Economic Crime (Transparency and Enforcement) Act 2022

[^key-cf5b43ac4a593a459d73da4bd702d736]: Words in Sch. 1 para. 6(1)(d) omitted (4.3.2024 in so far as not already in force, 26.10.2023 for specified purposes) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 157, 219(1)(2)(b); S.I. 2024/269, reg. 2(z48)

[^key-0d8558e4dd14d73a2dba5b2266899223]: Words in Sch. 1 para. 7(1)(b) omitted (4.3.2024 in so far as not already in force, 26.10.2023 for specified purposes) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 157, 219(1)(2)(b); S.I. 2024/269, reg. 2(z48)

[^key-e94d24a8f4538c49b3ae2330efa77256]: Words in Sch. 2 para. 3(b) inserted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 161(2), 219(1)(2)(b); S.I. 2024/269, reg. 2(z49) (with reg. 6)

[^key-b75c990d7fb3ea76195a35ce65630791]: Words in s. 27 heading omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 169(3), 219(1)(2)(b); S.I. 2024/269, reg. 2(z53)

[^key-d6b962f6737e536f8936157c6b5110d1]: Sch. 2 para. 2 renumbered as Sch. 2 para. 2(1) (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 162(3)(a)(i), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

[^key-5c067d585f2f1cb705de1af2c6f04464]: Words in Sch. 2 para. 2(1)(a) substituted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 162(3)(a)(ii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

[^key-ce214e340d9878dd097d7041f501aefd]: Sch. 2 para. 3 renumbered as Sch. 2 para. 3(1) (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 162(3)(b)(i), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

[^key-f0e776c675f197fae5fbcda7c4c3cbcd]: Words in Sch. 2 para. 3(1)(a) substituted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 162(3)(b)(ii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

[^key-954f533f4b4db9dc44aeba4ab6fc924d]: Sch. 2 para. 4 renumbered as Sch. 2 para. 4(1) (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 162(3)(c)(i), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

[^key-0afbe10d571df38d0a168c41964050b7]: Words in Sch. 2 para. 4(1) substituted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 162(3)(c)(ii), 219(1)(2)(b); S.I. 2024/269, reg. 2(z50) (with reg. 6)

[^key-548bc389ed0324ea5d634e8723e36df4]: Words in Sch. 1 para. 6(3) inserted (21.3.2024) by The Economic Crime and Corporate Transparency Act 2023 (Consequential, Supplementary and Incidental Provisions) Regulations 2024 (S.I. 2024/410), reg. 1(2), Sch. 1 para. 2

Overview

Definition of “overseas entity” etc

Register of overseas entities

Application for registration

Registration and allocation of overseas entity ID

Notice of registration

Updating duty

Failure to comply with updating duty

Application for removal

Processing of application under section 9

Transfer of documents to Public Record Office

Identifying registrable beneficial owners

Additional powers to obtain information

Sections 12 and 13: supplementary

Failure to comply with notice under section 12 or 13

Verification of registrable beneficial owners and managing officers

Power to modify application process etc in certain cases

Exemptions

Documents to be in English

Annotation of the register

Inspection and copies of register

Material unavailable for inspection

Disclosure of information about trusts

Disclosure of protected information

Power to protect other information

Data protection

Administrative removal of material from register

Administrative removal of material from register

Court order to rectify register

General false statement offence

Land ownership and transactions

Power to require overseas entity to register if it owns certain land

Liability of officers in default

Meaning of “daily default fine”

Consent required for prosecutions

Further provision about proceedings

Financial penalties

Sharing of information by HMRC

Applications in the transitional period: information about land transactions

Requirement for certain unregistered overseas entities to provide information

Section 42: supplementary

Interpretation

Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland

Imposition of unexplained wealth orders on officers etc of property holder: Scotland

Alternative test to the income requirement: England and Wales and Northern Ireland

Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland

Power to extend period for which interim freezing order has effect: Scotland

Annual reports on use of unexplained wealth orders: England and Wales

Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland

Limits on expenses orders in relation to unexplained wealth orders: Scotland

Imposition of monetary penalties

Procedural rights

Reporting on breach of financial sanctions

Streamlining process of making sanctions regulations

Urgent designation of persons by name

Urgent designation of persons by description

Specified ships

Existing sanctions regulations

Removal of reviews

Removal of reporting requirements

Court reviews: restrictions regarding damages

Sharing of information

Consequential provision

Regulations

Extent

Short title

Individuals

Duty of proprietor to register as an overseas entity within transitional period

Registrar’s duty to enter restriction in relation to qualifying estate

Interpretation

Conveyancing (Scotland) Act 1924

Land Registration etc. (Scotland) Act 2012 (asp 5)

