Citation, commencement and extent_I1

1.—(1) These Regulations may be cited as the Register of Overseas Entities (Definition of Foreign Limited Partner, Protection and Rectification) Regulations 2023 and come into force 21 days after the day on which they are made.

(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Interpretation_I2

2. In these Regulations—

“the Act” means the Economic Crime (Transparency and Enforcement) Act 2022;

“law enforcement authority” means any authority responsible for preventing, detecting, investigating, combating or punishing criminal offences.

Characteristics of a foreign limited partner_I3

3.—(1) The characteristics prescribed for the purposes of paragraph 23(5)(b) of Schedule 2 to the Act are that the individual—

(a)participates in a foreign limited partnership as a limited liability participant, or

(b)directly or indirectly, holds shares or a right in or in relation to a legal entity which participates in a foreign limited partnership as a limited liability participant.

(2) In this regulation a “foreign limited partnership” is an arrangement which—

(a)is established under the law of a country or territory outside the United Kingdom,

(b)consists of at least one person who has unlimited liability for the debts and obligations of the arrangement, and

(c)consists of at least one person who has no, or limited, liability for the debts and obligations of the arrangement for so long as that person does not take part in the management of the arrangement’s business.

(3) In this regulation a “limited liability participant” is a person who—

(a)has no, or limited, liability for the debts and obligations of the foreign limited partnership for so long as that person does not take part in the management of the foreign limited partnership’s business, and

(b)does not take part in the management of the foreign limited partnership’s business.

Rectification of the register on application_I4

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Notice to be given to interested parties_I5

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Objections to applications for rectification_I6

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Amendments to protection regime_I7

7.—(1)The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022(2) are amended as follows.

(2) In regulation 2, in the definition of “protected information” after subparagraph (e) insert—

“(f)for an application made under regulation 7(1) on the ground in regulation 7(3)(b), the relevant individual’s usual residential address only;”.

(3) For regulation 7(3) substitute—

“(3)The grounds on which an application may be made are—

(a)that the applicant reasonably believes that if protected information is available for public inspection or disclosed by the registrar, the relevant individual or a person living with the relevant individual would be at serious risk of being subjected to violence or intimidation; or

(b)that the relevant individual’s usual residential address is on the register.”.