http://www.legislation.gov.uk/uksi/2017/694/part/2The Scottish Partnerships (Register of People with Significant Control) Regulations 2017texttext/xmlenStatute Law DatabaseCOMPANIES2024-02-20Expert Participation2023-10-26These Regulations transpose Article 30 (beneficial ownership information) of Directive 2015/ 849/EU of the European Parliament and of the Council of 20 May 2015 (OJ L 141, 05.06.15, p.73) (“the Directive”) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, for Scottish limited partnerships and certain Scottish general partnerships, defined in regulation 3.PART 2Amendment of registration requirement for Scottish Limited Partnerships4Amendment of the Limited Partnerships Act 19071

The Limited Partnerships Act 1907 is amended as follows.

2

In section 8A (application for registration), after subsection (3), insert the following subsections—

4

An application for registration of a limited partnership whose principal place of business is to be situated in Scotland must contain a statement of initial significant control.

5

The statement of initial significant control must—

a

state whether, on registration, there will be any person who will count as either a registrable person or a registrable relevant legal entity in relation to the limited partnership for the purposes of regulation 10 of the Scottish Partnerships PSC Regulations (duty to investigate and obtain information),

b

include the required particulars of any person identified under paragraph (a), and

c

if there is no person identified under paragraph (a), state that fact.

6

It is not necessary to include under subsection (5)(b) the date on which a person becomes a registrable person or a registrable relevant legal entity in relation to the limited partnership.

7

If the statement of initial significant control includes required particulars of a registrable person, it must also contain a statement that those particulars are included with the knowledge of that individual.

8

In this section—

the Scottish Partnerships PSC Regulations” means the Scottish Partnerships (Register of People with Significant Control) Regulations 2017;

registrable person”, “registrable relevant legal entity” and “required particulars” have the same meaning as in the Scottish Partnerships PSC Regulations.

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<strong>PART 2</strong>
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<heading>Amendment of registration requirement for Scottish Limited Partnerships</heading>
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<num>4</num>
<heading>Amendment of the Limited Partnerships Act 1907</heading>
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<p>The Limited Partnerships Act 1907 is amended as follows.</p>
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<p>In section 8A (application for registration), after subsection (3), insert the following subsections—</p>
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<p>An application for registration of a limited partnership whose principal place of business is to be situated in Scotland must contain a statement of initial significant control.</p>
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<p>The statement of initial significant control must—</p>
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<p>state whether, on registration, there will be any person who will count as either a registrable person or a registrable relevant legal entity in relation to the limited partnership for the purposes of regulation 10 of the Scottish Partnerships PSC Regulations (duty to investigate and obtain information),</p>
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<p>It is not necessary to include under subsection (5)(b) the date on which a person becomes a registrable person or a registrable relevant legal entity in relation to the limited partnership.</p>
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<p>If the statement of initial significant control includes required particulars of a registrable person, it must also contain a statement that those particulars are included with the knowledge of that individual.</p>
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<p>In this section—</p>
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<term refersTo="#term-the-scottish-partnerships-psc-regulations">the Scottish Partnerships PSC Regulations</term>
” means the Scottish Partnerships (Register of People with Significant Control) Regulations 2017;
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<term refersTo="#term-registrable-person">registrable person</term>
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<term refersTo="#term-registrable-relevant-legal-entity">registrable relevant legal entity</term>
” and “
<term refersTo="#term-required-particulars">required particulars</term>
” have the same meaning as in the Scottish Partnerships PSC Regulations.
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