Cap. 371 Art. 13DCriteria for qualifying holdings.

In determining whether the criteria for a qualifying shareholding are fulfilled, the voting rights referred to in Articles 9,

10 and 11 of Directive 2004/109/EC and the conditions regarding aggregation thereof set out in Article 12(4) and (5) of that same

Directive, shall be taken into account:

Provided that in determining whether the criteria for a qualifying shareholding are fulfilled, the competent authority shall not take into account voting rights or shares which credit institutions may hold as a result of providing the underwriting of financial instruments on a firm commitments basis in terms of point 6 of Section A of Annex 1 to the MiFID, provided that those rights are not exercised or otherwise used to intervene in the management of the issuer and are disposed of within one year of acquisition.