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Economic Crime and Corporate Transparency Act 2023

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Changes over time for: Section 161

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There are currently no known outstanding effects for the Economic Crime and Corporate Transparency Act 2023, Section 161. Help about Changes to Legislation

161Registrable beneficial owners: cases involving trustsU.K.

This section has no associated Explanatory Notes

(1)Schedule 2 to the Economic Crime (Transparency and Enforcement) Act 2022 (registrable beneficial owners) is amended in accordance with subsections (2) to (5).

(2)In paragraph 3 (legal entities), in paragraph (b), after “(see Part 3)” insert “or is a beneficial owner of the overseas entity by virtue of being a trustee”.

(3)In paragraph 8 (beneficial owners exempt from registration), after paragraph (b) insert—

(ba)the person is not a beneficial owner of the overseas entity by virtue of being a trustee,.

(4)For the heading of Part 6 substitute “Powers to amend this Schedule”.

(5)Before paragraph 25 insert—

Expansion of meaning of “registrable beneficial owner” where trusts in view

24A(1)The Secretary of State may by regulations amend this Schedule so as to expand the description of persons who are registrable beneficial owners of an overseas entity in circumstances where the overseas entity is part of a chain of entities that includes a trustee.

(2)For these purposes an overseas entity is part of a chain of entities that includes a trustee if there is a legal entity which is a beneficial owner of it by virtue of being a trustee.

(3)Regulations under this paragraph are subject to the affirmative resolution procedure.

Power to amend thresholds etc.

(6)Regulation 14 of the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 (S.I. 2022/870) (description of legal entity subject to its own disclosure requirements) is revoked.

Commencement Information

I1S. 161 in force at Royal Assent for specified purposes, see s. 219(1)(2)(b)

I2S. 161 in force at 4.3.2024 in so far as not already in force by S.I. 2024/269, reg. 2(z49) (with reg. 6)

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