Duty to register as an overseas entity within transitional period

Disapplication of certain provisions during transitional period

Interpretation

Conveyancing (Scotland) Act 1924

Land Registration etc. (Scotland) Act 2012 (asp 5)

29A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

General false statement offence

Land ownership and transactions

Power to require overseas entity to register if it owns certain land

Liability of officers in default

Meaning of “daily default fine”

Consent required for prosecutions

Further provision about proceedings

Financial penalties

Sharing of information by HMRC

Applications in the transitional period: information about land transactions

Requirement for certain unregistered overseas entities to provide information

Section 42: supplementary

Interpretation

Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland

Imposition of unexplained wealth orders on officers etc of property holder: Scotland

Alternative test to the income requirement: England and Wales and Northern Ireland

Alternative test to the income requirement: Scotland

Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland

Power to extend period for which interim freezing order has effect: Scotland

Annual reports on use of unexplained wealth orders: England and Wales

Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland

Limits on expenses orders in relation to unexplained wealth orders: Scotland

Imposition of monetary penalties

Procedural rights

Reporting on breach of financial sanctions

Streamlining process of making sanctions regulations

Urgent designation of persons by name

Urgent designation of persons by description

Specified ships

Existing sanctions regulations

Removal of reporting requirements

Court reviews: restrictions regarding damages

Sharing of information

Consequential provision

Regulations

Extent

Commencement

Short title

Individuals

Duty of proprietor to register as an overseas entity within transitional period

Registrar’s duty to enter restriction in relation to qualifying estate

Interpretation

Conveyancing (Scotland) Act 1924

Registration and allocation of overseas entity ID

Notice of registration

Failure to comply with updating duty

Processing of application under section 9

Additional powers to obtain information

15A

• (1) A person who is given a notice under section 12 or 13 commits an offence if, in purported compliance with the notice and without reasonable excuse, the person makes a statement that is misleading, false or deceptive in a material particular.

• (2) Where the offence is committed by a legal entity, the offence is also committed by every officer of the entity who is in default.

• (3) A person guilty of an offence under this section is liable—

• (a) on summary conviction in England and Wales, to a fine;

• (b) on summary conviction in Scotland, to a fine not exceeding level 5 on the standard scale;

• (c) on summary conviction in Northern Ireland, to a fine not exceeding level 5 on the standard scale.

15B

• (1) A person who is given a notice under section 12 or 13 commits an offence if, in purported compliance with the notice, the person makes a statement that the person knows to be misleading, false or deceptive in a material particular.

• (2) Where the offence is committed by a legal entity, the offence is also committed by every officer of the entity who is in default.

• (3) A person guilty of an offence under this section is liable—

• (a) on summary conviction in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both);

• (b) on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both);

• (c) on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both);

• (d) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both).

Exceptions to duty to provide change of beneficiary information

17A

• (1) The Secretary of State may by regulations provide for exceptions to the requirement to deliver information by virtue of section 7(3)(c) or (4)(c) or 9(3)(c) or (4)(c).

• (2) The Secretary of State must consult the Scottish Ministers before making regulations under subsection (1) that contain provision that would be within the legislative competence of the Scottish Parliament if contained in an Act of that Parliament.

• (3) The Secretary of State must consult the Department of Finance in Northern Ireland before making regulations under subsection (1) that contain provision that—

• (a) would be within the legislative competence of the Northern Ireland Assembly if contained in an Act of that Assembly, and

• (b) would not, if contained in a Bill for an Act of the Northern Ireland Assembly, result in the Bill requiring the consent of the Secretary of State under section 8 of the Northern Ireland Act 1998.

• (4) Regulations under subsection (1) are subject to the negative resolution procedure.

Documents to be in English

Annotation of the register

Material unavailable for inspection

Resolving inconsistencies ...

Further provision about removal of material from the register

28A

• (1) The Secretary of State must by regulations make provision for notice to be given in accordance with the regulations where material is removed from the register under section 28 otherwise than on an application.

• (2) The Secretary of State must by regulations make provision in connection with the making and determination of applications for the removal of material from the register under section 28.

• (3) The provision that may be made under subsection (2) includes provision as to—

• (a) who may make an application,

• (b) the information to be included in and documents to accompany an application,

• (c) the notice to be given of an application and of its outcome,

• (d) a period in which objections to an application may be made, and

• (e) how an application is to be determined, including provision as to evidence that may be relied upon by the registrar for the purposes of satisfying the test in section 28(1).

