Economic Crime (Transparency and Enforcement) Act 2022 · SCHEDULE 6

8 Obtaining information

Sch. 6 para. 8 · in force: yes

Captured statutory text (L5)

8 Obtaining information

(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.

Full captured verbatim text

(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.

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

Overseas entities must take reasonable steps, including issuing statutory information notices, to obtain required ownership and trust information before reporting.

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

Refers to

cross-reference internal_cite · s. 12

cross-reference internal_cite · s. 15

cross-reference internal_cite · s. 15A

cross-reference internal_cite · s. 15B

Referred to by

schedule ref schedule_ref · s. 10

schedule ref schedule_ref · s. 16

schedule ref schedule_ref · s. 22

schedule ref schedule_ref · s. 43A

Part summaries

0 of 0 parts have a verified summary.

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

Verification findings (173)

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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: SCHEDULE 6
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 6bd0f351956b0b90b92bbdfd…
Source: legislation.gov.uk/ukpga/2022/10