February 15, 2018
Show AI Summary
Beneficial ownership rules require declarations, company registers and Tribunal-backed restrictions for unidentified significant beneficial owners.
The draft Rules require declarations by registered owners (Form BEN-1) and beneficial owners (Form BEN-2) within thirty days of registration or acquisition, company filing of returns (Form BEN-3) and maintenance of a register and returns for significant beneficial owners (Forms BEN-4, BEN-5, BEN-6). Companies must issue prescribed notices (Form BEN-7) to ascertain SBOs; recipients must respond within thirty days or the company may apply to the Tribunal for restrictions on the shares, including transfer, dividend and voting suspensions. The Rules include specified forms, inspection and fee provisions, limited exemptions and incorporate an amendment broadening the concept of beneficial interest and prescribing penalties for non-compliance.