2023 No. 1416
The Register of Overseas Entities (Verification and Exceptions) (Amendment) Regulations 2023
Made
Laid before Parliament
Coming into force
The Secretary of State makes these Regulations in exercise of the powers conferred by sections 16, 17A(1), 67(2) of, and paragraph 9(1) of Schedule 6 to, the Economic Crime (Transparency and Enforcement) Act 2022 (“the ECTEA”)1.
In accordance with section 17A(2) of, and paragraph 9(3) of Schedule 6 to, the ECTEA the Scottish Ministers have been consulted about the regulations made under section 17A(1) of, and paragraph 9(1) of Schedule 6 to, the ECTEA.
In accordance with section 17A(3) of the ECTEA, the Department of Finance in Northern Ireland has been consulted about the regulations made under section 17A(1) of the ECTEA.
Part 1Introductory
Citation, commencement and extent1
1
These Regulations may be cited as the Register of Overseas Entities (Verification and Exceptions) (Amendment) Regulations 2023 and come into force on 15th January 2024.
2
These Regulations extend to England and Wales, Scotland and Northern Ireland.
Interpretation2
In these Regulations—
“the 2022 Regulations” means the Register of Overseas Entities (Verification and Provision of Information) Regulations 20222;
“the ECTEA” means the Economic Crime (Transparency and Enforcement Act) 2022;
“pension scheme” means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of at least 250 persons—
- a
on retirement,
- b
on death,
- c
on having reached a particular age,
- d
on the onset of serious ill-health or incapacity, or
- e
in similar circumstances.
- a
Part 2Description of persons not to be treated as registrable beneficial owners
Description of persons not to be treated as registrable beneficial owners3
Part 3Exceptions to certain duties to provide change of beneficiary information
Exceptions to duty to provide change of beneficiary information4
A pension scheme which is a registrable beneficial owner of an overseas entity is not required to deliver information to the registrar by virtue of section 7(3)(c) or (4)(c) or 9(3)(c) or (4)(c) of the ECTEA.
Part 4Amendments to the 2022 Regulations
Amendments to meaning of relevant activity5
Regulation 4 of the 2022 Regulations (meaning of “relevant activity”) is amended as follows—
a
In paragraph (2)(e), omit the word “and”;
b
In paragraph (2)(f), for “.”, substitute “; and”
;
c
After paragraph (2)(f), insert—
g
complying with any duty in Schedule 6 of that Act.
Amendments to meaning of relevant information6
Regulation 5 of the 2022 Regulations (meaning of “relevant information”) is amended as follows—
a
In paragraph (1), for “(6) or (7)” substitute “(6), (7) or (8)”
;
b
After paragraph (7), insert—
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.
(This note is not part of the Regulations)