Restriction on activities of financial holding company

(1) A financial holding company referred to in section 7J shall not– (a) carry on any activity other than administering its holding of shares in members of its financial group; (b) directly or indirectly control any member of another financial group, whether through establishment or acquisition, without the prior approval of the Supervisor; or (c) directly or indirectly, acquire or hold any share or ownership interest in any commercial, agricultural or or unincorporated entity, except as may be prescribed. (2) For the purpose of sub-section (1)(c), the Minister, after consultation with the Supervisor, may prescribe regulations which may include, 46 (a) the maximum percentage of shares of any class or the maximum value of ownership interests that may be acquired or held; (b) the maximum aggregate value of any such shares and ownership interest; and (c) the requirement for the prior approval of the