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Individual is a principal because Individual indirectly owns 50% of Registrant's stock (100% x 50% = 50%).Įxample 3: Individual owns 100% of Holding Company A's stock. Individual is a principal of Registrant.Įxample 2: Individual owns 100% of Holding Company's stock and Holding Company owns 50% of Registrant's stock. See examples.Įxample 1: Individual owns 100% of any class of stock of Registrant. The following examples illustrate how direct and indirect ownership impact an individual's or an entity's status as a principal of a registrant. Provided such debt is not guaranteed by an individual who or entity that is not a principal of the applicant or registrant. an insurance company subject to regulation by any State.such office of an unaffiliated, licensed foreign bank or.an unaffiliated "foreign bank," as defined in 12 CFR 211.21(n) that currently operates an "office of a foreign bank," as defined in 12 CR 211.21(t), which is licensed under 12 CFR 211.24(a).an unaffiliated bank insured by the Federal Deposit Insurance Corporation.
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A director, president, chief executive officer, chief operating officer, chief financial officer or a person in charge of a business unit, division or function subject to regulation by the Commission of a corporation, limited liability company or limited liability partnership.A sole proprietor of a sole proprietorship.Based on its ownership or financial stake in a registrant.Ī principal with respect to an applicant, a registrant, or a person required to be registered under CFTC Regulation 3.1 (a) is:.
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Because it is a general partner of a partnership and/or.The individual's ownership or financial stake in a registrant.The individual's formal title or position with a registrant and/or.The individual's ability to control a registrant's business activities.An individual's status as a principal is determined by: