Restriction on activities of financial holding companies

(1) A financial holding company referred to in section 30 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 Central Bank; or (c) directly or indirectly, acquire or hold any share or ownership interest in any commercial, agricultural or industrial or unincorporated entity. (2) Regulations or practice directions made pursuant to sections 7 or 9 may include, without limitation, rules relating to76 (a) the maximum percentage of shares of any class or the maximum value of ownership interests that may be acquired or held; and (b) the maximum aggregate value of any such shares and ownership interest.