(1) In the case of a body corporate, "beneficial owner" means any individual who -
(a) as respects any body other than a company whose securities are listed on a regulated market, ultimately owns or controls (whether through direct or indirect ownership or control, including through bearer share holdings) more than 25% of the shares or voting rights in the body; or
(b) as respects any body corporate, otherwise exercises control over the management of the body.
(2) In the case of a partnership (other than a limited liability partnership), "beneficial owner" means any individual who -
(a) ultimately is entitled to or controls (whether the entitlement or control is direct or indirect) more than a 25% share of the capital or profits of the partnership or more than 25% of the voting rights in the partnership; or
(b) otherwise exercises control over the management of the partnership.