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US Person: Difference between revisions
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===[[Commodity Exchange Act of 1936]]=== | ===[[Commodity Exchange Act of 1936]]=== | ||
Never one to be out-done, the commodities regulator defines US personhood in the negative. Here you must be aware of the pitfalls of ''not'' being a [[Non-United States Person]] for the purposes of Rule 4.7 of that act, “but excluding, for the purposes of Subsection 4.7(D) the exception to the extent it would apply to persons who are Non-United States Persons”. Sometimes, it becomes transparent that regulators really are wilfully engaged in the perpetuation of the [[legal eagle]]’s monopoly. | Never one to be out-done, the commodities regulator defines US personhood in the negative. Here you must be aware of the pitfalls of ''not'' being a [[Non-United States Person]] for the purposes of Rule 4.7 of that act, “but excluding, for the purposes of Subsection 4.7(D) the exception to the extent it would apply to persons who are Non-United States Persons”. Sometimes, it becomes transparent that regulators really are wilfully engaged in the perpetuation of the [[legal eagle]]’s monopoly. | ||
{{quote| | |||
“any person who is not a “Non-United States person” (as such term is defined in Rule 4.7 under the U.S. [[Commodity Exchange Act of 1936]], as amended, but excluding for purposes of subsection (D) thereof, the exception to the extent that it would apply to persons who are not Non-United States persons)}} | |||
Should you be interested: | |||
{{quote| | |||
“'''[[Non-United States person]]'''” means: | |||
:(A) A natural person who is not a resident of the United States; | |||
:(B) A partnership, corporation or other entity, other than an entity organized principally for passive investment, organized under the laws of a foreign jurisdiction and which has its principal place of business in a foreign jurisdiction; | |||
:(C) An estate or trust, the income of which is not subject to United States income tax regardless of source; | |||
:(D) An entity organized principally for passive investment such as a pool, investment company or other similar entity; Provided, That units of participation in the entity held by persons who do not qualify as Non-United States persons or otherwise as qualified eligible persons represent in the aggregate less than 10% of the beneficial interest in the entity, and that such entity was not formed principally for the purpose of facilitating investment by persons who do not qualify as Non-United States persons in a pool with respect to which the operator is exempt from certain requirements of part 4 of the Commission’s regulations by virtue of its participants being Non-United States persons; and | |||
:(E) A pension plan for the employees, officers or principals of an entity organized and with its principal place of business outside the United States.}} | |||
Given that some of the limbs are mutually exclusive — you can’t be a natural person ''and'' a corporation — we can only interpret that “and” as an oddly disjunctive “or”. | |||
The limb that gives the most trouble is limb D, seeing as it descends into a kind of fractal [[provuso]]. Putting this in simplified JC terms that are definitely not legal advice (nothing on this site is legal advice, okay?) we think this means | |||
{{quote| | |||
A passive investment vehicle that | |||
:(a) was not designed to facilitate investment by US persons in a vehicle that is exempt from CFTC regulations, and | |||
:(b) in which fewer than 10% of the beneficial interests in the vehicle are in fact held by US Persons}} | |||
===[[Tax]]=== | ===[[Tax]]=== | ||
A US person is | A US person is | ||