(1) The Bank may make regulations prescribing functions that are to be controlled functions in relation to regulated financial service providers or in relation to holding companies.

(2) The Bank may prescribe a function under subsection (1) to be a controlled function in relation to a regulated financial service provider if and only if the function is a function in relation to the provision of a financial service and -

(a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a regulated financial service provider,

(b) is related to ensuring, controlling or monitoring compliance by a regulated financial service provider with its relevant obligations, or

(c) is likely to involve the person responsible for its performance in the provision of a financial service by a regulated financial service provider in one or more of the following ways:

(i) the giving of advice or assistance to a customer of the regulated financial service provider in the course of providing, or in relation to the provision of, the financial service;

(ii) dealing in or having control over property of a customer of the regulated financial service provider to whom a financial service is provided or to be provided, whether that property is held in the name of the customer or some other person;