§ 120.65. Foreign ownership and foreign control.
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/us/cfr/t22/s§ 120.65·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Foreign ownership means more than 50 percent of the outstanding voting securities of the firm are owned by one or more foreign persons.
(b)Foreign control means one or more foreign persons have the authority or ability to establish or direct the general policies or day-to-day operations of the firm. Foreign control is presumed to exist where foreign persons own 25 percent or more of the outstanding voting securities unless one U.S. person controls an equal or larger percentage.
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§ 120.65
Foreign ownership and foreign control.
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