{"id":"F2018L01712","name":"Telstra Corporation (Ownership—Interests in Shares) Regulations 2018","slug":"telstra-corporation-ownership-interests-in-shares-regulations-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":98375,"registerId":"commonwealth-F2018L01712-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This instrument is the Telstra Corporation (Ownership—Interests in Shares) Regulations 2018.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n  This instrument is made under the Telstra Corporation Act 1991.","sortOrder":2},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n> Note: A number of expressions used in this instrument are defined in the Act, including the following:\n\n    (a) sale‑scheme trustee;\n    (b) Telstra;\n    (c) Telstra sale scheme;\n    (ca) Telstra successor company;\n    (d) unacceptable foreign‑ownership situation.\n  (1) In this instrument:\n\n> Act means the Telstra Corporation Act 1991.\n\n> American Depositary Share means a security, known by that name, representing an interest in another security.\n\n> instalment receipt means a security, issued by a sale‑scheme trustee for a Telstra sale scheme, that confers a beneficial interest in a Telstra share.\n\n> Interim American Depositary Share means an American Depositary Share representing an interest in an instalment receipt.\n\n> investment fund means:\n\n    (a) a fund of the kind generally known as a unit trust (except a unit trust of the kind generally known as a discretionary trust); or\n    (b) a life insurance company, in respect only of its administration of a statutory fund, within the meaning of the Life Insurance Act 1995; or\n    (c) a superannuation entity, within the meaning of the Superannuation Industry (Supervision) Act 1993; or\n    (d) an exempt public sector superannuation scheme, within the meaning of the Superannuation Industry (Supervision) Act 1993.\n  (2) An expression used in this instrument and in the Schedule to the Act has the same meaning as it has in the Schedule to the Act.\n\n> Note: The following are examples of expressions used in this instrument and in the Schedule to the Act:\n\n    (a) associate;\n    (b) company;\n    (c) foreign person;\n    (d) interest in a share;\n    (e) ownership provisions;\n    (f) share;\n    (g) stake.","sortOrder":3},{"sectionNumber":"6","sectionType":"section","heading":"Beneficial interest in the capital or income of investment fund","content":"#### 6 Beneficial interest in the capital or income of investment fund\n\n  (1) A reference in this instrument to a person who holds a beneficial interest in the capital, or income, of an investment fund includes a reference to a person who holds:\n    (a) an interest of that kind jointly with another person; and\n    (b) an interest of that kind that is prospective because the person:\n    (i) has entered into a contract to purchase a beneficial interest; or\n    (ii) has a right, otherwise than by reason of holding a present interest of any kind, to have a beneficial interest transferred to the person or to the person’s order (whether exercisable presently or in the future, and whether or not subject to a condition); or\n    (iii) has a right to acquire a beneficial interest under an option (whether exercisable presently or in the future, and whether or not subject to a condition).\n  (2) Subsection (1) applies regardless of:\n    (a) the remoteness of the interest; or\n    (b) the way in which the interest arose; or\n    (c) the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to a restraint or restriction.\n  (3) For the purposes of subsection (1), an interest is not a beneficial interest if:\n    (a) the interest is held solely as security under a moneylending agreement that has not ceased to have effect; and\n    (b) the ordinary business of the interest‑holder includes the lending of money.","sortOrder":4},{"sectionNumber":"Part 2","sectionType":"part","heading":"Giving of information","content":"## Part 2—Giving of information","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Purposes of this Part","content":"#### 7 Purposes of this Part\n\n  For the purposes of paragraph 8BN(1)(b) of the Act, this Part makes provision for and in relation to requiring a person to give information to the Minister that is relevant to an ownership matter.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Information about unacceptable foreign‑ownership situations","content":"#### 8 Information about unacceptable foreign‑ownership situations\n\n  (1) A Telstra successor company must give the Minister written notice that an unacceptable foreign‑ownership situation may exist in relation to the Telstra successor company if:\n    (a) the Telstra successor company has reason to believe that a situation of that kind may exist; and\n    (b) the Minister has directed the Telstra successor company to give notices of that kind.