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PART 1U.K.Introductory

Citation, commencement and extentU.K.

1.—(1) These Regulations may be cited as the Register of Overseas Entities (Verification and Provision of Information) Regulations 2022 and come into force on the day section 3 of the ECTEA comes into force.

(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Commencement Information

I1Reg. 1 comes into force in accordance with reg. 1(1)

InterpretationU.K.

2.  In these Regulations—

“the ECTEA” means the Economic Crime (Transparency and Enforcement) Act 2022;

“the Money Laundering Regulations” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017(1);

“relevant activity” has the meaning given in regulation 4;

“relevant information” has the meaning given in regulation 5;

“relevant person” has the meaning given in regulation 3;

“section 42(1)(c) information” is information delivered to the registrar under section 42(1)(c) of the ECTEA (requirement for certain unregistered overseas entities to provide information).

Commencement Information

I2Reg. 2 comes into force in accordance with reg. 1(1)

Meaning of “relevant person”U.K.

3.—(1) Subject to paragraph (2), a “relevant person” is a person who is a relevant person for the purposes of the Money Laundering Regulations(2).

(2) A person is not a relevant person where that person—

(a)is a high value dealer within the meaning given in regulation 14(1)(a) of the Money Laundering Regulations;

(b)is a casino within the meaning given in regulation 14(1)(b) of the Money Laundering Regulations;

(c)is an art market participant within the meaning given in regulation 14(1)(d) of the Money Laundering Regulations;

(d)is a cryptoasset exchange provider within the meaning given in regulation 14A(1) of the Money Laundering Regulations;

(e)is a custodian wallet provider within the meaning given in regulation 14A(2) of the Money Laundering Regulations;

(f)has been convicted of an offence—

(i)in Great Britain under section 32 of ECTEA (general false statement offence), and that conviction has not yet become spent within the meaning of the Rehabilitation of Offenders Act 1974(3), or

(ii)in Northern Ireland under section 32 of ECTEA, and that person’s conviction has not yet become spent within the meaning of the Rehabilitation of Offenders (Northern Ireland) Order 1978(4);

(g)has been convicted of an offence—

(i)in Great Britain under regulation 86, 87 or 88 of the Money Laundering Regulations, and that conviction has not yet become spent within the meaning of the Rehabilitation of Offenders Act 1974; or

(ii)in Northern Ireland under regulation 86, 87 or 88 of the Money Laundering Regulations, and that conviction has not yet become spent within the meaning of the Rehabilitation of Offenders (Northern Ireland) Order 1978.

Commencement Information

I3Reg. 3 comes into force in accordance with reg. 1(1)

Meaning of “relevant activity”U.K.

4.—(1) A “relevant activity” is an activity described in paragraph (2) that is to be undertaken by an overseas entity(5).

(2) The activities described in this paragraph are—

(a)making an application under section 4 of the ECTEA (application for registration);

(b)complying with section 7 of that Act (updating duty);

(c)making an application under section 9 of that Act (application for removal);

(d)complying with a notice under section 27 of that Act (resolving inconsistencies in the register), but only in so far as it relates to any of paragraphs (a), (b) or (c);

(e)making an application under any regulations made under section 29 of that Act (application to rectify register), but only in so far as it relates to any of paragraphs (a), (b), or (c); F1...

(f)complying with section 42(1)(c) of that Act (requirement for certain unregistered overseas entities to provide information) [F2; and]

[F3(g)complying with any duty in Schedule 6 of that Act.]

Textual Amendments

Commencement Information

I4Reg. 4 comes into force in accordance with reg. 1(1)

Meaning of “relevant information”U.K.

5.—[F4(1) “Relevant information” is information described in any of paragraphs (2), (3), (4), (5), [F5(6), (7) or (8)] unless the information—

(a)is the required information in sub-paragraphs 4(a) to (e) of Schedule 1 to the ECTEA;

(b)relates to the beneficiaries of a pension scheme trust as defined by paragraph 3 of Schedule 3A (Excluded Trusts) to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;

(c)in sub-paragraphs (3) and (4) has been previously verified and submitted to the registrar under Part 1 of the ECTEA in relation to the same overseas entity.]

(2) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(a) (application for registration), the information is—

(a)the information specified in the column headed “Information” in the table in section 4(2) of the ECTEA, as that information corresponds to whichever statement is being made as part of the relevant activity in question; and

(b)where relevant, the information mentioned in section 4(3) of that Act.

(3) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(b) (updating duty), the information is—

(a)the information mentioned in sub-paragraphs (a) and (b) of paragraph (2) of this regulation;

(b)the information specified in the column headed “Information” in the table in section 7(2) of the ECTEA, as that information corresponds to whichever statement is being made as part of the relevant activity in question; and

(c)where relevant—

(i)the information mentioned in section 7(3) of the ECTEA;

(ii)the information mentioned in section 7(4) of the ECTEA.

(4) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(c) (application for removal), the information is—

(a)the information mentioned in sub-paragraphs (a) and (b) of paragraph (2) of this regulation;

(b)the information specified in the column headed “Information” in the table in section 9(2) of the ECTEA, as that information corresponds to whichever statement is being made as part of the relevant activity in question; and

(c)where relevant—

(i)the information mentioned in section 9(3) of the ECTEA;

(ii)the information mentioned in section 9(4) of the ECTEA.

(5) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(d) (complying with a notice under section 27 of the ECTEA), the information is such information as the registrar(6) may by notice request.

(6) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(e) (making an application under any regulations made under section 29 of the ECTEA), the information is such information as regulations made under section 29 of the ECTEA may specify as required when making that application.

(7) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(f) (requirement for certain unregistered overseas entities to provide information), the information is the information mentioned in section 42(1)(c) of the ECTEA.

[F6(8) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(g), the information is any statement or information mentioned in paragraph 2(1) of Schedule 6 to the ECTEA.]

Textual Amendments

Commencement Information

I5Reg. 5 comes into force in accordance with reg. 1(1)

(1)

S.I. 2017/692, as amended by S.I. 2019/253, 680, 1511, 2021/494, there are other amendments but none is relevant.

(2)

See in particular regulations 3 and 8 of those Regulations.

(5)

“Overseas entity” has the meaning given by section 2 of the ECTEA.

(6)

“Registrar” has the meaning given in section 3 of the ECTEA.