Ill. Admin. Code tit. 86 § 3000.223

Current through Register Vol. 48, No. 42, October 18, 2024

Section 3000.223 - Disclosure of Ownership and Control

a) General Requirements. Each applicant for or holder of an Owner's or Supplier's license shall provide to the Board and maintain on a current basis a Table of Organization, Ownership and Control. The Table of Organization, Ownership and Control shall contain the information required by this Section, in sufficient detail to identify the hierarchy of individuals and Business Entities that, through direct or indirect means, manage, own or control the interests and assets of the applicant or license holder.

b) Direct Ownership or Control. The Table of Organization, Ownership and Control shall identify the following information concerning the direct management, ownership and control of the applicant or license holder.

1) The name and percentage of ownership of each individual or Business Entity with an ownership interest in the applicant or licensee. If the licensee or applicant is a Business Entity whose stock is traded publicly, the identification of ownership shall be provided as required in subsection (d).

2) A table of organization reflecting the management and governance structure of the licensee or applicant, including the name and office or position of each individual serving as an officer, director or member of an executive committee or similar governing body and identifying each managerial position and each managerial employee reporting directly to an officer of the company or its board of directors.

3) For each trust holding ownership interest, and for each voting trust, the name of the trustee of the trust.

4) For each Business Entity with an ownership interest, the name and position of each officer, director and all persons reporting to the chief executive officer or the board of directors of the Business Entity, and in the case of each privately held Business Entity the names of all persons with an ownership interest.

c) Intermediary Entities and Ultimate Ownership. To the extent that ownership of or control over the applicant or licensed entity is exercised through intermediary Business Entities, the Table of Organization, Ownership and Control must identify, in hierarchical fashion, all such intermediary entities and their officers, directors, trustees, shareholders and persons reporting to the chief executive officer or board of directors, and provide similar information on any parent Business Entity. If the intermediary entity or ultimate parent is a publicly traded company, the ownership identification requirements for this Business Entity shall be provided as required in subsection (d).

d) Publicly Traded Company Ownership. If a Business Entity identified in subsection (b) or (c) is a publicly traded company, the following information shall be provided in the Table of Organization, Ownership and Control:

1) The name and percentage of ownership interest of each individual or Business Entity with ownership of more than 5 percent of the voting shares of the entity, to the extent such information is known or contained in 13D or 13G Securities and Exchange Commission filings.

2) To the extent known, the names and percentage of interest of ownership of persons who are relatives of one another and who together (as individuals or through trusts) exercise control over or own more than 10 percent of the voting shares of the entity.

3) Any trust holding a more than 5 percent ownership or voting interest in the company, to the extent such information is known or contained in 13D or 13G Securities and Exchange Commission filings.

e) The information contained in the Table of Organization, Ownership and Control provided to the Board may be disclosed under the Freedom of Information Act unless otherwise exempt by law or Board rule.

Ill. Admin. Code tit. 86, § 3000.223

Added at 22 Ill. Reg. 19541, effective October 23, 1998