• (4) The provision that may be made by virtue of subsection (3)(e) includes provision as to circumstances in which—

• (a) evidence is to be treated by the registrar as conclusive proof that the test in section 28(1) is met, and

• (b) the power of removal must be exercised.

• (5) Regulations under this section may in particular confer a discretion on the registrar.

• (6) Regulations under this section are subject to the negative resolution procedure.

False statements: basic offence

False statements: aggravated offence

32A

• (1) It is an offence for a person knowingly to—

• (a) deliver or cause to be delivered to the registrar, for the purposes of this Part, a document that is misleading, false or deceptive in a material particular, or

• (b) make to the registrar, for the purposes of this Part, a statement that is misleading, false or deceptive in a material particular.

• (2) Where the offence is committed by a legal entity, every officer of the entity who is in default also commits the offence.

• (3) A person guilty of an offence under this section is liable—

• (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);

• (b) on summary conviction—

• (i) in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both);

• (ii) in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both);

• (iii) in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both).

Land ownership and transactions

Power to require overseas entity to register if it owns certain land

Liability of officers in default

Consent required for prosecutions

Further provision about proceedings

Financial penalties

Sharing of information by HMRC

Requirement for certain unregistered overseas entities to provide information

43A

Schedule 6 (duty to deliver further information for transitional cases) imposes further duties on overseas entities to deliver information.

Interpretation

Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland

Imposition of unexplained wealth orders on officers etc of property holder: Scotland

Alternative test to the income requirement: England and Wales and Northern Ireland

Alternative test to the income requirement: Scotland

Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland

Power to extend period for which interim freezing order has effect: Scotland

Annual reports on use of unexplained wealth orders: England and Wales

Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland

Limits on expenses orders in relation to unexplained wealth orders: Scotland

Imposition of monetary penalties

Procedural rights

Reporting on breach of financial sanctions

Streamlining process of making sanctions regulations

Urgent designation of persons by name

Specified ships

Existing sanctions regulations

Removal of reviews

Removal of reporting requirements

Court reviews: restrictions regarding damages

Sharing of information

Consequential provision

Regulations

Extent

Commencement

Short title

Governments and public authorities

6A

A person (“X”) is to be treated as a beneficial owner of an overseas entity (“Y”) if one or more of the following conditions are met.

• Y holds land in England or Wales as nominee for XCondition 1 is that Y—is registered in the register of title kept under the Land Registration Act 2002 as the proprietor of a qualifying estate within the meaning of Schedule 4A to that Act,became so registered in pursuance of an application made on or after 1 January 1999, andholds the qualifying estate as nominee for—X, oran entity of which X is a beneficial owner by virtue of paragraph 6.

• Y holds land in Scotland as nominee for XCondition 2 is that—Y—holds an interest in land by virtue of being entered, on or after 8 December 2014, as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland,is, in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before that date, by virtue of an assignation of the lease registered in the Land Register of Scotland on or after that date, the tenant under the lease, oris the tenant under a lease that was registered in the Land Register of Scotland on or after that date, andY holds the interest in land referred to in paragraph (a)(i), (ii) or (iii) as nominee for—X, oran entity of which X is a beneficial owner by virtue of paragraph 6.

• Y holds land in Northern Ireland as nominee for XCondition 3 is that Y—is registered in the register kept under the and Registration Act (Northern Ireland) 1970 (c. 18 (N.I.)) as the owner of a qualifying estate within the meaning of Schedule 8A to that Act,became so registered on or after the day on which that Schedule came into force, andholds the qualifying estate as nominee for—X, oran entity of which X is a beneficial owner by virtue of paragraph 6.

24A

• (1) The Secretary of State may by regulations amend this Schedule so as to expand the description of persons who are registrable beneficial owners of an overseas entity in circumstances where the overseas entity is part of a chain of entities that includes a trustee.

• (2) For these purposes an overseas entity is part of a chain of entities that includes a trustee if there is a legal entity which is a beneficial owner of it by virtue of being a trustee.

• (3) Regulations under this paragraph are subject to the affirmative resolution procedure.

Duty of proprietor to register as an overseas entity within transitional period

Registrar’s duty to enter restriction in relation to qualifying estate

Interpretation

Land Registration etc. (Scotland) Act 2012 (asp 5)

SCHEDULE 6

Duty to deliver statements and information

1

• (1) This Schedule applies in relation to an overseas entity if—

• (a) the entity—

• (i) is registered as an overseas entity when this Schedule comes into force or has been so registered at any earlier time, and

• (ii) was registered as the proprietor of a relevant interest in land in England and Wales or Scotland at any time during the relevant period, or

• (b) the entity has committed an offence under paragraph 5 of Schedule 3 or paragraph 10 of Schedule 4 (duty to register as overseas entity in certain transitional cases).

