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The Register of People with Significant Control Regulations 2016

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PART 3U.K.NATURE OF CONTROL AND FOREIGN LIMITED PARTNERS

Particulars required as to nature of controlU.K.

7.—(1) The particulars required by sections 790K(1)(h), 790K(2)(e) and 790K(3)(f) of the Act (particulars as to nature of control over the company) are—

(a)where the person meets the first specified condition M1, the statement listed in Part 1 of Schedule 2 which is applicable to that person;

(b)where the person meets the second specified condition, the statement listed in Part 2 of Schedule 2 which is applicable to that person;

(c)where the person meets the third specified condition, the statement listed in Part 3 of Schedule 2;

(d)where the person meets the fourth specified condition and does not meet the first, second or third specified condition, the statement listed in Part 4 of Schedule 2;

(e)where the person meets the fifth specified condition in connection with a trust, every statement listed in Part 5 of Schedule 2 which is applicable to that person;

(f)where the person meets the fifth specified condition in connection with a firm M2, every statement listed in Part 6 of Schedule 2 which is applicable to that person.

(2) Part 7 of Schedule 2 sets out a rule for the interpretation of Schedule 2.

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Marginal Citations

M1See section 790C(3) of the Act for the meaning of “specified conditions” and paragraphs 2 to 6 in Part 1 of Schedule 1A to the Act for the meanings of the first, second, third, fourth and fifth conditions.

M2See section 1173(1) of the Act for the meaning of “firm”.

Characteristics of a foreign limited partnerU.K.

8.—(1) The characteristics prescribed for the purposes of paragraph 25(5)(b) of Schedule 1A to the Act are that the individual—

(a)participates in a foreign limited partnership as a limited liability participant; or

(b)directly or indirectly, holds shares or a right in or in relation to a legal entity which participates in a foreign limited partnership as a limited liability participant.

(2) In this regulation—

(a)a “foreign limited partnership” is an arrangement which—

(i)is established under the law of a country or territory outside the United Kingdom;

(ii)consists of at least one person who has unlimited liability for the debts and obligations of the arrangement; and

(iii)consists of at least one person who has no, or limited, liability for the debts and obligations of the arrangement for so long as that person does not take part in the management of the arrangement's business; and

(b)a “limited liability participant” is a person who—

(i)has no, or limited, liability for the debts and obligations of the foreign limited partnership for so long as that person does not take part in the management of the foreign limited partnership's business; and

(ii)does not take part in the management of the foreign limited partnership's business.

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