(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) [Schedule 1A was inserted by paragraph 2 of Schedule 3 to the Small Business, Enterprise and Employment Act 2015 (c.26), and applied to limite
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