ExceptionsS
13.—(1) This Part does not apply to a person where the person’s relationship to the overseas entity is only that of—
(a)a director of the entity (who is not an employee of the entity),
(b)an employee (other than a director) acting in the course of the person’s employment or as a nominee for the entity,
(c)a paid professional advisor to the entity (such as a solicitor or an accountant),
(d)a person acting under a third party commercial or financial agreement (such as a customer or a supplier),
(e)a creditor of the entity (such as the holder of a standard security),
(f)a person exercising a function under an enactment (such as a regulator, liquidator or receiver).
(2) For the purpose of sub-paragraph (1)(a), a person whose responsibilities differ materially or in significant respects from those generally expected of a director of an entity which is comparable to the recorded person is not to be considered a director.
(3) This Part does not apply to a person (“O”) where—
(a)O is an overseas entity which is part of a chain of overseas entities (such as is described in paragraph 22(1)(b)) that includes the recorded person, and
(b)a person, other than an overseas entity, holds the right, or power in, the recorded person through O or the chain of overseas entities of which O forms part.
(4) For the purposes of sub-paragraph (3), a person holds a right or power in the recorded person through O by virtue of holding a majority stake—
(a)in O, or
(b)in each overseas entity that is part of the chain of overseas entities that includes O.
Commencement Information
I1Sch. 1 para. 13 in force at 1.4.2022, see reg. 1