All clients shall be subject to CDD measures, taking into account the risks identified by the Licensed Person and set forth in the Articles from (2-1) to (2-4) in Chapter Two. The only exception to this rule (i.e. reduced measures are applied) is on the basis of lower risk, such as when information on the identity of the client and beneficial owner is publicly available, in the case where the client is a company listed on the Securities exchange of a country sufficiently implementing the FATF recommendations, or is a Subsidiary of such a Listed Company. However, where such a Listed Company is subject to the control of an individual or a small group of individuals, a Licensed Person shall carefully review the anti-money laundering and combatting terrorism financing risks and consider whether it is necessary to verify the identity of such individual(s), be it an owner or a beneficial owner.