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 includes any natural person that holds directly or indirectly more than 25 percent of the shares or voting rights of the entity as a beneficial owner. If no such person exists, then it is any natural person(s) that otherwise exercise control over the management of the entity (for example, the senior managing official of the company).

For a trust, a Controlling Person is 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 (subject to certain exceptions).

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.

Whenever an entity is classified as Passive NFE (or a managed investment entity in a non-CRS participating jurisdiction), Self-Certifications are required to be completed for all Controlling Persons.