beneficial owner "beneficial owner", in relation to deposited securities, means the ultimate owner of the deposited securities who is the person who is entitled to all rights, benefits, powers and privileges and is subject to all liabilities, duties and obligations in respect of, or arising from, the deposited securities, and does not include a nominee of any description; [Ins. Act A1039] ACT 453 - SECURITIES INDUSTRY (CENTRAL DEPOSITORIES) ACT 1991 2. Interpretation.