Md. Code Regs. 14.17.16.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 14.17.16.02 - Disclosure of Ownership and Control

A. Each licensee shall submit to the Administration a table of organization, ownership, and control in a manner designated by the Administration:

(1) On or before July 1 of each year;

(2) Within 10 business days of any change in ownership interest greater than 5 percent; and

(3) Upon request by the Administration.

B. The table of organization, ownership, and control shall identify the management structure, ownership, and control of the licensee, including but not limited to the:

(1) Name of each owner or principal officer and any other individual or entity with the authority to control the licensee;

(2) The office or position held, if any; and

(3) The percentage of ownership interest, if any.

C. The identification of ownership shall include:

(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 Division filings; and

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

D. A licensee that is owned or controlled, in whole or in part, by another entity shall disclose to the Administration:

(1) The relationship between the licensee and the parent or affiliate; and

(2) Each owner, board member, or officer and any other individual with control or management authority over those entities owning or controlling the license.

E. Any individual identified as having ownership or control of a license may not have other ownership interest that exceeds the limitations set forth in Alcoholic Beverages and Cannabis Article, §36-401(e), Annotated Code of Maryland.

Md. Code Regs. 14.17.16.02

Regulation .02 adopted effective 50:14 Md. R. 559, eff. 7/1/2023 (EMERGENCY); adopted effective 51:14 Md. R. 676, eff. 6/7/2024, exp. 8/31/2024 (Emergency); adopted effective 51:14 Md. R. 678, eff. 7/22/2024.