Economic Crime (Transparency and Enforcement) Act 2022 · PART 4 Beneficial owners exempt from registration

8 “Exempt from being registered”

Sch. 2 para. 8 · in force: yes

Captured statutory text (L5)

8 “Exempt from being registered”

For the purposes of paragraphs 2(1)(b) and 3(1)(c) a person who is a beneficial owner of an overseas entity is “exempt from being registered” if—

(a)the person does not hold any interest in the overseas entity other than through one or more legal entities (see paragraph 9),

(b)the person is a beneficial owner of every legal entity through which the person holds such an interest (see paragraph 9),

(ba)the person is not a beneficial owner of the overseas entity by virtue of being a trustee,

(c)as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(i), the legal entity through which the shares or right are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements, and

(d)as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(ii), at least one of the legal entities in the chain is a beneficial owner of the overseas entity and is subject to its own disclosure requirements.

Full captured verbatim text

For the purposes of paragraphs 2(1)(b) and 3(1)(c) a person who is a beneficial owner of an overseas entity is “exempt from being registered” if—

(a) the person does not hold any interest in the overseas entity other than through one or more legal entities (see paragraph 9),

(b) the person is a beneficial owner of every legal entity through which the person holds such an interest (see paragraph 9),

(ba) the person is not a beneficial owner of the overseas entity by virtue of being a trustee,

(c) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(i), the legal entity through which the shares or right are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements, and

(d) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(ii), at least one of the legal entities in the chain is a beneficial owner of the overseas entity and is subject to its own disclosure requirements.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

A beneficial owner is exempt from registration if holding interests only through qualifying disclosed intermediate entities.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

schedule ref schedule_ref · Sch. 2 para. 9

Referred to by

schedule ref schedule_ref · Sch. 1 para. 3

schedule ref schedule_ref · Sch. 1 para. 4

schedule ref schedule_ref · Sch. 1 para. 5

schedule ref schedule_ref · Sch. 2 para. 9

schedule ref schedule_ref · s. 4

schedule ref schedule_ref · s. 44

schedule ref schedule_ref · s. 63

Part summaries

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L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (173)

synthesis coverage: missing/unverified L2 part-1

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Instrument tier unavailable

Change history as published

S. 29 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. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

S. 29A 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. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

Pending effects amendments not yet applied to this text

No captured pending effects.

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2022/10
Part: PART 4 Beneficial owners exempt from registration
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 78cecd66cc7f4972cf9527b4…
Source: legislation.gov.uk/ukpga/2022/10