• (2) For the purposes of sub-paragraph (1)—

• (a) an overseas entity is registered as the proprietor of a relevant interest in land in England and Wales if the entity is registered in the register of title kept under the Land Registration Act 2002 as the proprietor of a qualifying estate within the meaning of Schedule 4A to that Act;

• (b) an overseas entity is registered as the proprietor of a relevant interest in land in Scotland if the entity—

• (i) is entered, on or after 8 December 2014, as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland,

• (ii) in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before that date is, by virtue of an assignation of the lease registered in the Land Register of Scotland on or after that date, the tenant under the lease, or

• (iii) is the tenant under a lease that was registered in the Land Register of Scotland on or after that date.

• (3) Expressions used in sub-paragraph (2)(b) are to be construed in accordance with section 9(11) and (12).

• (4) In this Schedule “the relevant period” means the period—

• (a) beginning with 28 February 2022;

• (b) ending with 31 January 2023.

2

• (1) The overseas entity must deliver to the registrar—

• (a) any statements or information required by—

• paragraph 3 (changes in beneficial ownership of overseas entity),

• paragraph 4 (information about trusts and changes in beneficiaries under trusts), and

• paragraph 5 (information about changes in trusts in which beneficial owners trustees),

• (b) a statement that the entity has complied with paragraph 8 of this Schedule (duty to take steps to obtain information),

• (c) anything required by regulations under section 16 (verification of information) to be delivered to the registrar, and

• (d) the name and contact details of an individual who may be contacted about the statements and information.

• (2) If an overseas entity is registered as an overseas entity when this Schedule comes into force it must deliver the statements and information required by this Schedule—

• (a) at the same time as it delivers the statements and information required by section 7 on the first occasion after the end of the period of 3 months beginning with the day on which this Schedule comes into force, or

• (b) if it applies under section 9 for removal before then, at the same time as it delivers the statements and information required by that section.

• (3) If an overseas entity is not registered as an overseas entity when this Schedule comes into force it must deliver the statements and information required by this Schedule within the period of 3 months beginning when it comes into force.

3

• (1) The overseas entity must deliver to the registrar the statement in row 1 of the following table or the statement and information listed in row 2.

	Statement	Information
1	A statement that the entity has noreasonable cause to believe that anyone became or ceased to be a registrable beneficial owner during the relevant period.
2	A statement that the entity has reasonable cause to believe that at least one person became or ceased to be a registrable beneficial owner during the relevant period.	The required information about each person who became or ceased to be a registrable beneficial owner during the relevant period, or so much of that information as the entity has been able to obtain.The date on which each of them became or ceased to be a registrable beneficial owner, if the entity has been able to obtain that information.

• (2) Where the information provided under sub-paragraph (1) includes information that the person who became or ceased to be a registrable beneficial owner was a registrable beneficial owner by virtue of being a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity must also deliver to the registrar—

• (a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and

• (b) a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.

• (3) Statements required by this paragraph to be delivered to the registrar must relate to the time when they are delivered.

• (4) Information required by this paragraph to be delivered to the registrar as a result of a person having become or ceased to be a registrable beneficial owner must relate to the state of affairs when the person became or ceased be a registrable beneficial owner.

• (5) For the required information, see Schedule 1.

4

• (1) The overseas entity must deliver to the registrar—

• (a) a statement that the entity has no reasonable cause to believe that there is any person who, at the end of the relevant period, was a registrable beneficial owner of the entity by virtue of being a trustee, or

• (b) a statement that the entity has reasonable cause to believe that there is at least one such person.

• (2) Where a statement is delivered under sub-paragraph (1)(b) the overseas entity must also deliver to the registrar —

• (a) the required information about each trust (a “relevant trust”) by virtue of which a trustee was a registrable beneficial owner of the entity at the end of the relevant period,

• (b) in relation to each relevant trust, a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain, and

• (c) in relation to each relevant trust, the statement in row 1 of the table set out in sub-paragraph (3), or the statement and information listed in row 2 of that table.

• (3) This is the table referred to in sub-paragraph (2)(c)—

	Statement	Information
1	A statement that the entity has no reasonable cause to believe that anyone became or ceased to be a beneficiary under the trust during the relevant period.
2	A statement that the entity has reasonable cause to believe that at least one person became or ceased to be a beneficiary under the trust during the relevant period.	The information specified in paragraph 8(1)(d) of Schedule 1 about each person who became or ceased to be a beneficiary under the trust during the relevant period, or so much of that information as the entity has been able to obtain.The date on which each of them became or ceased to be a beneficiary under the trust, if the entity has been able to obtain that information.

