The Treasury has issued new regulations to implement various aspects of the register of overseas entities which requires overseas entities which own UK property to provide beneficial ownership information to the registrar of companies.
The Register of Overseas Entities (Definition of Foreign Limited Partner, Protection and Rectification) Regulations, SI 2023/534 make the following changes in relation to the operation of the register:
clarify the definition of ‘foreign limited partners’ to make sure entities can identify and report on them as required under the Economic Crime (Transparency and Enforcement) Act 2022;
allow for the removal of information from the register which is incorrect, forged or which was submitted without consent; and
refine the protection elements of the Act which allow for certain personal information to be suppressed where there is a serious risk to individuals connected with the entity. The change removes the requirement for the risk to arise directly from the individual’s link to the entity.
The Treasury has issued new regulations to implement various aspects of the register of overseas entities which requires overseas entities which own UK property to provide beneficial ownership information to the registrar of companies.
The Register of Overseas Entities (Definition of Foreign Limited Partner, Protection and Rectification) Regulations, SI 2023/534 make the following changes in relation to the operation of the register:
clarify the definition of ‘foreign limited partners’ to make sure entities can identify and report on them as required under the Economic Crime (Transparency and Enforcement) Act 2022;
allow for the removal of information from the register which is incorrect, forged or which was submitted without consent; and
refine the protection elements of the Act which allow for certain personal information to be suppressed where there is a serious risk to individuals connected with the entity. The change removes the requirement for the risk to arise directly from the individual’s link to the entity.
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