Section 230-RICR-20-45-5.10 - Ownership of Securities Held in Trust.A. Beneficial Ownership of a security for the purpose of R.I. Gen. Laws § 27-1-29 shall include: 1. The ownership of securities as a trustee where either the trustee or members of his immediate family have a vested interest in the income or corpus of the trust,2. The ownership of a vested beneficial interest in a trust, and3. The ownership of securities as a settlor of a trust in which the settlor has the power to revoke the trust without obtaining the consent of all the beneficiaries.B. Except as provided in § 5.10(C) of this Part hereof, beneficial ownership of securities solely as a settlor or beneficiary of a trust shall be exempt from the provision of R.I. Gen. Laws § 27-1-29 where less than twenty percent (20%) in market value of the securities having a readily ascertainable market value held by such trust, determined as of the end of the preceding fiscal year of the trust, consists of equity securities with respect to which reports would otherwise be required. Exemption is likewise accorded from R.I. Gen. Laws § 27-1-29 with respect to any obligation which would otherwise be imposed solely by reason of ownership as settlor or beneficiary of securities held in trust, where the ownership, acquisition, or disposition of such securities by the trust is made without prior approval by the settlor or beneficiary. No exemption pursuant to § 5.10 of this Part shall, however, be acquired or lost solely as a result of changes in the value of the trust assets during any fiscal year or during any time when there is no transaction by the trust in the securities otherwise subject to the reporting requirements of R.I. Gen. Laws § 27-1-29.C. In the event that ten percent (10%) of any class of any equity security of an issuer is held in a trust, that trust and the trustees thereof as such shall be deemed a person required to file the reports specified in R.I. Gen. Laws § 27-1-29.D. Not more than one (1) report need be filed to report any holdings or with respect to any transaction in securities held by a trust, regardless of the number of officers, directors or ten percent (10%) stockholders who are either trustees, settlors, or beneficiaries of a trust, provided that the report filed shall disclose the names of all trustees, settlors and beneficiaries who are officers, directors or ten percent (10%) stockholders. A person having an interest only as a beneficiary of a trust shall not be required to file any such report so long as he relies in good faith upon an understanding that the trustee of such trust will file whatever reports might otherwise be required of such beneficiary.E. In determining, for the purposes of R.I. Gen. Laws § 27-1-29, whether a person is the beneficial owner, directly or indirectly, of more than ten percent (10%) of any class of any equity security, the interest of such person in the remainder of a trust shall be excluded for the computation.F. No report shall be required by any person, whether or not otherwise subject to the requirement of filing reports under R.I. Gen. Laws § 27-1-29, with respect to his indirect interest in portfolio securities held by: 1. a pension or retirement plan holding securities of an issuer whose employees generally are the beneficiaries of the plan,2. a business trust with over twenty five (25) beneficiaries.G. Nothing in § 5.10 of this Part shall be deemed to impose any duties or liabilities with respect to reporting any transaction or holding prior to its effective date.230 R.I. Code R. 230-RICR-20-45-5.10