Who is a Controlling Person?

Controlling Person is generally a natural person who exercises control over an entity. Control depends on the legal structure of the entity.

For a corporation, a Controlling Person may include a director, senior management and any natural person who holds, directly or indirectly, more than 25 percent of the shares or voting rights of an entity as a beneficial owner.

For a trust, a Controlling Person may include the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries and any other natural person(s) who exercise effective control over the trust.

For a partnership, Controlling Person means any natural person who exercises control through direct or indirect ownership of the capital or profits of the partnership, voting rights in the partnership or who otherwise exercises control over the management of the partnership.