Persons in business relationship, related persons, etc.
 2. (1) In this Regulation, a business relationship means, when used in reference to two persons, that the persons have one of the following types of relationship, either directly or indirectly: 1. One person owns more than 20 per cent of the securities of the other person or holds a call, option or other right or obligation to acquire such securities. 2. One person shares more than 20 per cent of its officers or directors with the other person or may appoint up to 20 per cent of the officers or directors of the other person. 3. One person owns voting securities carrying more than 20 per cent of the voting rights attached to all voting securities in the other person. 4. If one person is a partnership other than a limited partnership, the other person holds more than 20 per cent of the interests in the partnership. 5. If one person is a limited partnership, the other person is a general partner of the partnership. 6. The persons are both members of a group that meets one of the following descriptions: i. The group consists of a person and that person’s subsidiaries. ii. The group consists of, A. a person who controls other persons as described in subsection (5), and B. the controlled persons. 7. One person controls more than 20 per cent of the other person by any means. (2) In this Regulation, two persons are related persons if their relationship meets one of the following descriptions: 1. A single individual acts as one of the following for both persons and is an employee of at least one of the persons: i. A designated account representative of one of the persons, if the person is a registered participant. ii. An external account representative, if the person is an externally authorized participant. 2. They are in a business relationship as described in paragraph 1 of subsection (1) and one person owns more than 50 per cent of the securities of the other person or holds a call, option or other right or obligation to acquire such securities. 3. They are in a business relationship as described in in paragraph 2 of subsection (1) and one person shares more than 50 per cent of its officers or directors with the other person or may appoint up to 50 per cent of the officers or directors of the other person. 4. They are in a business relationship as described in paragraph 3 of subsection (1) and one person owns voting securities carrying more than 50 per cent of the voting rights attached to all voting securities in the other person. 5. They are in a business relationship as described in paragraph 4 of subsection (1) and one person holds more than 50 per cent of the interests in the partnership. 6. They are in a business relationship as described in paragraph 5 or 6 of subsection (1). 7. One person controls more than 50 per cent of the other person by any means. O. Reg. 144/16, s. 2 (2); O. Reg. 450/17, s. 2 (1). (2.1) If two persons are related persons under subsection (2), the first person is also related to any person to whom the second person is related, and vice versa. O. Reg. 450/17, s. 2 (2). (3) In this Regulation, a person is a subsidiary of another person if the first person is, (a) controlled as described in subsection (5) by the second person; (b) controlled as described in subsection (5) by the second person and one or more other persons, each of which is controlled as described in subsection (5) by the second person; or (c) controlled as described in subsection (5) by two or more other persons, each of which is controlled as described in subsection (5) by the second person. (4) In this Regulation, if a first person is a subsidiary of a second person and the second person is a subsidiary of a third person, then the first person is also a subsidiary of the third person. (5) For the purposes of subsection (3), a person is controlled by another person if, (a) the second person has any direct or indirect influence over voting securities of the first person, other than voting securities to secure an obligation, and, if the second person exercised that influence, the second person would be entitled to elect a majority of directors of the first person; (b) in the case of a partnership other than a limited partnership, the second person holds more than 50 per cent of the interests in the partnership; or (c) in the case of a limited partnership, the second person is the general partner.