SCHEDULES

SCHEDULE 2Registrable beneficial owners

PART 1Meaning of “registrable beneficial owner”

Registrable beneficial owners: legal entities

3

F1(1)

A legal entity other than a government or public authority is a “registrable beneficial owner” in relation to an overseas entity if it—

(a)

is a beneficial owner of the overseas entity F2by virtue of paragraph 6,

(b)

is subject to its own disclosure requirements (see Part 3) F3or is a beneficial owner of the overseas entity by virtue of being a trustee, and

(c)

is not exempt from being registered (see Part 4).

F4(2)

A legal entity other than a government or public authority is also a “registrable beneficial owner” in relation to an overseas entity if it is treated as a beneficial owner of the overseas entity by virtue of paragraph 6A.