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Amendment of section 20 of Act of 2010
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9. Section 20 of the Act of 2010 is amended—
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(a) in subsection (1), by the insertion of “in relation to regulated financial service providers or in relation to holding companies” after “controlled functions”,
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(b) in subsection (2), by the insertion of “to be a controlled function in relation to a regulated financial service provider” after “subsection (1)”,
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(c) by the insertion of the following subsection after subsection (2):
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“(2A) The Bank may prescribe a function under subsection (1) to be a controlled function in relation to a holding company if and only if the function—
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(a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of the holding company, or
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(b) is related to ensuring, controlling or monitoring compliance by the holding company with its relevant obligations.”,
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(d) in subsection (3), by the substitution of “A function that is prescribed under subsection (1) as a controlled function in relation to a regulated financial service provider and” for “A controlled function that”,
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(e) in subsection (4)—
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(i) by the substitution of “A function that is prescribed under subsection (1) as a controlled function in relation to a regulated financial service provider or in relation to a holding company” for “A controlled function”,
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(ii) in paragraph (b), by the insertion of “or holding company” after “provider”, and
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(iii) by the substitution of the following paragraph for paragraph (c):
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“(c) it relates to affairs of a regulated financial service provider or holding company established in the State conducted by the regulated financial service provider or holding company outside the State.”,
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and
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(f) in subsection (5), by the insertion of “or holding companies” after “providers” in both places where it occurs.
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