\n  (2) The Minister’s direction may require the notice to be given:\n    (a) under particular circumstances; and\n    (b) in a particular manner; and\n    (c) within a certain time (not being a time earlier than 14 days after the direction is given).\n  (3) The notice must include the following information:\n    (a) the reason for the belief;\n    (b) the steps taken, or intended to be taken, by the Telstra successor company to determine whether, in fact, the unacceptable foreign‑ownership situation does exist;\n    (c) the steps intended to be taken by the Telstra successor company to remedy the unacceptable foreign‑ownership situation, if that situation does exist.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Other information about ownership matters","content":"#### 9 Other information about ownership matters\n\n  (1) The Minister may require, by written notice given to a Telstra successor company, that the Telstra successor company give the Minister written information about an ownership matter mentioned in the notice.\n  (2) The notice may require the information to be given in a particular manner and within a certain time (not being a time earlier than 14 days after the notice is given).\n  (3) The Telstra successor company must comply with the Minister’s notice within the time mentioned in the notice, or, if no time is mentioned, before the end of 14 days after the notice is received.","sortOrder":8},{"sectionNumber":"Part 3","sectionType":"part","heading":"Interests in shares that are to be disregarded","content":"## Part 3—Interests in shares that are to be disregarded","sortOrder":9},{"sectionNumber":"10","sectionType":"section","heading":"Purposes of this Part","content":"#### 10 Purposes of this Part\n\n  For the purposes of paragraph 9(1)(d) of the Schedule to the Act, this Part sets out:\n    (a) prescribed kinds of interests in shares; and\n    (b) prescribed persons who hold those kinds of interests.\n\n> Note: Under paragraph 9(1)(d) of the Schedule to the Act, an interest of a prescribed kind in a share, being an interest held by such persons as are prescribed, must be disregarded for the purposes of the ownership provisions.","sortOrder":10},{"sectionNumber":"11","sectionType":"section","heading":"Trustees, managers etc. of investment funds","content":"#### 11 Trustees, managers etc. of investment funds\n\n  (1) An interest in a share is an interest of a prescribed kind if:\n    (a) the interest exists solely as a result of an action taken by the interest‑holder in relation to an investment fund:\n    (i) in the interest‑holder’s capacity as trustee or manager of the fund; or\n    (ii) in the case of a statutory fund within the meaning of the Life Insurance Act 1995—in the interest‑holder’s capacity as the life insurance company administering the fund; or\n    (ii) because the interest‑holder has a custodial responsibility of another kind in relation to the fund; and\n    (b) the interest‑holder is a person mentioned in subsection (2).\n  (2) The interest‑holder is a prescribed person if the investment fund in relation to which the person has a function mentioned in subparagraph (1)(a) (i), (ii) or (iii) is a substantially Australian investment fund.\n  (3) For the purposes of subsection (2), a substantially Australian investment fund is an investment fund that, in the reasonable opinion of the interest‑holder, is a fund in which:\n    (a) in the case of a life insurance company, in its administration of a statutory fund within the meaning of the Life Insurance Act 1995—no more than 40% of policyholder liabilities of the statutory fund are owed to foreign persons; and\n    (b) in any other case—a beneficial interest in less than 40% of the capital, and 40% of the income for distribution, is held by foreign persons.","sortOrder":11},{"sectionNumber":"12","sectionType":"section","heading":"Agents","content":"#### 12 Agents\n\n  (1) An interest in a share is an interest of a prescribed kind if the interest exists solely as a result of an action taken by the interest‑holder in the interest‑holder’s capacity as depositary or custodian for, or nominee of, another person.\n  (2) The interest‑holder mentioned in subsection (1) is a prescribed person if the interest‑holder does not:\n    (a) hold a beneficial interest in the share; or\n    (b) have authority, by proxy or any other arrangement with the holder of the beneficial interest in the share, to exercise in a discretionary way the voting rights attaching to the share.