Section 161 Registrable beneficial owners: cases involving trustsI1I2

Schedule 2 to the Economic Crime (Transparency and Enforcement) Act 2022 (registrable beneficial owners) is amended in accordance with subsections (2) to (5).

In paragraph 3 (legal entities), in paragraph (b), after “(see Part 3)” insert “or is a beneficial owner of the overseas entity by virtue of being a trustee”.

In paragraph 8 (beneficial owners exempt from registration), after paragraph (b) insert—

“(ba)

the person is not a beneficial owner of the overseas entity by virtue of being a trustee,”.

For the heading of Part 6 substitute “Powers to amend this Schedule”.

Before paragraph 25 insert—

“Expansion of meaning of “registrable beneficial owner” where trusts in view

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.

Power to amend thresholds etc”.

Regulation 14 of the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 (S.I. 2022/870) (description of legal entity subject to its own disclosure requirements) is revoked.