reg 5 Meaning of beneficial owner: bodies corporate or partnership
(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) ; 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) ; 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 2000 .