PART 1Introduction
Meaning of beneficial owner: bodies corporate or partnership5
1
In these Regulations, “beneficial owner”, in relation to a body corporate which is not a company whose securities are listed on a regulated market, means—
a
any individual who exercises ultimate control over the management of the body corporate;
b
any individual who ultimately owns or controls (in each case whether directly or indirectly), including through bearer share holdings or by other means, more than 25% of the shares or voting rights in the body corporate; or
c
an individual who controls the body corporate.
2
For the purposes of paragraph (1)(c), an individual controls a body corporate if—
a
the body corporate is a company or a limited liability partnership and that individual satisfies one or more of the conditions set out in Part 1 of Schedule 1A to the Companies Act 2006 (people with significant control over a company)31; or
b
the body corporate would be a subsidiary undertaking of the individual (if the individual was an undertaking) under section 1162 (parent and subsidiary undertakings) of the Companies Act 2006 read with Schedule 7 to that Act.
3
In these Regulations, “beneficial owner”, in relation to a partnership (other than a limited liability partnership), means any individual who—
a
ultimately is entitled to or controls (in each case whether directly or indirectly) more than 25% share of the capital or profits of the partnership or more than 25% of the voting rights in the partnership;
b
satisfies one or more the conditions set out in Part 1 of Schedule 1 to the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (references to people with significant control over an eligible Scottish partnership)32; or
c
otherwise exercises ultimate control over the management of the partnership.
4
In this regulation “limited liability partnership” has the meaning given by the Limited Liability Partnerships Act 200033.