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In which account should recoveries be deposited? becomes a beneficial owner, including a person who uses a security-based swap. At present, six of the ten primary claim administrators with whom ISS SCAS works and submits claims require beneficial owner information to process a claim. § 240.13d-3 (1978)(as revised in 1998). Several plaintiff law firms also require the combination of claims at the beneficial owner level. Beneficial ownership by an entity is ordinarily also attributable to any control person of that entity, including any parent company or principal. securities. Previously, claim administrators accepted the account name and account number to begin processing claims without requiring the beneficial owner information specifically. Section 13(d) of the Exchange Act and the SEC’s rules thereunder require any person or group who directly or indirectly acquires beneficial ownership of more than five percent of a class of equity securities The claim submission process has developed to focus more on the beneficial owner information for each claim and how this information is presented. For example, an account name may be different from the beneficial owner’s name, and therefore this information must be collected and stored separately. a dividend reinvestment plan. Authors Feldman and Teberg suggest that the appli- The trustee is not the beneficial owner. a) An overview of how corporate vehicles can be misused and the challenges for countries in implementing measures to prevent such abuse (Section II) b) The definition of beneficial owner (Section III) Ultimately, the rule helps safeguard the interests of issuers and of the public through a fair and orderly securities process. About Form SC 13G. An increasing number of plaintiff firms are requiring this information, thus incentivizing claims administrators to make this a prerequisite to processing the claims. Claims administrators have made clear they will no longer accept the account name as sufficient. The third scenario is where duplicate claims are filed. Under Section 2 of MC 15, “Beneficial Owner” refers to any natural person (s) who ultimately own (s) or control (s) or exercise (s) ultimate effective control over the corporation. The term “Beneficial Ownership” shall mean ownership of Equity Shares by a Person, whether the interest in Equity Shares is held directly or indirectly (including by a nominee), and shall include, but not be limited to, interests that would be treated as owned through the application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code. some countries are upgrading company registers to include such information). Hedge fund—Each distinct fund is its own beneficial owner, but the identity of beneficial owners may also depend on the structure of the hedge fund. To provide transparency and to prevent fraudulent actors from misusing the claims filing process, third party claims filers and their underlying claimants must comply with the beneficial owner filing requirements. As a main player in the third-party filings arena, ISS SCAS has worked with many, if not all, claims administrators over the years. Corporation—A retirement plan is a distinct beneficial owner, separate from the corporation. They advise that plaintiff law firms have required this information to prevent fraudulent behavior like the practices alluded to by Mr. Robbins. This post is based on an ISS publication by Elisa Mendoza, Vice President with ISS Securities Class Action Services. CTA, among other things, requires every corporation, LLC, or similar entity that meets the definition of a “reporting company” to make a filing with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying its beneficial owner or owners. (go back), Posted by Jeff Lubitz, Institutional Shareholder Services, Inc., on, Harvard Law School Forum on Corporate Governance, Voting power which includes the power to vote, or to direct the voting of such security; and/or, Investment of power which includes the power to dispose, or to direct the disposition of, such security.”. NOMURA HOLDINGS INC. Form SC 13G (Filed by) SEC.report. The SEC said beneficial ownership shall be determined as follows: the identity of the natural person who ultimately has controlling interest in the corporation, the identity of … Does one do a pro-rata division of the losses? Define Beneficial Ownership Regulation. Beneficial ownership shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. insolvency proceedings).” “Certificate of, “Beneficial ownership” means the sole or shared power to vote or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e., the power to dispose of or to direct the disposition of, a security), 100 “Beneficial ownership” means the sole or shared power to vote or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e, otherwise) to a Permitted Transferee pursuant to a Permitted Transfer. “Covered institutions” are financial institutions subject to Customer Identification (CIP) requirements, including