beneficial owner

Definitions over time (1)

1. 15/12/2005 – 25/12/2007 Article 3, Directive 2005/60/EC Scope: Whole act

   For the purposes of this Directive the following definitions shall apply:

   ‘beneficial owner’ means the natural person(s) who ultimately owns or controls the customer and/or the natural person on whose behalf a transaction or activity is being conducted. The beneficial owner shall at least include: in the case of corporate entities: the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Community legislation or subject to equivalent international standards; a percentage of 25 % plus one share shall be deemed sufficient to meet this criterion; the natural person(s) who otherwise exercises control over the management of a legal entity: in the case of legal entities, such as foundations, and legal arrangements, such as trusts, which administer and distribute funds: where the future beneficiaries have already been determined, the natural person(s) who is the beneficiary of 25 % or more of the property of a legal arrangement or entity; where the individuals that benefit from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates; the natural person(s) who exercises control over 25 % or more of the property of a legal arrangement or entity;

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