HDR Global Trading Limited determines a “US Person” to be any of the following:

a. Natural Persons

A natural person who:

1. Is a US citizen (a “US Citizen”), regardless of whether his / her place of residence is outside the US ; or
2. normally lives in the US (a “US Resident”), regardless of citizenship.

b. Legal persons organised or established in the US

Partnerships, trusts, and corporations organised or established under the laws of the US.

c. Legal persons not organised or established in the US where the Principal Place of Business is in the US

Partnerships, trusts, and corporations not organised or established under the laws of the US but where the location from which the officers, partners, or managers of the entity primarily direct, control, and coordinate an entity’s activities (the “Principal Place of Business”) is in the US.

d. Passive Investment Entities

Partnerships, trusts, and corporations incorporated under the laws of a non-US jurisdiction where the entity is principally a pool, investment company, or other entity formed principally for the purpose of facilitating passive investment by one or more persons, as opposed to an operating company (a “Passive Investment Entity“); and

1. Where the aggregate beneficial interest in the entity held by US Persons is 10% or more; or
2. Formed principally for the purpose of investing in unregistered securities or to facilitate investment by US Persons in a commodity pool or similar investment vehicle; or
3. Where the person who directs, controls, or coordinates the entity’s investment activities does so primarily from the US.

e. Trusts

A trust where:

1. Any trustee is a US Person, unless (i) the US Person trustee is a Professional Fiduciary, (ii) a trustee who is not a US Person has sole or shared investment discretion, and (iii) no beneficiary of the trust (or settlor, for revocable trusts) is a US Person; or
2. Its income is subject to US income tax; or
3. It is organised or established under the laws of the US or has its Principal Place of Business in the US.

f. Agencies and Branches

1. Any agency or branch of a US person; or
2. Any agency or branch of a non-US Person that is located in the US, where the agency or branch does not have an independent legal personality.

g. Discretionary / Non-Discretionary Accounts

1. A discretionary account (an account where a broker has the authority to make trades, buying or selling assets, in an investor’s account without the investor’s approval); or
2. non-discretionary account (an account where an investor determines which trades to make whilst buying or selling assets),

(other than an estate or trust) held for the benefit or account of a US Person.

h. Pension Plans

A pension plan that is:

1. For the employees, officers or principals of an entity organised or having its Principal Place of Business in the US; or
2. Organised or established under the laws of the US or has its Principal Place of Business in the US.

i. Estates

An estate where:

1. Any executor or administrator is a US Person; or
2. Its income is subject to US income tax; or
3. A Descendant of the estate was a resident of the US at the time of death.

Last Updated: August 2021