3. Meaning of beneficial owner: foundations or similar arrangements

(1) In these Regulations, “beneficial owner”, in relation to a foundation or other legal arrangement similar to a trust, means:
(a) the founder;
(b) the foundation council members (except council members that are ADGM registered corporate service providers);
(c) the guardian, if any; and
(d) the beneficiaries (if named) or designee (if no beneficiaries are named) in whose main interest, in the opinion of the Registrar, the foundation or arrangement has been established or operates.
(2) Where any of the positions listed in subparagraph (1) are fulfilled by a company, LLP or partnership, the requirements to identify the natural person(s) who are the beneficial owners of such persons shall apply.
(3) A person shall have “control” in relation to a foundation if such person:
(a) holds, directly or indirectly, 25% or more of the voting rights in the conduct and management of the foundation;
(b) holds the right, directly or indirectly, to appoint or remove a majority of the officials of the foundation;
(4) 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) shall apply.