; (3) in the case of a trust or association, identify the chain of control that includes the owner, trustee, and beneficiary; and (4) disclose to the Administrator any beneficial owner of the covered entity that is a foreign person. (b) Timing (1) In general The Administrator shall require a covered entity to provide the information described in subsections (a)(1) and (a)(2) when submitting an application for aircraft certification. (2) Updates The Administrator shall require a covered entity to update a submission of the information described in subsections (a)(1) and (a)(2) not later than 60 days after the date of any change in— (A) the list of beneficial owners of the covered entity; or (B) the information required to be provided relating to each such beneficial owner. (c) Definitions In this section, the following definitions apply: (1) Beneficial owner (A) In general Except as provided in subparagraph (B), the term beneficial owner means, with respect to a covered entity, each natural person who, directly or indirectly— (i) exercises control over the covered entity through ownership interests, voting rights, agreements, or otherwise; or (ii) has an interest in or receives substantial economic benefits from the assets of the covered entity. (B) Exceptions The term beneficial owner does not include, with respect to a covered entity— (i) a minor child; (ii) a person acting as a trustee, nominee, intermediary, custodian, or agent on behalf of another person; (iii) a person acting solely as an employee of the covered entity and whose control over or economic benefits from the covered entity derives solely from the employment status of the person; (iv) a person whose only interest in the covered entity is through a right of inheritance, unless the person also meets the requirements of subparagraph (A)