Economic Crime (Transparency and Enforcement) Act 2022

Sections 4, 7 and 9

SCHEDULE 1 U.K. Applications: required information

PART 1 U.K. Introduction

1 U.K. This Schedule sets out the required information for the purposes of sections 4, 7 and 9.

Commencement Information

I1 Sch. 1 para. 1 not in force at Royal Assent, see s. 69

I2 Sch. 1 para. 1 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

PART 2 U.K. Overseas entities

2 (1) The required information about an overseas entity is— U.K.

(a) name;

(b) country of incorporation or formation;

(c) registered or principal office;

(d) a service address;

(e) an email address;

(f) the legal form of the entity and the law by which it is governed;

(g) any public register in which it is entered and, if applicable, its registration number in that register.

(2) In sub-paragraph (1)(g) “public register” means a register kept by a government or public authority in the country in which the overseas entity was incorporated or formed.

Commencement Information

I3 Sch. 1 para. 2 not in force at Royal Assent, see s. 69

I4 Sch. 1 para. 2 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

PART 3 U.K. Registrable beneficial owners

Individuals U.K.

3 (1) Where a registrable beneficial owner is an individual, the required information about the owner is—

(a) name, date of birth and nationality;

(b) usual residential address;

(c) a service address;

(d) the date on which the individual became a registrable beneficial owner in relation to the overseas entity;

(e) which of the conditions in paragraph 6 of Schedule 2 is met in relation to the registrable beneficial owner and a statement as to why that condition is met;

(f) whether the individual meets that condition by virtue of being a trustee;

(g) whether the individual is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.

(2) For the purposes of sub-paragraph (1)(a), “name” means a person’s first name (or other forename) and surname, except that in the case of—

(a) a peer, or

(b) an individual usually known by a title,

the title may be stated instead of the person’s first name (or other forename) and surname or in addition to either or both of them.

Commencement Information

I5 Sch. 1 para. 3 not in force at Royal Assent, see s. 69

I6 Sch. 1 para. 3 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

Governments and public authorities U.K.

4 Where a registrable beneficial owner is a government or public authority, the required information about the owner is—

(a) name;

(b) principal office;

(c) a service address;

(d) its legal form and the law by which it is governed;

(e) the date on which the entity became a registrable beneficial owner in relation to the overseas entity;

(f) which of the conditions in paragraph 6 of Schedule 2 is met in relation to the registrable beneficial owner and a statement as to why that condition is met;

(g) whether the entity is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.

Commencement Information

I7 Sch. 1 para. 4 not in force at Royal Assent, see s. 69

I8 Sch. 1 para. 4 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

Other legal entities U.K.

5 (1) Where the registrable beneficial owner is a legal entity other than a government or public authority, the required information about the owner is—

(a) name;

(b) registered or principal office;

(c) a service address;

(d) the legal form of the entity and the law by which it is governed;

(e) any public register in which it is entered and, if applicable, its registration number in that register;

(f) the date on which the entity became a registrable beneficial owner in relation to the overseas entity;

(g) which of the conditions in paragraph 6 of Schedule 2 is met in relation to the registrable beneficial owner and a statement as to why that condition is met;

(h) whether the entity meets that condition by virtue of being a trustee;

(i) whether the entity is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.

(2) In sub-paragraph (1)(e) “public register” has the meaning given by paragraph 2(2).

Commencement Information

I9 Sch. 1 para. 5 not in force at Royal Assent, see s. 69

I10 Sch. 1 para. 5 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

PART 4 U.K. Managing officers

Individuals U.K.

6 (1) Where a managing officer is an individual, the required information about the officer is—

(a) name, date of birth and nationality;

(b) any former name (unless sub-paragraph (2) applies);

(c) usual residential address;

(d) a service address (which may be stated as the entity’s registered or principal office);

(e) business occupation (if any);

(f) a description of the officer’s roles and responsibilities in relation to the entity.

