7. Amendment of section 18 of Act of 2010

Section 18 of the Act of 2010 is amended -

(a) in subsection (1) -

(i) by the substitution of the following definition for the definition of "controlled function":

"'controlled function' -

(a) in relation to a regulated financial service provider, means a function prescribed in regulations made under section 20 as a controlled function in relation to a regulated financial service provider, and

(b) in relation to a holding company, means a function prescribed in regulations made under section 20 as a controlled function in relation to a holding company;",

(ii) by the substitution of the following definition for the definition of "pre-approval controlled function":

"'pre-approval controlled function' -

(a) in relation to a regulated financial service provider, shall be construed in accordance with section 22(1), and

(b) in relation to a holding company, shall be construed in accordance with section 22(1A);",

and

(iii) by the insertion of the following definitions:

"'holding company' mean

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