14.—(1) A legal entity is specified for the purposes of paragraph 7(1)(f) of Schedule 2 (registrable beneficial owners) to the ECTEA as “subject to its own disclosure requirements”, if—
(a)it is a legal entity governed by the law of a country or territory outside the United Kingdom;
(b)it provides trust services; and
(c)the provision of trust services is regulated in that country or territory by a supervisory authority.
(2) In this regulation “trust services” means acting as a trustee of a trust or similar legal arrangement.