\n  (3) For the avoidance of doubt, action of the kind mentioned in subsection (1) includes action by a person who is:\n    (a) a depositary in connection with a program for the issue of Interim American Depositary Shares or American Depositary Shares; or\n    (b) a custodian for a depositary mentioned in paragraph (a); or\n    (c) a clearing agency registered under section 17a of the Securities Exchange Act of 1934 of the United States of America, as in force at the commencement of this instrument; or\n    (d) a nominee of a clearing agency mentioned in paragraph (c).","sortOrder":12},{"sectionNumber":"13","sectionType":"section","heading":"Brokers","content":"#### 13 Brokers\n\n  (1) An interest in a share is an interest of a prescribed kind if the interest exists solely as a result of an action taken by the interest‑holder:\n    (a) in the interest‑holder’s capacity as a broker in securities, in the ordinary course of business; and\n    (b) on the express instruction of a client of the interest‑holder.\n  (2) The interest‑holder mentioned in subsection (1) is a prescribed person if the interest‑holder does not:\n    (a) hold a beneficial interest in the share; or\n    (b) have authority, by proxy or any other arrangement with the holder of the beneficial interest in the share, to exercise in a discretionary way the voting rights attaching to the share.","sortOrder":13},{"sectionNumber":"14","sectionType":"section","heading":"Indirect interest‑holders","content":"#### 14 Indirect interest‑holders\n\n  (1) An interest in a share is an interest of a prescribed kind if the interest exists solely as a result of the interest‑holder being a shareholder in a company, other than a Telstra successor company, that is not a foreign person within the meaning of the Foreign Acquisitions and Takeovers Act 1975.\n  (2) The interest‑holder mentioned in subsection (1) is a prescribed person.","sortOrder":14},{"sectionNumber":"15","sectionType":"section","heading":"Telstra successor company employees","content":"#### 15 Telstra successor company employees\n\n  (1) An interest in a share is an interest of a prescribed kind if:\n    (a) the interest exists solely as a result of the interest‑holder being a participant in an employee share plan administered by a Telstra successor company for its employees; and\n    (b) in connection with that interest, or any other interest in the Telstra successor company, the interest‑holder:\n    (i) is not directly, or indirectly, controlled by a foreign person; and\n    (ii) does not act in concert with a foreign person; and\n    (iii) is not accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of a foreign person.\n  (2) The interest‑holder mentioned in subsection (1) is a prescribed person if the interest‑holder is not a foreign person.","sortOrder":15},{"sectionNumber":"16","sectionType":"section","heading":"Australian associates of a foreign person—no action in concert etc.","content":"#### 16 Australian associates of a foreign person—no action in concert etc.\n\n  (1) An interest in a share is an interest of a prescribed kind if, in connection with that interest or any interest in a Telstra successor company, the interest‑holder, although being an associate of a foreign person:\n    (a) is not directly, or indirectly, controlled by a foreign person; and\n    (b) does not act in concert with a foreign person; and\n    (c) is not accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of a foreign person.\n  (2) The interest‑holder mentioned in subsection (1) is a prescribed person if the interest‑holder is not a foreign person.","sortOrder":16},{"sectionNumber":"17","sectionType":"section","heading":"Associates of a foreign person—action in concert etc.","content":"#### 17 Associates of a foreign person—action in concert etc.\n\n  (1) This section applies to an interest in a share held by a person (the primary interest‑holder) whether or not the primary interest‑holder, in connection with that interest or any interest in a Telstra successor company:\n    (a) is directly, or indirectly, controlled by a foreign person; or\n    (b) acts in concert with a foreign person; or\n    (c) is accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of a foreign person.\n  (2) The interest is an interest of a prescribed kind if:\n    (a) it is counted for the ownership provisions in determining the particular type of stake in the Telstra successor company held, respectively, by the primary interest‑holder and a foreign person (if any) of a kind mentioned in subsection (1); and\n    (b) except for the operation of this section, the interest would also be counted for the ownership provisions in determining the particular type of stake held in the Telstra successor company by an irrelevant associate of the primary‑interest holder.