Identification of beneficial owner

The regulation of beneficial ownership is carried out by Law 10/2010 of April 28, on the prevention of money laundering and the financing of terrorism has transposed this regulation regarding beneficial ownership in matters of money laundering and the Regulation approved by Royal Decree 304/2014, of May 5.

They are beneficial owners, in accordance with article 4, section 2 of 10/2010 of April 28:

“2. For the purposes of this law, the following shall be deemed to be beneficial owners:

a) The natural person or persons on whose behalf it is intended to establish a business relationship or intervene in any operations.

b) The natural person or persons who ultimately own or control, directly or indirectly, more than 25 percent of the capital or voting rights of a legal person, or who by other means exercise direct or indirect control over a legal person. For the purposes of determining control, the criteria established in article 42 of the Commercial Code, among others, will apply.

They will be indicators of control by other means, among others, those provided for in article 22 (1) to (5) of Directive 2013/34/ EUof the European Parliament and of the Council of 26 June 2013 on annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/ EC of the European Parliament and of the Council and repealing Council Directives 78/660/ EEC and 83/349/EEC.

An exception is made for companies listed on a regulated market and subject to reporting requirements in accordance with Union law or equivalent international standards that ensure adequate transparency of ownership information.

(b bis) Where there is no natural person who owns or controls, directly or indirectly, more than 25 percent of the capital or voting rights of the legal person, or who by other means exercises direct or indirect control over the legal person, such control shall be deemed to be exercised by the administrator or administrators. When the appointed administrator is a legal entity, it will be understood that control is exercised by the natural person appointed by the legal entity administrator. Obligated entities shall verify their identity and record the measures taken and the difficulties encountered during the verification process.

c) In the case of trusts, such as the Anglo-Saxon trust, all the following persons will be considered beneficial owners:

1. the trustor or trustors.

2. the trustee or trustees,

3. the protector or protectors, if any

4. the beneficiaries or, where they are yet to be designated, the category of persons for whose benefit the legal structure has been created or operates; and

5. any other natural person who ultimately exercises control over the trust through direct or indirect ownership or through other means.

(d) In the case of legal instruments analogous to trusts, such as fiduciaries or treuhand under German law, the obliged entities shall identify and adopt appropriate measures to verify the identity of persons occupying positions equivalent or similar to those listed in numbers 1 to 5 of the previous section.”