Common use of Political Exposed Foreign Persons Clause in Contracts

Political Exposed Foreign Persons. In order to assist the Agent in discharging its obligations, the Subscriber represents that neither he or she, or any director, officer and beneficial owner of it (unless the entity is specifically exempted), nor any of such persons’ mother or father, child, spouse or common law partner, spouse’s or common law partner’s mother or father, or brother, sister, half brother or half sister, is a politically exposed foreign person. A “politically exposed foreign person” is an individual who holds or has ever held one of the following offices or positions in or on behalf of a foreign country: • a head of state or government; • a member of the executive council of government or member of a legislature; • a deputy minister (or equivalent); • an ambassador or an ambassador’s attaché or counsellor; • a military general (or higher rank); • a president of a state owned company or bank; • a head of a government agency; • a judge; or • a leader or president of a political party in a legislature. The Subscriber will immediately notify the Agent if the status of any such person in this regard changes.