(1) For the purposes of Rule 8.3.1(1)(b), a Relevant Person must identify the Beneficial Owners of a customer that is a foundation or other Legal Arrangement similar to a foundation in accordance with this Rule.
(2) The Relevant Person must identify:
(a) the founder;
(b) the foundation council members (or otherwise members of the governing body of the foundation);
(c) the guardian, if any;
(d) the beneficiaries (if names) or designee (if no beneficiaries are named) in whose main interest, in the opinion of the Relevant Person, the foundation or arrangement has been established or operates; and
(e) any natural person who has control over the foundation or other Legal Arrangement.
(3) For the purposes of (2)(e), a natural person shall have "control" over a foundation or a Legal Arrangement if such person:
(a) holds, directly or indirectly, 25% or more of the voting rights in the conduct and management of the foundation or the Legal Arrangement; or
(b) holds the right, directly or indirectly, to appoint or remove a majority of the officials of the foundation or the Legal Arrangement.
(4) Where any of the persons identified under (2) (a) to (e) are a Body Corporate or Partnership, the Relevant Person must identify the Beneficial Owners of Body Corporate or Partnership in accordance with Rule 8.3.3 and Rule 8.3.4.
|Amended on (3 February, 2020).|