What is the treatment of nominee shareholdings under the less than 10% direct stake tracing rule?
If a nominee company is the registered shareholder in a company but holds the shares as a nominee for more than one entity, the company may treat the parcel of shares held by the nominee company as comprising separate stakes for the purpose of this tracing rule. Accordingly, where these separate stakes are less than 10%, they can be attributed to a single notional entity and no further tracing is required.
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