is not a company; had both the first mentioned non-natural person and that other non-natural person been a company; (d) any person in accordance with whose direct or indirect directions or instructions the Board of Directors, or where the non- natural person is not a company; the governing body of that non-natural person is accustomed to act; and (e) in relation to any person-
(i)
any non-natural person of which the Board of Directors or, where that non-natural person is not a company; of which the governing body is accustomed to act in accordance with directions or instructions of the person first-mentioned in this paragraph; and (ii) includes any trust controlled or administered by that person; "salary" means the basic salary plus any fixed fringe benefits that are paid to the officer, employee or director on a regular and periodic basis as part of his or her compensation for services rendered to the financial institution, but excluding the benefits, the entitlement to which depends on a contingency such as medical and hospitalisation benefits, or allowances for attending seminars and board or committee meetings, or other non- cash benefits.
