# Economic Crime (Transparency and Enforcement) Act 2022, Paragraph 8: “Exempt from being registered”

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/ukpga/2022/10/schedule/2/paragraph/8 (the official version)
Page: https://openlegislation.uk/economic-crime-transparency-and-enforcement-act-2022/schedule-2/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.