\n  (3) The primary interest‑holder mentioned in subsection (1) is a prescribed person.\n  (4) For the purposes of subsection (2), a person is an irrelevant associate of the primary interest‑holder if, in connection with the interest or any interest in the Telstra successor company, although the primary interest‑holder is an associate of the person:\n    (a) the primary interest‑holder is not directly, or indirectly, controlled by the person; and\n    (b) the primary interest‑holder does not act in concert with the person; and\n    (c) the primary interest‑holder is not accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of the person.","sortOrder":17},{"sectionNumber":"18","sectionType":"section","heading":"Australian associates of a foreign person—avoidance of double counting","content":"#### 18 Australian associates of a foreign person—avoidance of double counting\n\n  (1) This section applies to an interest in a share if the interest‑holder, although an associate of one or more other persons in a group to which subclause 11(3) of the Schedule to the Act applies, is not a person in the group.\n  (2) The interest is an interest of a prescribed kind if, after being counted once for the ownership provisions in determining the total of the stakes of a particular type that the group holds in a Telstra successor company, the interest could, except for the operation of this section, be counted again for that purpose.\n  (3) The interest‑holder mentioned in subsection (1) is a prescribed person if the interest‑holder is not a foreign person.","sortOrder":18},{"sectionNumber":"Part 4","sectionType":"part","heading":"Application, saving and transitional provisions","content":"## Part 4—Application, saving and transitional provisions","sortOrder":19},{"sectionNumber":"19","sectionType":"section","heading":"Things done under the Telstra Corporation (Ownership — Interests in Shares) Regulations 1997","content":"#### 19 Things done under the Telstra Corporation (Ownership — Interests in Shares) Regulations 1997\n\n  (1) If:\n    (a) a thing was done for a particular purpose under the Telstra Corporation (Ownership — Interests in Shares) Regulations 1997 as in force immediately before those Regulations were repealed; and\n    (b) the thing could be done for that purpose under this instrument;\n  the thing has effect for the purposes of this instrument as if it had been done for that purpose under this instrument.\n  (2) Without limiting subsection (1), a reference in that subsection to a thing being done includes a reference to a direction, notice, application, authorisation or other instrument being given or made.","sortOrder":20}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This is a remake of the 1997 regulations with the same essential purpose: regulating foreign ownership of Telstra shares. The scope remains focused on ownership tracking and the specific exemptions for certain types of shareholders. The 2018 version appears to be a consolidation/update rather than an expansion into new policy areas."},"complexity_factors":["Multiple cross-references to the Telstra Corporation Act 1991 and its Schedule, requiring readers to flip between instruments","Nested conditional logic in Part 3 (sections 11-18) with multiple subsections defining when interests are 'prescribed kinds' and when holders are 'prescribed persons'","Complex defined terms including 'substantially Australian investment fund' with percentage thresholds (40% foreign ownership test)","Technical financial instruments referenced (American Depositary Shares, Interim American Depositary Shares, instalment receipts) requiring external knowledge","Multiple overlapping exceptions and carve-outs, particularly in sections 16-18 dealing with associates of foreign persons and avoidance of double-counting","Reference to external legislation (Life Insurance Act 1995, Superannuation Industry (Supervision) Act 1993, Foreign Acquisitions and Takeovers Act 1975, US Securities Exchange Act of 1934)"],"plain_english_summary":"This law sets rules to monitor and limit foreign ownership in Telstra’s successor companies: they must report suspected excess foreign holdings and supply ownership information to the Minister. It specifies which shareholdings are counted toward foreign ownership limits and which intermediary or employee holdings can be excluded.\n\nIt affects Telstra successor companies, foreign investors, and intermediaries (funds, brokers, custodians, employee plans) and ensures Telstra remains subject to Australia’s majority‑ownership safeguards."