Regulations underlying the example form
Considering a BO declaration in a given jurisdiction, the actual information disclosed depends on:
- which people and organisations meet the domestically-defined criteria for disclosure;
- the level of detail required about them and their interests in the declaring organisation.
When considering the level of detail disclosed via the form, there is a minimal and obvious set of information required. (For example: name of the beneficial owner, their nationality, and their country of residence.) However, the level of detail that should be collected about how ownership or control is exerted is not so obvious. Decisions about this have to be made, and they will have a profound effect on the shape and content of declaration forms. In this sense, OO’s form reflects an “example” set of policies, regulations, and related decisions on data collection.
Guided by considerations of what makes for good quality, interoperable data in the field of BO, the example framework requires disclosure of:
- all persons (both individuals and companies) who are direct, legal owners of the declaring registered, private company;
- beneficial owners who hold direct and indirect interests in the declaring company;
- PLCs that hold significant direct and indirect interests in the declaring company;
- the legal owner(s) and nominees through which indirect interests in the declaring company are held;
- any state ownership and control of the declaring company, whether direct or indirect and regardless of any threshold.
Declaration requirements and definitions might demand significantly different form structures. For example, as it stands, the example form structure would not be able to handle a definition of a “beneficial owner” that included the managing officials of state-owned enterprises (SOEs). (Meaning, the link between the beneficial owner and the relevant SOE would not necessarily be collected.)
OO’s technical team can advise on aligning form structures to fit local regulation and legislation. If you would like to discuss how you might be able to do this in your territory, please contact our Helpdesk ([email protected]), to arrange a call with our technical experts.