Regulation 17C Identity verification: exemption on national security grounds etcF1

Section 1110C of the Companies Act 2006 (identity verification: exemption on national security grounds etc) applies to an overseas company that opens a UK establishment, so that it reads as follows—

“Identity verification: exemption on national security grounds etc

1110C

(1)

The Secretary of State may, by written notice given to a person, provide for one or more of the effects listed in subsection (2) to apply in relation to the person, if satisfied that to do so is necessary—

(a)

in the interests of national security, or

(b)

for the purposes of preventing or detecting serious crime.

(2)

The effects for which the notice may provide are that—

(a)

where a return under regulation 4 of the 2009 Regulations lists an individual as director of an overseas company, regulation 6A of the 2009 Regulations does not require a statement under that regulation to be made in relation to the person;

(b)

regulation 13(4A) of the 2009 Regulations does not apply in relation to a return of alteration caused by a person becoming a director of an overseas company;

(c)

section 167M(1) as applied to overseas companies by regulation 17A of the 2009 Regulations does not apply in relation to the person and section 167M(2) does not impose any obligation on an overseas company in relation to the person.

(3)

For the purposes of subsection (1)(b)—

(a)

“crime” means conduct which—

(i)

constitutes a criminal offence, or

(ii)

is, or corresponds to, any conduct which, if it all took place in any one part of the United Kingdom, would constitute a criminal offence, and

(b)

crime is “serious” if—

(i)

the offence which is or would be constituted by the conduct is an offence for which the maximum sentence (in any part of the United Kingdom) is imprisonment for 3 years or more, or

(ii)

the conduct involves the use of violence, results in substantial financial gain or is conduct by a large number of persons in pursuit of a common purpose.

(4)

In this section the “2009 Regulations” means the Overseas Companies Regulations 2009 (S.I. 2009/1801).”.