
Part 1
1 

(1) These Regulations may be cited as the Register of Overseas Entities (Verification and Exceptions) (Amendment) Regulations 2023 and come into force on 15th January 2024.
(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.
2 
In these Regulations—
 “the 2022 Regulations” means the Register of Overseas Entities (Verification and Provision of Information) Regulations 2022;
 “the ECTEA” means the Economic Crime (Transparency and Enforcement Act) 2022;
 “pension scheme” means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of at least 250 persons—
(a) on retirement,
(b) on death,
(c) on having reached a particular age,
(d) on the onset of serious ill-health or incapacity, or
(e) in similar circumstances.
Part 2
3 
For the purposes of any provision of Schedule 6 to the ECTEA (duty to deliver further information for transitional cases), a pension scheme which is a person is not to be treated as a registrable beneficial owner of an overseas entity.
Part 3
4 
A pension scheme which is a registrable beneficial owner of an overseas entity is not required to deliver information to the registrar by virtue of section 7(3)(c) or (4)(c) or 9(3)(c) or (4)(c) of the ECTEA.
Part 4
5 
Regulation 4 of the 2022 Regulations (meaning of “relevant activity”) is amended as follows—
(a) In paragraph (2)(e), omit the word “and”;
(b) In paragraph (2)(f), for “.”, substitute “; and”;
(c) After paragraph (2)(f), insert—“
(g) complying with any duty in Schedule 6 of that Act.”.
6 
Regulation 5 of the 2022 Regulations (meaning of “relevant information”) is amended as follows—
(a) In paragraph (1), for “(6) or (7)” substitute “(6), (7) or (8)”;
(b) After paragraph (7), insert—“
(8) Where an overseas entity seeks to undertake a relevant activity within regulation 4(2)(g), the information is any statement or information mentioned in paragraph 2(1) of Schedule 6 to the ECTEA.”.
Kevin Hollinrake
Minister for Enterprise, Markets and Small Business
Department for Business and Trade
18th December 2023