banks, broker-dealers in Because the emphasis on identifying the beneficial owner is a more recent development, many claimants have asked the question—how can one determine who the beneficial owner is when there are a variety of account structures? If the same claim is filed by two different entities, then the claim potentially gets paid out twice to the same underlying beneficial owner. Title 17 C.F.R. GUIDANCE ON TRANSPARENCY AND BENEFICIAL OWNERSHIP 2014 5 . beneficial owner” subject to the disclosure, short-swing-profit and short-sale-prohibition provisions of Section 16 of the Exchange Act. In ISS SCAS’ discussions with multiple claims administrators, they—like many law firms—cite prevention of fraudulent or duplicate payments, and improved efficiency in the administration process as factors supporting the need for increased scrutiny of the beneficial owner of a class action claim. Furthermore, the two provisions use different definitions of beneficial ownership, and it’s unclear what the implications will be. The beneficial owner should describe any agreement or relationship they have with any person regarding the target company’s securities. Under one scenario, claimants combine claims across an entire organization, but the claims do not ultimately belong to the same beneficial owner. Although combining the accounts for filing is simple, some claimants face challenges when distributions for the claims occur, because they have trouble determining how to apportion the money. § 240.13d-3 states: “A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares The disclosures are intended to be required of persons who have the potential to influence or gain A beneficial owner is a person who enjoys the benefits of ownership even though the title to some form of property is in another name. While identifying the beneficial owner presents challenges, there are additional downstream effects implicit in the requirements of identifying and combining claims at the beneficial owner level. This is regardless of whether the accounts are sleeves of the same fund or whether the underlying accounts are housed at different custodians. While one could characterize certain claims filers as attempting to optimize claims, others might call it gaming the system.” Thus, it became necessary to rigorously review claims filing practices and put into place mechanisms that avoid improper “claim optimization,” according to Mr. Robbins, and in this way ensure that submitted claims actually yield payment to the beneficial owners harmed by the underlying securities fraud. According to a March 2019 Inter-American Development Bank (IADB) report, beneficial owners are "always natural persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, a foundation". Now, submitted claims will not even be processed by many claim administrators without precise, unabbreviated identification of the beneficial owner for each claim. The owner of a security registered in another name. also SEC Rule 16a-8 for the application of the beneficial ownership definition to trust holdings and transactions. The Brokaw Act would also specify the methodology to be used for calculating beneficial ownership in the individuals who satisfy the definition, either directly or indirectly through multiple corporate structures, as illustrated in the following example. The challenge becomes on how to split the one payment across multiple accounts that were combined into the one claim. Although this is a more difficult process, these efforts are worthwhile to minimize fraud, prevent overpayment, and maximize recoveries for those that file legitimately. When the claims are filed separately, some are calculated to a huge loss and thus, become large payouts for claims that, were they properly combined, might have ultimately calculated to no loss or even a gain. expand the definition of “beneficial ownership” to include persons holding “[a] pecuniary or indirect pecuniary interest” in at least 5% of a particular class of securities. 1 A “beneficial owner” of a security under Rule 13d-3 is a person who “directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to direct the disposition of, such security.” Although the brokerage firm is shown on the issuer's books as the owner of record, the investor is the beneficial owner. Janet Gamer Feldman and Richard L. Teberg* The concept of beneficial ownership under the federal securities laws has traditionally been thought to include only the equitable ownership in-terests in securities. § 1010.230. A If the same claim is paid twice, albeit submitted by different filers, this reduces the remainder of the settlement left to pay to other qualifying claimants. (1) Solely for purposes of determining whether a person is a beneficial owner of more than ten percent of any class of equity securities registered pursuant to section 12 of the Act, the term “beneficial owner” shall mean any person who is deemed a beneficial owner pursuant to section 13(d) of the Act and the rules thereunder; provided, however, that