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument restates and updates the technical rules that prescribe which kinds of share interests and which persons are to be disregarded for the ownership provisions under the Telstra Corporation Act. It replaces the 1997 Regulations and preserves prior actions (reg 19), but does not expand the subject matter beyond the original purpose of setting prescribed disregards and information obligations. Any substantive changes are drafting and updating rather than a broad scope expansion."},"complexity_factors":["Short instrument (19 regulations / 4 Parts) but with key cross‑references to the Telstra Corporation Act 1991 and its Schedule","Multiple defined terms in regulation 5 and reliance on definitions in the Act/Schedule (eg, \"beneficial interest\", \"foreign person\", \"stake\")","Several conditional exclusions with thresholds and subjective tests (eg, \"substantially Australian\" fund test with 40% thresholds in reg 11(3))","A number of distinct classes of prescribed interests (trustees/managers, custodians/nominees, brokers, indirect holders, employees, associates) each with different qualifying conditions (regs 11–18)","Procedural timing rules and minimum notice periods (14‑day minima in regs 8(2)(c), 9(2)–(3))","Transitional saving provision maintaining actions taken under repealed 1997 Regulations (reg 19)"],"plain_english_summary":"**What this instrument does (mechanically)**\n\n- It prescribes rules about which kinds of interests in Telstra successor company shares are to be ignored when applying the ownership limits in the Telstra Corporation Act 1991 (the Act). (These ownership limits govern how much of the company can be treated as held by foreign persons.) (Parts 3, especially regs 10–18.)\n- It requires a Telstra successor company to tell the Minister if the company has reason to believe an \"unacceptable foreign‑ownership situation\" may exist, where the Minister has told the company to give such notices. The Minister can also require other ownership‑related information from a Telstra successor company. Minimum timing safeguards are included (generally at least 14 days). (Part 2, regs 7–9.)\n- It preserves actions taken under the earlier 1997 regulations so they continue to have effect under this instrument. (Reg 19.)\n\n**Who this affects**\n\n- Telstra successor companies: primary compliance duties to notify the Minister and to respond to information requests (regs 8–9).\n- Institutional intermediaries (trustees, managers, custodians, depositaries, nominees, brokers): the rules describe when their holding of Telstra shares will be disregarded for ownership calculations (regs 11–13).\n- Investment funds (unit trusts, statutory insurance funds, superannuation entities): treated as particular classes for the purpose of those disregards; some disregards apply only if the fund is “substantially Australian” (reg 11(3)).\n- Employee participants in Telstra successor company employee share plans: their share interests can be disregarded if they are not foreign persons and certain control/concert criteria are met (reg 15).\n- Australian associates of foreign persons: the instrument sets out narrow circumstances when their interests are disregarded or treated so as to avoid double counting (regs 16–18).\n\n**Key legal mechanics and thresholds to watch**\n\n- “Beneficial interest” is broadly defined to include prospective rights (contracts to buy, options, rights to transfer), but excludes interests held solely as security under a money‑lending agreement in the ordinary course of lending (reg 6).\n- A fund is “substantially Australian” if, in the reasonable opinion of the trustee/manager, foreign persons hold no more than 40% of policyholder liabilities for statutory life funds, or less than 40% of capital and 40% of distributable income in other funds (reg 11(3)). If so, the trustee/manager’s actions in their official capacity will be a prescribed kind of interest (reg 11).\n- Custodial/nominee holdings, depositary structures for American Depositary Shares, brokers acting on client instructions, and certain indirect holdings via non‑foreign companies are listed as prescribed kinds of interests to be disregarded — but only where the intermediary does not have beneficial ownership or discretionary voting power (regs 12–14, 13).\n- The Minister’s notice requiring information must provide a minimum window of 14 days before requiring compliance (reg 9(2)–(3); reg 8(2)(c) similarly provides not earlier than 14 days).\n\n**Why the instrument exists (stated purpose) and how that interacts with effects and costs**\n\n- Stated purpose: to clarify which intermediary and employee holdings do not count towards foreign ownership stakes and to enable the Minister to obtain information relevant to ownership matters (reg 7; reg 10). The instrument operationalises paragraph 9(1)(d) of the Schedule to the Act by listing prescribed interests and prescribed persons.