Beneficial Owner

(1) A beneficial owner within the meaning of this Act is
1. the natural person who ultimately owns or controls a legal person, other company, or a legal arrangement within the meaning of subsection (3), or
2. the natural person on whose instructions a transaction is ultimately carried out or a business relationship is ultimately established. Beneficial owners include in particular the natural persons listed in subsections (2) to (4).
(2) In the case of legal persons other than foundations with legal capacity, and in the case of other companies that are not listed on an organised market under section 2(11) of the Securities Trading Act and that are not subject to disclosure requirements consistent with Community law in respect of voting-rights interests, or to equivalent international standards, every natural person who, directly or indirectly,
1. holds more than 25 per cent of the capital,
2. controls more than 25 per cent of the voting rights, or
3. exercises control in a comparable manner, is a beneficial owner. Indirect control exists in particular where the corresponding interest is held by one or more associations under section 20(1) that are controlled by a natural person. Control exists in particular where the natural person can exercise, directly or indirectly, a controlling influence over the association under section 20(1). Section 290(2) to (4) of the Commercial Code applies correspondingly to the existence of a controlling influence. Where, even after the conduct of comprehensive checks and in the absence of facts under section 43(1), no beneficial owner can be established under subsection (1) or under the first to fourth sentences by the association under section 20(1) subject to the notification requirement, the statutory representative, the managing partner, or the partner of the contracting party is deemed to be the beneficial owner.
(3) In the case of foundations with legal capacity and legal arrangements used to administer or distribute assets on a fiduciary basis, or to instruct a third party to administer or distribute assets, or comparable legal forms, the following are beneficial owners:
1. every natural person acting as settlor, trustee, or protector, if any,
2. every natural person who is a member of the foundation's executive board,
3. every natural person designated as a beneficiary,
4. the class of natural persons in whose main interest the assets are to be administered or distributed, where the natural person who is to become a beneficiary of the administered assets has not yet been determined,
5. every natural person who otherwise exercises, directly or indirectly, a controlling influence over the administration of the assets or the distribution of income, and
6. every natural person who, directly or indirectly, can exercise a controlling influence over an association
a) that is a member of the foundation's executive board or that has been designated as a beneficiary of the foundation, or
b) that acts as settlor, trustee or protector, or that has been designated as a beneficiary of the legal arrangement.
(4) In the case of persons acting on instructions, the person on whose instructions the transaction is carried out is a beneficial owner. Insofar as the contracting party acts as trustee, it likewise acts on instructions.