All provisions · Beneficial Ownership Regulations 2020 · Determination of beneficial owners
r.11 Derechos inherentes a acciones mantenidas en garantía
Los derechos inherentes a acciones mantenidas en garantía otorgadas por una persona serán tratados como mantenidos por dicha persona cuando —
(a) aparte del derecho a ejercerlos con el fin de preservar el valor de la garantía, o de ejecutarla, los derechos sean ejercitables únicamente conforme a las instrucciones de dicha persona; y
(b) cuando las acciones se mantengan en relación con el otorgamiento de préstamos como parte de actividades comerciales normales y, aparte del derecho a ejercerlos con el fin de preservar el valor de la garantía, o de ejecutarla, los derechos sean ejercitables únicamente en interés de dicha persona.
(a) aparte del derecho a ejercerlos con el fin de preservar el valor de la garantía, o de ejecutarla, los derechos sean ejercitables únicamente conforme a las instrucciones de dicha persona; y
(b) cuando las acciones se mantengan en relación con el otorgamiento de préstamos como parte de actividades comerciales normales y, aparte del derecho a ejercerlos con el fin de preservar el valor de la garantía, o de ejecutarla, los derechos sean ejercitables únicamente en interés de dicha persona.
Translation for information only. Only the English original is legally binding.
Original wording (English, legally binding): Rights attached to shares held by way of security
Rights attached to shares held by way of security provided by a person shall be treated, as held by that person —
(a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable in accordance with that person's instructions only; and
(b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interest only.
(a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable in accordance with that person's instructions only; and
(b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interest only.
Official source: Beneficial Ownership Regulations, 2020 (S.I. 107 of 2020), Consolidated by us with S.I. 32 of 2023 and S.I. 64 of 2025; S.I. 7 of 2025 made but not yet in force
