- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Economic Crime (Transparency and Enforcement) Act 2022, Paragraph 9.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
9After schedule 1 insert—
Section 21
1(1)This paragraph applies where—
(a)a person applies under section 21 for registration of a qualifying registrable deed, and
(b)if the application is accepted by the Keeper—
(i)the name of an overseas entity would be entered as proprietor in the proprietorship section of the title sheet of a registered plot of land, or
(ii)an overseas entity would be the tenant under a registered lease.
(2)The Keeper must reject the application unless the overseas entity is—
(a)a registered overseas entity, or
(b)an exempt overseas entity.
(3)Sub-paragraph (2) does not apply where—
(a)the application is made by a person other than the overseas entity referred to in sub-paragraph (1)(b)(i), and
(b)the deed in respect of which the application is made is a lease or an assignation of a lease the subjects of which consist of or form part of an unregistered plot of land of which that overseas entity is the proprietor.
2(1)This paragraph applies where—
(a)a person applies under section 21 for registration of a qualifying registrable deed or a registrable deed which is a standard security,
(b)the granter of the deed is an overseas entity whose interest is registered, having been so registered on or after 8 December 2014, and
(c)as at the date of delivery of the deed, the entity was not a registered overseas entity or an exempt overseas entity.
(2)The Keeper must reject the application unless one of the following conditions is met—
(a)the application is made—
(i)in pursuance of a statutory obligation or court order, or
(ii)in respect of a transfer of ownership or other event that occurs by operation of law,
(b)the application is made in pursuance of a contract entered into before the later of the dates mentioned in sub-paragraph (3);
(c)the application is made in pursuance of the exercise of a power of sale or lease by the creditor in a standard security that was registered on or after 8 December 2014;
(d)the application is made in pursuance of the exercise of a right conferred on a body by relevant legislation to buy land or the interest of a tenant under a lease;
(e)the Scottish Ministers give consent under paragraph 7(2) to the registration of the deed;
(f)the deed is granted by a specified insolvency practitioner in specified circumstances.
(3)The dates are—
(a)the date on which the granter’s interest was registered;
(b)the commencement date.
(4)In sub-paragraph (2)(d), “relevant legislation” means Part 2, 3 or 3A of the Land Reform (Scotland) Act 2003 or Part 5 of the Land Reform (Scotland) Act 2016 (being provisions which confer on certain community bodies etc. the right to buy certain types of land or the interest of a tenant under a lease of certain types of land).
(5)In sub-paragraph (2), in paragraph (f)—
“specified circumstances” means circumstances specified in regulations made by the Scottish Ministers for the purposes of that paragraph;
“specified insolvency practitioner” means an insolvency practitioner of a description specified in regulations made by the Scottish Ministers for the purposes of that paragraph.
3(1)This paragraph applies where—
(a)by virtue of section 4A of the Conveyancing (Scotland) Act 1924, a person makes an application under section 21 for registration of a notice of title completing title in respect of a qualifying registrable deed, and
(b)if the application is accepted by the Keeper—
(i)the name of an overseas entity would be entered as proprietor in the proprietorship section of the title sheet of a registered plot of land, or
(ii)an overseas entity would be the tenant under a registered lease.
(2)The Keeper must reject the application unless the overseas entity is—
(a)a registered overseas entity, or
(b)an exempt overseas entity.
(3)Sub-paragraph (2) does not apply where—
(a)the application is made by a person other than the overseas entity referred to in sub-paragraph (1)(b)(i), and
(b)the deed in respect of which title is being completed is a lease or an assignation of a lease the subjects of which consist of or form part of an unregistered plot of land of which that overseas entity is the proprietor.
4(1)This paragraph applies where—
(a)by virtue of section 4A of the Conveyancing (Scotland) Act 1924, a person makes an application under section 21 for registration of a notice of title completing title in respect of—
(i)a qualifying registrable deed, or
(ii)a registrable deed which is a standard security,
(b)the granter of the deed is an overseas entity whose interest is registered, having been so registered on or after 8 December 2014, and
(c)as at the date on which the application for registration of the notice of title was made, the entity was not a registered overseas entity or an exempt overseas entity.
(2)The Keeper must reject the application unless one of the following conditions is met—
(a)the application is made—
(i)in pursuance of a statutory obligation or court order, or
(ii)in respect of a transfer of ownership or other event that occurs by operation of law,
(b)the application is made in pursuance of a contract entered into before the later of the dates mentioned in sub-paragraph (3);
(c)the application is made in pursuance of the exercise of a power of sale or lease by the creditor in a standard security that was registered on or after 8 December 2014;
(d)the application is made in pursuance of the exercise of a right conferred on a body by relevant legislation to buy land or the interest of a tenant under a lease;
(e)the Scottish Ministers give consent under paragraph 7(4) to the registration of the notice of title;
(f)the deed in respect of which title is being completed is granted by a specified insolvency practitioner in specified circumstances.
