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Substantial Control Basics

What is subtantial control ?

An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:

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  • The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive office, chief operating officer, or any other officer who performs a similar function).

  • The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.

  • The individual is an important decision-maker for the reporting company. 

  • The individual has any other form of substantial control over the reporting company.

What are important decisions ?

Important decisions include decisions about a reporting company’s business, finances, and structure. An individual that directs, determines, or has substantial influence over these important decisions exercises substantial control over a reporting company.

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