# The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 3) Regulations 2022, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations bring into force on 1st August 2022 most of the provisions of Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022 relating to the registration of overseas entities. Sections 7 to 11, and some other provisions of Part 1 as far as they relate to those sections, are not yet being brought into force. Sections 7 to 11 relate to the updating duty and applications for removal from the Register of Overseas Entities.
The provisions relating to land ownership and transactions in sections 33 and 34, and the schedules introduced by section 33, are being commenced on 5th September 2022. Section 33 introduces Schedules 3, 4 and 5, which amend land registration legislation for England and Wales, Scotland and Northern Ireland. Section 34 provides a power to require an overseas entity to register if it owns certain land.
Section 9(10) to (12) is also being brought into force on 5th September 2022 as the definition of being registered as the proprietor of a relevant interest in land is relevant to section 34 of the Act.
An impact assessment has not been published for these Regulations as they have no impact on costs for business, the public or voluntary sector independent of the provisions these Regulations bring into force. Full impact assessments have been published in relation to the Act and copies of the impact assessment relating to the Register of Overseas Entities can be obtained from https://www.legislation.gov.uk/ukpga/2022/10/pdfs/ukpgaia_20220010_en.pdf. A hard copy can be obtained by writing to the Department for Business, Energy and Industrial Strategy at 1 Victoria Street, London, SW1H 0ET, United Kingdom.

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Source: https://www.legislation.gov.uk/uksi/2022/876/note (the official version)
Page: https://openlegislation.uk/economic-crime-transparency-and-enforcement-act-2022-commencement-no-3-regulations-2022/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.