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US Person: Difference between revisions
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{{a|contract|}}From the {{isia}} file, [[US person]] means different things to different people. Even different kinds of [[US Attorney]]. Even the ''same'' [[U.S. Attorney]], when holding different {{t|US Securities Regulation}}s in contemplation, or otherwise meditating on the golden mean. | {{a|contract|}}From the {{isia}} file, [[US person]] means different things to different people. Even different kinds of [[US Attorney]]. Even the ''same'' [[U.S. Attorney]], when holding different {{t|US Securities Regulation}}s in contemplation, or otherwise meditating on the golden mean. | ||
== | ==Regulation S of the Securities Act of 1933== | ||
For purposes of [[Regulation S]] of the [[Securities Act of 1933|1933 Act]], a partnership or corporation is a “[[U.S. Person]]” if it is either: | For purposes of [[Regulation S]] of the [[Securities Act of 1933|1933 Act]], a partnership or corporation is a “[[U.S. Person]]” if it is either: | ||
:(i) organized or incorporated under the laws of the {{tag|United States}}; or | :(i) organized or incorporated under the laws of the {{tag|United States}}; or | ||
:(ii) organized or incorporated under the laws of any jurisdiction other than the United States; and, it is formed by a [[U.S. person]] principally for the purpose of investing in securities not registered under the [[Securities Act of 1933]], unless it is organized or incorporated, and owned, by [[accredited investor]]s (as defined in [[Regulation D]] of the 1933 Act) who are not [[natural person]]s, estates or trusts. | :(ii) organized or incorporated under the laws of any jurisdiction other than the United States; and, it is formed by a [[U.S. person]] principally for the purpose of investing in securities not registered under the [[Securities Act of 1933]], unless it is organized or incorporated, and owned, by [[accredited investor]]s (as defined in [[Regulation D]] of the 1933 Act) who are not [[natural person]]s, estates or trusts. | ||
== | ==Securities Exchange Act of 1934== | ||
When considering a [[security-based swap]] under [https://www.law.cornell.edu/cfr/text/17/240.3a71-3 Part 240.3a71-3(a)(4)] of the [[Exchange Act]], a [[US Person]] is: | When considering a [[security-based swap]] under [https://www.law.cornell.edu/cfr/text/17/240.3a71-3 Part 240.3a71-3(a)(4)] of the [[Exchange Act]], a [[US Person]] is: | ||
*Any natural person who resides in the United States. | *Any natural person who resides in the United States. | ||
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*Any discretionary or non-discretionary account of a [[U.S. person]]. | *Any discretionary or non-discretionary account of a [[U.S. person]]. | ||
*Any estate of a decedent who was a resident of the United States at the time of death. | *Any estate of a decedent who was a resident of the United States at the time of death. | ||
== | ==Commodity Exchange Act of 1936== | ||
Never one to be | ====Non-United States person==== | ||
Never one to be outdone, 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. | |||
Should you be interested: | Should you be interested: | ||
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:(b) in which fewer than 10% of the beneficial interests in the vehicle are in fact held by US Persons}} | :(b) in which fewer than 10% of the beneficial interests in the vehicle are in fact held by US Persons}} | ||
So let us revisit that [[excluso]] from the [[provuso]]. It generally runs like this: | |||
{{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)}} | |||
===Tax== | |||
A US person is | A US person is | ||
*Every United States Citizen, whether born in or outside the US, whether by descent or naturalisation. | *Every United States Citizen, whether born in or outside the US, whether by descent or naturalisation. | ||