Posted By: BSAN3rd
Beneficial Ownership - Owned by SEC-registered Co. - 11/21/17 06:33 PM
Hi all,
We have an insurance company that is going through an internal shake-up and is changing signers/ownership as a result. We have already implemented informal Ultimate Beneficial Ownership (UBO)-gathering procedures that will be formalized for Jan 1. I just want to make sure I am only getting what I need here.
The Insurance Company is owned by an SEC-registered, publicly traded Corporation. One of the exemptions that I read for UBO is "Publicly held companies traded on certain US stock exchanges, and any majority-owned domestic subsidiary of any entity whose securities are traded on a US stock exchange". Would this fall into that category?
When I think this through, Section B (ownership) would be the Corporation - drilling down from there would mean the information is publicly available. So, therefore, it makes sense that UBO would not be required in this instance. But I am second-guessing myself as this is a unique situation for our small bank.
Any help would be appreciated.
Thanks
We have an insurance company that is going through an internal shake-up and is changing signers/ownership as a result. We have already implemented informal Ultimate Beneficial Ownership (UBO)-gathering procedures that will be formalized for Jan 1. I just want to make sure I am only getting what I need here.
The Insurance Company is owned by an SEC-registered, publicly traded Corporation. One of the exemptions that I read for UBO is "Publicly held companies traded on certain US stock exchanges, and any majority-owned domestic subsidiary of any entity whose securities are traded on a US stock exchange". Would this fall into that category?
When I think this through, Section B (ownership) would be the Corporation - drilling down from there would mean the information is publicly available. So, therefore, it makes sense that UBO would not be required in this instance. But I am second-guessing myself as this is a unique situation for our small bank.
Any help would be appreciated.
Thanks