the following institutions or persons shall not be deemed the … There are currently no hard and fast solutions to this dilemma and claim administrators have demonstrated that they are not planning on making any exceptions to their beneficial owner requirements or how they distribute the funds per claim. For example, investors often leave securities in trust with their brokerage firms. Title 17 C.F.R. What constitutes best practices with respect to claims filing has changed significantly over the years. According to the SEC, this right extends to include stock or securities owned by one person even if the title is held by another person or entity. In an effort to assist ISS SCAS’ clients and be responsive to the challenges described, ISS SCAS continues to develop and facilitate a streamlined process for fulfilling this requirement. Securities beneficially owned directly are those held in the reporting person’s name or in the name of a bank, broker or nominee for the account of the reporting person. Beneficial Owner – shall refer to the natural person/s who ultimately owns/controls/exercises ultimate effective control over the corporation as defined and required to be disclosed in the General Information Sheet (GIS) pursuant to SEC Memorandum Circular No. SEC.report. Being able to quickly identify duplicate claims improves efficiency and prevents an unfair windfall for certain claimants. (a) For the purposes of sections 13(d) and 13(g) of the Act a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (1) Voting power which includes the power to vote, or to direct the voting of, such security; and/or, Title 17, Section 240.13d-3, has required that “all securities of the same class beneficially owned by a person, regardless of the form which such beneficial ownership takes, shall be aggregated in calculating the number of shares beneficially owned by such person.” [1] The policy behind this rule was to provide transparency on significant ownership of a company and to give insight into investment discretion of large shareholders and their voting authority. If beneficial ownership, as determined in accordance with uleR 13d-3, exceeds the designated thresholds, beneficial owners are required to provide specified disclosures. Some claimants file these claims separately. (ii)Both direct and indirect beneficial ownership of securities shall be reported. Beneficial Ownership Under Section 16 of the Securities Exchange Act of 1934. of Robbins Geller Rudman and Dowd, gives some insight into why this requirement is now being enforced more strictly. Statement of acquisition of beneficial ownership by individuals. Unless otherwise indicated below, to our knowledge, all persons listed in the table have sole voting and dispositive power … (go back), 217 C.F.R. Title 17 of the Code of Federal Regulations. To gain some insight into this dramatic increase, ISS SCAS spoke to law firms and claims administrators that are now requiring this information as a standard part of the claims filing process. ENT> SC 13G 1 tm216726d5_sc13g.htm … These claim administrators will reject the entire claim if the beneficial owner information is not provided in a correct, complete, and unabbreviated form. Under 31 CFR 1010.230(e)(2) a legal entity customer does not include: 1. Beneficiary” and “Beneficial Ownership means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under Section 10 (b) hereof. 117 C.F.R. He explains, “in the two decades since the Private Securities Litigation Reform Act was enacted, various aspects of the securities class action practice have become much more refined, including the formulation of plans of allocation. The SEC has readopted portions of Rules 13d-3 and 16a-1 to ensure that its current beneficial ownership definition, which applies for purposes of disclosure and short-swing profit rules, will continue in effect with respect to persons who purchase or … Darren Robbins, Esq. § 240.13d-3 states: “A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares. For additional guidance on identifying the beneficial owner, ISS SCAS discussed the terminology with Grant Lambert, a Senior Business Analyst from Epiq Global, an active claims administrator. ⮚“Beneficial ownership” shall have the same meaning as in Rule 16a-1(a)(2) for the purposes of Section 16 of the. Since 1978, the SEC, under C.F.R. The beneficial ownership definition under Rule 16a-1(a)(1) is based directly on the definition of that term under Rule 13d-3. Trust—Trusts are distinct legal entities and need to be named, as opposed to naming the trustee. One place for guidance on the definition of “beneficial owner” is the SEC’s rules for determining beneficial ownership. https://www.ftc.gov/.../hsr-resources/most-frequently-asked-hsr-questions/sec-1 The rules for providing beneficial owner information are very precise, and they extend to almost every type of fund, including trusts. While the above categories do not cover each type of organization of accounts, they serve as a good starting point to identify