Economic Crime (Transparency and Enforcement) Act 2022 · PART 1 Registration of overseas entities

16 Verification of registrable beneficial owners and managing officers

s. 16 · in force: yes

Captured statutory text (L5)

16 Verification of registrable beneficial owners and managing officers

(1)The Secretary of State must by regulations make provision requiring the verification of information before an overseas entity—

(a)makes an application under section 4 for registration;

(b)complies with the updating duty under section 7;

(c)makes an application under section 9 for removal.

(d)complies with the duty under Schedule 6 (duty to deliver further information about transitional period).

(2)Regulations under this section may, among other things, make provision—

(a)about the information that must be verified;

(aa)about how the information is to be verified (including provision about the kinds or sources of evidence to be used);

(ab)about the standard to which verification is to be carried out;

(b)about the person by whom the information must be verified;

(ba)about the records that must be kept in connection with verification;

(c)requiring a statement, evidence or other information to be delivered to the registrar for the purposes of sections 4(1)(c), 7(1)(d) and 9(1)(e).

(d)requiring the registrar not to make available for public inspection certain information delivered to the registrar by virtue of the regulations;

(e)about the information that must be provided to the registrar to enable the registrar to monitor compliance with any requirements imposed by the regulations.

(2A)Regulations under this section may create offences in relation to failures to comply with requirements imposed by virtue of subsection (2)(ba) or (e).

(2B)The regulations must provide for any such offence to be punishable—

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

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

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

(3)The first regulations under this section must be made so as to come into force before any applications may be made under section 4(1).

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

Full captured verbatim text

(1) The Secretary of State must by regulations make provision requiring the verification of information before an overseas entity—

(a) makes an application under section 4 for registration;

(b) complies with the updating duty under section 7;

(c) makes an application under section 9 for removal.

(d) complies with the duty under Schedule 6 (duty to deliver further information about transitional period).

(2) Regulations under this section may, among other things, make provision—

(a) about the information that must be verified;

(aa) about how the information is to be verified (including provision about the kinds or sources of evidence to be used);

(ab) about the standard to which verification is to be carried out;

(b) about the person by whom the information must be verified;

(ba) about the records that must be kept in connection with verification;

(c) requiring a statement, evidence or other information to be delivered to the registrar for the purposes of sections 4(1)(c), 7(1)(d) and 9(1)(e).

(d) requiring the registrar not to make available for public inspection certain information delivered to the registrar by virtue of the regulations;

(e) about the information that must be provided to the registrar to enable the registrar to monitor compliance with any requirements imposed by the regulations.

(2A) Regulations under this section may create offences in relation to failures to comply with requirements imposed by virtue of subsection (2)(ba) or (e).

(2B) The regulations must provide for any such offence to be punishable—

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

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

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

(3) The first regulations under this section must be made so as to come into force before any applications may be made under section 4(1).

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

What this provision means

Model summary, checked against the text on the left.

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

The Secretary of State must make regulations requiring verification of information on beneficial owners and managing officers before registration, update, or removal.

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

Refers to

schedule ref schedule_ref · Sch. 6 para. 1

schedule ref schedule_ref · Sch. 6 para. 2

schedule ref schedule_ref · Sch. 6 para. 3

schedule ref schedule_ref · Sch. 6 para. 4

schedule ref schedule_ref · Sch. 6 para. 5

schedule ref schedule_ref · Sch. 6 para. 6

schedule ref schedule_ref · Sch. 6 para. 7

schedule ref schedule_ref · Sch. 6 para. 8

schedule ref schedule_ref · Sch. 6 para. 9

cross-reference internal_cite · s. 4

cross-reference internal_cite · s. 7

cross-reference internal_cite · s. 9

Referred to by

cross-reference internal_cite · Sch. 6 para. 2

cross-reference internal_cite · s. 1

cross-reference internal_cite · s. 22

cross-reference internal_cite · s. 4

cross-reference internal_cite · s. 7

cross-reference internal_cite · s. 9

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)

synthesis coverage: missing/unverified L2 part-1

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synthesis coverage: missing/unverified L2 schedule-5

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synthesis coverage: missing evaluation uk:ukpga/2022/10#schedule-6-paragraph-9

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 1 Registration of overseas entities
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 f67aa275447aa2528f9c1991…
Source: legislation.gov.uk/ukpga/2022/10