Y

No
Y indication of citizenship

No
No indication
indication of
of authorized
citizenship stocks (for capital stocks)
Found
in 49 American
statesstocks
& US (for
territories
No indication
of authorized
capital stocks)
Found in 49 American states & US territories

To what extent does the

Grandfather Rule apply?
`

Palting It cannot go beyond the

level of what is reasonable. The
further away the level of ownership
from the subject corporation, the
less can one practically associate
control of the subject corporation.

Majority of SJP
SEC
90%
of SJO
(Panama)
2 levels
ofPublicly
held
Majority
SJP
(Philippines)
90%
of
SJO
corporations,
or
shares
traded in
(Panama)
(Philippines)
SEC
3 levels Closely held
corporations or shares NOT traded
in SEC
Oil Investments, Inc.
(Panama) Inc.
CBInvestments,
Oil
100%
owned by
(Panama)
Pantepec
& Pancoastal
100% owned
by
Pantepec & Pancoastal

Y
No indication of citizenship
No indication of authorized stocks (for capital stocks)
Found in 49 American states & US territories
4

To what extent does the

Grandfather Rule apply?
`

Palting It cannot go beyond the

level of what is reasonable. The
further away the level of ownership
from the subject corporation, the
less can one practically associate
control of the subject corporation.
SEC
2 levels Publicly held
corporations, or shares traded in
SEC
MajorityofClosely
SJP
3 levels
held
90%
of SJO
(Panama)
corporations
or shares NOT traded
(Philippines)
in SEC
CB

Oil Investments, Inc.

(Panama)
100% owned by
Pantepec & Pancoastal

Y
No indication of citizenship
No indication of authorized stocks (for capital stocks)
Found in 49 American states & US territories

To what extent does the

Grandfather Rule apply?
`

Palting It cannot go beyond the

level of what is reasonable. The
further away the level of ownership
from the subject corporation, the
less can one practically associate
control of the subject corporation.
SEC
2 levels Publicly held
corporations, or shares traded in
SEC
3 levels Closely held
corporations or shares NOT traded
of SJP
in Majority
SEC
90%
of SJO
(Panama)
(Philippines)
CB

Oil Investments, Inc.

(Panama)
100% owned by
Pantepec & Pancoastal

4
2
1

To what extent does the

Grandfather Rule apply?
`

Palting It cannot go beyond the

level of what is reasonable. The
further away the level of ownership
from the subject corporation, the
less can one practically associate
control of the subject corporation.
SEC
2 levels Publicly held
corporations, or shares traded in
SEC
3 levels Closely held
corporations or shares NOT traded
in SEC
CB