2555. Approval of investors

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    1. Any investor who owns or holds a beneficial ownership interest in a significant equity interest in the Dealer Member or special warrants or other securities that are convertible into a significant equity interest in the Dealer Member must:

      1. be approved by the applicable District Council, and

      2. if applicable, meet the proficiency requirements of subsections 2555(2) and 2555(3). 

    2. A Dealer Member’s Director who, directly or indirectly, owns or controls a voting interest of a Dealer Member of 10% or more must satisfy the proficiency requirements of clause 2602(3)(xxxi).
    3. Any individual, other than a Dealer Member’s Director, who:
      1. is actively engaged in the business of the Dealer Member, and 
      2. directly or indirectly owns or controls a voting interest in a Dealer Member of 10% or more, must satisfy the proficiency requirements of clause 2602(3)(xxxi) applicable to approved investors.

    2556. – 2599.  Reserved.

    There is no history log for this rule.

    There is no history log for this rule.