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Section 12 Identifying registrable beneficial ownersDuty to take steps to obtain informationF1I1I2I3

United Kingdom

(1)

An overseas entity must comply with this section before—

(a)

making an application under section 4 for registration;

(b)

complying with the updating duty under section 7;

(c)

making an application under section 9 for removal.

(2)

The overseas entity must take reasonable steps—

(a)

to identify any registrable beneficial owners in relation to the entity, and

(b)

if it identifies any, to obtain, for the purposes of the application under section 4 or 9 or for the purposes of complying with the updating duty under section 7—

(i)

the required information about each registrable beneficial owner, and

(ii)

in respect of any registrable beneficial owner who is a trustee, the required information about the trust.

(3)

The steps that an overseas entity must take include giving an information notice under this section to any person that it knows, or has reasonable cause to believe, is a registrable beneficial owner in relation to the entity.

(4)

An information notice under this section is a notice requiring the person to whom it is given—

(a)

to state whether or not the person is a registrable beneficial owner in relation to the overseas entity,

(b)

if the person is a registrable beneficial owner, to confirm or correct any of the required information about the person that is specified in the notice and to supply any of the required information that the notice states the overseas entity does not already have, and

(c)

if the person is a registrable beneficial owner by virtue of being a trustee, to confirm or correct any of the required information about the trust that is specified in the notice and to supply any of the required information about the trust that the notice states the overseas entity does not already have.

(5)

An information notice under this section must require the person to whom it is given to comply with the notice within the period of one month beginning with the day on which it is given.

(1)

Before making an application for registration under section 4(1) an overseas entity must take reasonable steps to obtain all of the information that it is required to deliver to the registrar under that section if it is able to obtain it.

(2)

Before complying with the updating duty under section 7 an overseas entity must take reasonable steps to obtain all of the information that it is required to deliver to the registrar under that section if it is able to obtain it.

(3)

Before making an application for removal under section 9 an overseas entity must take reasonable steps to obtain all of the information that it is required to include in the application if it is able to obtain it.

(4)

The steps that an overseas entity must take by virtue of subsection (1), (2) or (3) include giving a notice to any person that it knows, or has reasonable cause to believe, is a registrable beneficial owner in relation to the entity, requiring the person—

(a)

to state whether or not they are such a person, and

(b)

if they are, to provide or confirm information of the kind mentioned in subsection (1), (2) or (3) so far as relating to the person, or a trust of which they are or were a trustee.

(5)

The steps that an overseas entity must take by virtue of subsection (2) or (3) also include giving a notice to any person that it knows, or has reasonable cause to believe, has ceased to be a registrable beneficial owner in relation to the entity during the update period (within the meaning of section 7) or relevant period (within the meaning of section 9), requiring the person—

(a)

to state whether or not they are such a person, and

(b)

if they are, to provide or confirm information of the kind mentioned in subsection (2) or (3) so far as relating to the person, or a trust of which they are or were a trustee.

(6)

A notice under subsection (4) or (5) must require the person to whom it is given to comply with the notice within the period of one month beginning with the day on which it is given.

(7)

A person given a notice under subsection (4) or (5) is not required by that notice to disclose any information in respect of which a claim to legal professional privilege or, in Scotland, confidentiality of communications, could be maintained in legal proceedings.

Annotations

Textual amendments

F1

S. 12 substituted (26.10.2023 for specified purposes) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 6 para. 4

Commencement

I1

S. 12 not in force at Royal Assent, see s. 69

I2

S. 12 in force at 1.8.2022 for specified purposes by S.I. 2022/876, reg. 3(c)

I3

S. 12 in force at 12.10.2022 in so far as not already in force by S.I. 2022/1039, reg. 2(a)