Registrar to an issue and share transfer agent barred from acting for associate issuers to prevent conflicts of interest. Regulation 16 prohibits a registrar to an issue and share transfer agent from acting for any securities issue by a body corporate when the registrar and that body corporate are associates. An associate is defined where one party directly or indirectly controls at least ten percent of the other's voting rights or where a relative of a director, promoter, or key managerial personnel of one party is a director or promoter of the other; 'relative' has the meaning in the Companies Act, 2013.