22 CFR § 120.66 - Affiliate.

---
identifier: "/us/cfr/t22/s120.66"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "22 CFR § 120.66 - Affiliate."
title_number: 22
title_name: "Foreign Relations"
section_number: "120.66"
section_name: "Affiliate."
chapter_name: "DEPARTMENT OF STATE"
subchapter_number: "M"
subchapter_name: "INTERNATIONAL TRAFFIC IN ARMS REGULATIONS"
part_number: "120"
part_name: "PURPOSE AND DEFINITIONS"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "22 U.S.C. 2651a, 2752, 2753, 2776, 2778, 2779, 2779a, 2785, 2794, 2797; E.O. 13637, 78 FR 16129, 3 CFR, 2013 Comp., p. 223."
regulatory_source: "87 FR 16411, Mar. 23, 2022, unless otherwise noted."
cfr_part: "120"
---


# 120.66 Affiliate.

(a) *Affiliate* (of a registrant) means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such registrant.

(b) For purposes of this section, “control” means having the authority or ability to establish or direct the general policies or day-to-day operations of the firm. Control is rebuttably presumed to exist where there is ownership of 25 percent or more of the outstanding voting securities if no other person controls an equal or larger percentage.