(3)The dates are—
(a)the date on which the granter’s interest was registered;
(b)the commencement date.
(4)In sub-paragraph (2)(d), “relevant legislation” means Part 2, 3 or 3A of the Land Reform (Scotland) Act 2003 or Part 5 of the Land Reform (Scotland) Act 2016 (being provisions which confer on certain community bodies etc. the right to buy certain types of land or the interest of a tenant under a lease of certain types of land).
(5)In sub-paragraph (2)(f) “specified circumstances” and “specified insolvency practitioner” have the meanings given by paragraph 2(5).
5(1)This paragraph applies where—
(a)an application under section 21 is received by the Keeper by virtue of section 43(1) or (5), and
(b)if the application is accepted by the Keeper—
(i)the name of an overseas entity would be entered as proprietor in the proprietorship section of the title sheet of a registered plot of land, and
(ii)that entry would be marked as provisional under section 44(1).
(2)The Keeper must reject the application unless the overseas entity is—
(a)a registered overseas entity, or
(b)an exempt overseas entity.
6(1)This paragraph applies where—
(a)an application is made under section 27, and
(b)if the application is accepted by the Keeper, the name of an overseas entity would be entered as proprietor in the proprietorship section of the title sheet of a registered plot of land.
(2)The Keeper must reject the application unless the overseas entity is—
(a)a registered overseas entity, or
(b)an exempt overseas entity.
7(1)Sub-paragraph (2) applies where the Keeper would be required by paragraph 2(2) to reject an application for registration of a qualifying registrable deed or a registrable deed which is a standard security.
(2)The Scottish Ministers may consent to registration of the deed if satisfied—
(a)that at the time of delivery of the deed the person in whose favour it was granted did not know, and could not reasonably have been expected to know, of the duty imposed on the Keeper by paragraph 2(2), and
(b)that in all the circumstances it would be unjust for the deed not to be registered.
(3)Sub-paragraph (4) applies where the Keeper would be required by paragraph 4(2) to reject an application for registration of a notice of title in respect of a qualifying registrable deed or a registrable deed which is a standard security.
(4)The Scottish Ministers may consent to registration of the notice of title if satisfied—
(a)that at the time of delivery of the qualifying registrable deed or (as the case may be) registrable deed which is a standard security the person in whose favour the deed was granted did not know, and could not reasonably have been expected to know, of the duty imposed on the Keeper by paragraph 4(2), and
(b)that in all the circumstances it would be unjust for the notice of title not to be registered.
(5)The Scottish Ministers may by regulations make provision in connection with applications for consent, and the giving of consent, under sub-paragraphs (2) and (4).
(6)The regulations may, for example, make provision about—
(a)who may apply;
(b)evidence;
(c)time limits.
8For the purposes of paragraphs 2(1)(c) and 7(2)(a) and (4)(a), a qualifying registrable deed or registrable deed which is a standard security is to be treated, as at the date of delivery of the deed, as having been granted even if at that time it has been executed by the overseas entity only.
9(1)In this schedule—
“the commencement date” means the day on which Part 1 of Schedule 4 to the Economic Crime (Transparency and Enforcement) Act 2022 comes into force;
“exempt overseas entity” means an overseas entity of a description specified in regulations under section 34(6) of the Economic Crime (Transparency and Enforcement) Act 2022;
“overseas entity” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;
“qualifying registrable deed” means a registrable deed which is—
a disposition;
a lease;
an assignation of a lease;
“register of overseas entities” means the register kept under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022;
“registered overseas entity” means an overseas entity that is registered in the register of overseas entities (but see sub-paragraphs (2) and (3)).
(2)For the purposes of this Schedule, an overseas entity that fails to comply with the duty in section 7 of the Economic Crime (Transparency and Enforcement) Act 2022 (updating duty) is not to be treated as being a “registered overseas entity” until it remedies the failure.
(3)For the purpose of sub-paragraph (2), an overseas entity “remedies” the failure when it delivers the statements and information mentioned in section 7(1)(a), (b) and (c) of the 2022 Act.”
Commencement Information
I1Sch. 4 para. 9 not in force at Royal Assent, see s. 69
I2Sch. 4 para. 9 in force at 5.9.2022 by S.I. 2022/876, reg. 4(c)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: