Glossary
Fiduciary & nominee ownership
A holding registered in a fiduciary's or nominee's name looks, structurally, like any other shareholding. What it actually represents is a real gap in what the register discloses.
Definition
Fiduciary / nominee ownership - A shareholding registered in the name of a fiduciary or nominee - someone holding the shares on behalf of another party - rather than in the name of the person who actually controls or benefits from the holding.
Why this isn't the same as an unresolved chain elsewhere
Most reasons a chain stops short come down to a limit in what's publicly available - a register that doesn't disclose ownership data, or a jurisdiction with restricted access. Fiduciary/nominee arrangements are different: the register has published a name, but that name is specifically not the real party in interest. The gap here isn't missing data - it's a structure designed so the register's own data doesn't name the real owner.
Why Keizu reports this as a stop, not a resolved answer
Treating a fiduciary's name as if it were the beneficial owner would be actively wrong, not just incomplete - it would report the wrong person as the answer. Keizu's resolution engine flags this case explicitly (fiduciary_nominee in the closed set of stop reasons) rather than returning the fiduciary's name as if resolution had succeeded. See how Keizu determines a UBO.
What this means for a compliance decision
A fiduciary/nominee stop is a permanent fact about that specific holding, not a temporary data gap - it doesn't get retried expecting a different result. It's a genuine limit of what register data can establish on its own, and treating it as such - rather than silently smoothing it into a clean answer - is exactly the distinction that matters when the result is used to support a real compliance decision.
Related
See it work on a real company.