2. Meaning of beneficial owner: trusts

(1) In these Regulations, “beneficial owner” for an ADGM Person who is a trustee, means each of the following but only in respect of the trust governed by the law of the Abu Dhabi Global Market for which the ADGM Person is a trustee:
(a) the settlor of the trust;
(b) any other trustee(s) aside from the ADGM Person;
(c) each beneficiary of the trust;
(d) where the persons (or some of the persons) benefiting from the trust have not been determined, the class of persons in whose main interest, in the opinion of the Registrar, the trust has been established or operates; and
(e) any other person who, in the opinion of the Registrar, has control over the trust,
unless the ADGM Person also satisfies any of the criteria in sub-paragraphs (a) to (c) of paragraph 1.(1), in which case it must also comply with and provide the information required by the provisions of these Regulations that apply to persons satisfying such criteria.
(2) In subparagraph (1)(e) above, “control” means a power (whether exercisable alone, jointly with another person or with the consent of another person) under the trust instrument or by law to:
(a) dispose of, advance, lend, invest, pay or apply trust property;
(b) vary or terminate the trust;
(c) add or remove a person as a beneficiary or to or from a class of beneficiaries;
(d) appoint or remove trustees or give another person control over the trust; and
(e) direct, withhold consent to or veto the exercise of a power mentioned in sub-paragraphs (a) to (d).
(3) Where any of the above roles are fulfilled by a company, LLP or partnership, the ADGM Person shall identify the natural persons who are the beneficial owners of such company, LLP or partnership, unless the company is a listed company in which case sub paragraphs (4) and (5) of paragraph 1.(1) shall apply.