the beneficial owner for the majority of non-retail claims. Jeff Lubitz is Head of ISS Securities Class Action Services, Institutional Shareholder Services, Inc. One place for guidance on the definition of “beneficial owner” is the SEC’s rules for determining beneficial ownership. Moreover, claim administrators require that all claims with the same beneficial owner are combined into one single claim. This post explores the impact the increased scrutiny of the beneficial owner name has had on the claims filing process, how the increased scrutiny came about, and the challenges and benefits of requiring this information. The opposite occurs too, whereby claims belonging to the same beneficial owner that should be combined are not. Plaintiff law firms began noticing this issue and started requiring that claims administrators gather the beneficial owner information for each claim. tm216726d5_sc13g.htm SCHEDULE 13G Zoom In Zoom Out. ISS SCAS is committed to gathering the relevant details to ensure clients’ claims are properly processed, and their recoveries are maximized in a fair, accurate, and legitimate claims-filing process. beneficial ownership form to be used by legal entity customers of covered financial institutions when opening accounts, financial institutions often have their own forms and those forms do not necessarily any natural person who (1) ultimately owns or control or (2) exercises ultimate effective control over the corporation. 15, series of 2019 or any amendment thereto. The Act also imposes severe penalties for a failure to comply with this new reporting obligation. They describe several scenarios, in which the beneficial owner’s identity is necessary to prevent overpayment, duplicate payments, and inaccurate claims. In the last two years, oversight for the beneficial ownership information requirement has increased dramatically. Generally, a person, (b)“Beneficial ownership” shall have the same meaning as in Rule 16a-1(a)(2) for the purposes of Section 16 of, (b)“Beneficial ownership” shall have the same meaning as in Rule 16a-1(a)(2) for the purposes, “Beneficial ownership” means the sole or shared power to vote or to direct the voting of, a security, or the sole or shared investment. A beneficial owner of stock is any person or entity with sole or shared power to vote or dispose of the stock. § 240.13d-3 (1978)(as revised in 1998). Although the Code of Federal Regulations has mandated this since 1978, there has been very little oversight of this requirement in the claims filing arena until recently. means 31 C.F.R. When a claim is eligible, the claim administrator makes only one payment per claim. GSX Techedu Inc. Form SC 13G (Subject) Published: 2021-02-16 16:08:48 Submitted: 2021-02-16 Filing Agent: Toppan Merrill/FA. Some claimants have felt frustrated at the downstream impact of these requirements. equity securities under the Exchange Act, shareholders who acquire more than 5% of the outstanding shares of that class must file beneficial owner reports on Schedule 13D or 13G until their holdings drop below 5%. Furthermore, if the claims administrators see that there is more than one claim with the same beneficial owner, they will require these claims be combined and aggregated, regardless of the structure of underlying accounts that were combined to create the ultimate claim. (2) Beneficial ownership is determined in accordance with the rules of the SEC and includes voting and investment power with respect to shares. Well versed in claims filing for over fifteen years, ISS Securities Class Action Services (ISS SCAS), along with other third-party filers, has experienced new challenges due to a seemingly new requirement on the part of law firms and claim administrators for precise beneficial owner information. This definition covers the natural person (s) who actually own or control the corporation as distinguished from the “legal owners” as defined herein. This practice has resulted in claims being paid out under fraudulent circumstances, because the loss was shared by several beneficial owners who had no legitimate justification for combining their separate claims into one claim. Beneficial ownership commonly refers to two situations: 1.Under U.S. securities law, a beneficial owner enjoys either sole or shared power regarding voting rights in a stock. beneficial ownership requirements, distinguishing between legal persons and legal arrangements (such as trusts), and describes measures being taken internationally to ensure the availability of information on beneficial ownership (e.g. Mr. Lambert supplied the following explanations of what would be expected for each of several different legal structures: Mutual fund—Each distinct fund is its own beneficial owner. This approach may seem logical and straightforward; however, it creates ripple effects when the claim is processed and paid. 2 As used herein, the term “, Beneficial ownership shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended. 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