\n\n- Practical effects, incentives and trade‑offs:\n  - Administrative burden: Telstra successor companies must monitor for potential unacceptable foreign ownership and comply with Ministerial information notices (regs 8–9). That creates compliance and reporting costs for company corporate governance teams.\n  - Recordkeeping and due diligence by intermediaries and funds: trustees, managers, custodians and depositaries need procedures to assess whether they qualify as \"prescribed persons\" (for example to form a reasonable opinion that a fund is substantially Australian under reg 11(3)). That requires ongoing investor composition checks.\n  - Structuring/substitution incentives: because custodial/nominee and depositary holdings can be disregarded (subject to conditions), foreign investors have an established pathway to hold interests indirectly without those holdings being attributed for ownership‑limit calculations. That may encourage use of intermediaries, nominee accounts, or ADR structures rather than direct holdings.\n  - Limits on behaviour for disregarded status: intermediaries are only excluded from attribution where they do not have beneficial interest and do not exercise discretionary voting (regs 12–13). So custodians and brokers will often need written instructions or clear contractual limits to preserve the disregard.\n  - Ministerial discretion and timing: the Minister has power to require notice and information. The instrument sets a minimum 14‑day lead time but does not prescribe maximum response complexity; timely compliance may require legal and administrative resources. The instrument thereby centralises information authority with the Minister while leaving practical assessment obligations with companies and intermediaries.\n\n**Who pays, who decides, and what behaviour changes**\n\n- Who pays: Telstra successor companies and affected intermediaries (trustees, managers, custodians, brokers, funds) bear the compliance costs — monitoring, recordkeeping, legal advice and responding to information notices. Investors may incur indirect costs by using nominee/depository arrangements.\n- Who decides: the Minister decides when to issue directions or information notices (regs 8–9). Trustees/managers decide whether a fund is substantially Australian (reg 11(3)) by forming a reasonable opinion. Intermediaries and investors decide whether to structure holdings so they qualify for the prescribed disregards.\n- Behaviour changes likely to follow: increased use of custodial/nominee or depositary structures where commercial parties want holdings disregarded; more active monitoring of investor composition by funds and insurers; companies strengthening internal processes to detect and report potential unacceptable foreign‑ownership situations.\n\n**Implementation and compliance risks**\n\n- Ambiguity risk: several concepts (for example, \"substantially Australian\" and \"beneficial interest\") rely on reasonable opinion or cross‑references to terms defined in the Act, introducing interpretative questions that may require legal advice.\n- Classification risk: intermediaries that inadvertently exercise voting authority or hold beneficial interest risk losing the disregard and thereby causing a different ownership calculation — this creates operational risk for custodians and brokers.\n- Timing pressure: the 14‑day minimum provides a short window for companies to gather complex ownership information, which may be difficult where holdings are widely distributed or routed through global intermediaries.\n\n**Reference to specific provisions**\n\n- Definitions and scope: reg 5 (definitions, including cross‑reference to definitions in the Act).\n- Information duties: regs 7–9.\n- Prescribed disregarded interests and persons: regs 10–18.\n- Transitional saving of actions under the 1997 Regulations: reg 19.\n\n"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/telstra-corporation-ownership-interests-in-shares-regulations-2018","history":"/api/acts/telstra-corporation-ownership-interests-in-shares-regulations-2018/history","analysis":"/api/acts/telstra-corporation-ownership-interests-in-shares-regulations-2018/analysis","conflicts":"/api/acts/telstra-corporation-ownership-interests-in-shares-regulations-2018/conflicts","importantCases":"/api/acts/telstra-corporation-ownership-interests-in-shares-regulations-2018/important-cases","documents":"/api/acts/telstra-corporation-ownership-interests-in-shares-regulations-2018/documents"}}