(2) This sub-paragraph applies in the following cases—

(a) in the case of a peer or an individual normally known by a British title, where the name is one by which the person was known previous to the adoption of or succession to the title;

(b) in the case of any person, where the former name—

(i) was changed or disused before the person attained the age of 16 years, or

(ii) has been changed or disused for 20 years or more.

(3) In sub-paragraph (1)(a), “name” has the meaning given by paragraph 3(2).

(4) For the purposes of sub-paragraph (1)(b), “former name” means a name by which the individual was formerly known for business purposes.

Where a person is or was formerly known by more than one such name, each of them must be stated.

Commencement Information

I11 Sch. 1 para. 6 not in force at Royal Assent, see s. 69

I12 Sch. 1 para. 6 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

Persons other than individuals U.K.

7 (1) Where a managing officer is not an individual, the required information about the officer is—

(a) name;

(b) registered or principal office;

(c) a service address;

(d) the legal form of the entity and the law by which it is governed;

(e) any public register in which it is entered and, if applicable, its registration number in that register;

(f) a description of the officer’s roles and responsibilities in relation to the entity;

(g) the name and contact details of an individual who may be contacted about the managing officer.

(2) In sub-paragraph (1)(e) “public register” has the meaning given by paragraph 2(2).

(3) In sub-paragraph (1)(g), “name” has the meaning given by paragraph 3(2).

Commencement Information

I13 Sch. 1 para. 7 not in force at Royal Assent, see s. 69

I14 Sch. 1 para. 7 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

PART 5 U.K. Trusts

8 (1) The required information about a trust is— U.K.

(a) the name of the trust or, if it does not have a name, a description by which it may be identified;

(b) the date on which the trust was created;

(c) in relation to each person who has at any time been a registrable beneficial owner in relation to the overseas entity by virtue of being a trustee of the trust—

(i) the person’s name,

(ii) the date on which the person became a registrable beneficial owner in that capacity, and

(iii) if relevant, the date on which the person ceased to be a registrable beneficial owner in that capacity;

(d) in relation to each beneficiary under the trust, the information that would be required under paragraph 3(1)(a) to (c) or 5(1)(a) to (e) if the beneficiary were a registrable beneficial owner in relation to the overseas entity;

(e) in relation to each settlor or grantor, the information that would be required under paragraph 3(1)(a) to (c) or 5(1)(a) to (e) if the settlor or grantor were a registrable beneficial owner in relation to the overseas entity;

(f) in relation to any interested person (see sub-paragraph (3))—

(i) the information that would be required under paragraph 3(1)(a) to (c) or 5(1)(a) to (e) if the interested person were a registrable beneficial owner in relation to the overseas entity, and

(ii) the date on which the person became an interested person.

(2) In sub-paragraph (1)(c), “name”, in relation to an individual, has the meaning given by paragraph 3(2).

(3) In sub-paragraph (1)(f), “interested person”, in relation to a trust, means any person who, under the terms of the trust, has rights in respect of—

(a) the appointment or removal of trustees, or

(b) the exercise by the trustees of their functions.

Commencement Information

I15 Sch. 1 para. 8 not in force at Royal Assent, see s. 69

I16 Sch. 1 para. 8 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

PART 6 U.K. Powers to make further provision under this Schedule

9 (1) The Secretary of State may by regulations make further provision about the information required by paragraphs 2 to 8. U.K.

(2) Regulations under this paragraph are subject to the negative resolution procedure.

Commencement Information

I17 Sch. 1 para. 9 not in force at Royal Assent, see s. 69

I18 Sch. 1 para. 9 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)

10 (1) The Secretary of State may by regulations amend this Schedule so as to add to or remove from any list of information in this Schedule. U.K.

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

Commencement Information

I19 Sch. 1 para. 10 not in force at Royal Assent, see s. 69

I20 Sch. 1 para. 10 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)