1. Insertion of a new section 16(3) relating to Statement of initial beneficial ownership and control
(1) The Commercial Licensing Regulations are amended as follows.
(2) After section 16(3), as new section 16(3A), insert:
“(3A) An application under this part must, if the applicant is an “ADGM Person” within the meaning prescribed in Section 33 of the Beneficial Ownership and Control Regulations 2018, contain a statement of initial beneficial ownership and control, stating whether there are any persons who are considered a beneficial owner of the applicant.
“(3A) An application under this part must, if the applicant is an “ADGM Person” within the meaning prescribed in Section 33 of the Beneficial Ownership and Control Regulations 2018, contain a statement of initial beneficial ownership and control, stating whether there are any persons who are considered a beneficial owner of the applicant.
(a) The statement must contain the required particulars as prescribed under section 2 of the Beneficial Ownership and Control Regulations 2018.
(b) For the purposes of this section, “beneficial owner” shall have the meaning prescribed to it in Schedule 1 (Meaning of Beneficial Owner) of the Beneficial Ownership and Control Regulations 2018.”