• (4) Statements required by this paragraph to be delivered to the registrar must relate to the time when they are delivered.

• (5) Information required by sub-paragraph (2)(a) to be delivered to the registrar must relate to the state of affairs at the end of the relevant period.

• (6) Information required by sub-paragraph (2)(c) to be delivered to the registrar as a result of a person having become or ceased to be a beneficiary under a trust must relate to the state of affairs when the person became or ceased be a beneficiary.

• (7) For the required information, see Schedule 1.

5

• (1) The overseas entity must deliver to the registrar—

• (a) a statement that the entity has no reasonable cause to believe that there is any person who—

• (i) at the end of the relevant period, was a registrable beneficial owner of the entity by virtue of being a trustee of a trust,

• (ii) at any time during the relevant period was a registrable beneficial owner by virtue of being a trustee of a different trust, and

• (iii) at the end of the relevant period was not a registrable beneficial owner of the entity by virtue of being a trustee of the trust mentioned in sub-paragraph (ii), or

• (b) a statement that the entity has reasonable cause to believe that there is at least one such person.

• (2) Where a statement is delivered under sub-paragraph (1)(b) the overseas entity must deliver to the registrar—

• (a) the required information about each trust by virtue of which a trustee was a registrable beneficial owner of the entity at any time during the relevant period, or so much of that information as the overseas entity has been able to obtain, and

• (b) in relation to each such trust, a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.

• (3) Statements required by this paragraph to be delivered to the registrar must relate to the time when they are delivered.

• (4) Information required by sub-paragraph (2)(a) to be delivered to the registrar must relate to the state of affairs—

• (a) at the beginning of the relevant period, if the registrable beneficial owner was a trustee of the trust at that time, and

• (b) otherwise, at the time at which the registrable beneficial owner became a trustee of the trust.

• (5) For the required information, see Schedule 1.

6

A requirement imposed by paragraphs 2 to 5 to provide information may be met (in whole or in part) by confirming information previously provided.

7

Section 8 (offence of failure to comply with updating duty) applies in relation to a failure to comply with a duty imposed by paragraphs 2 to 5 of this Schedule as it applies in relation to a failure to comply with section 7.

8

• (1) An overseas entity must comply with this paragraph before complying with the requirements imposed by paragraphs 2 to 5.

• (2) The entity must take reasonable steps—

• (a) to identify anyone who became or ceased to be a registrable beneficial owner during the relevant period, and

• (b) if it identities any such person, to obtain—

• (i) the information mentioned in row 2 of column 2 of the table in paragraph 3(1), and

• (ii) in the case of anyone mentioned in paragraph 3(2), the information mentioned there.

• (3) The entity must take reasonable steps—

• (a) to identify any person who, at the end relevant period, was a registrable beneficial owner by virtue of being a trustee, and

• (b) if it identities any such person, to obtain —

• (i) the information mentioned in paragraph 4(2)(a) about the relevant trust,

• (ii) information as to whether anyone became or ceased to be a beneficiary under the relevant trust during the relevant period (a “relevant beneficiary”), and

• (iii) the information mentioned in row 2 of column 2 of the table in paragraph 4(3) in relation to any relevant beneficiary.

• (4) The entity must take reasonable steps—

• (a) to identify any person who falls within paragraph 5(1)(a)(i) to (iii), and

• (b) if it identifies any such person, to obtain the information mentioned in paragraph 5(2)(a).

• (5) The steps that an overseas entity must take by virtue of this paragraph include giving an information notice under this paragraph to any person that it knows, or has reasonable cause to believe, falls within sub-paragraph (2)(a), (3)(a) or (4)(a).

• (6) An information notice under this paragraph is a notice requiring the recipient to provide the information mentioned in sub-paragraph (2)(b), (3)(b) or (4)(b).

• (7) Sections 15 to 15B (offences) apply in relation to information notices under this paragraph as they apply in relation to information notices under section 12.

9

• (1) The Secretary of State may by regulations provide that, for the purposes of any provision of this Schedule specified in the regulations, a person of a description so specified is not to be treated as a registrable beneficial owner of an overseas entity.

• (2) No regulations may be made under sub-paragraph (1) after the end of the period of two years beginning with the day on which the Economic Crime and Corporate Transparency Act 2023 is passed.

• (3) The Secretary of State must consult the Scottish Ministers before making regulations under sub-paragraph (1) that contain provision that would be within the legislative competence of the Scottish Parliament if contained in an Act of that Parliament.

• (4) Regulations under sub-paragraph (1) are subject to the negative resolution procedure.