at end insert— The requirements under subsection (1) must also be met within 14 days of the date on which a registered overseas entity has reasonable cause to believe that at least one person has become or ceased to be a registrable beneficial owner.”
Bill texts 4
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Amendments 40
Committee stage — Lords 20
at end insert— The registrar may request further information to be provided in a timely manner where there appear to be material omissions or suspected false statements.
leave out “made on or after 8 December 2014”
leave out sub-paragraph (i) and insert— is entered, on or after 8 December 2014, as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland,”
leave out “in relation to a person who has” and insert “as a result of a person having”
leave out from “The” to “, must” in line 7 and insert “information required by subsection (1)(b), and any statements required by subsection (1)(b) or (c)”
at end insert— Where information provided under subsection (1)(b) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection (1)(b) to provide—
at end insert “and, where applicable, the statement and information mentioned in subsection (2B)”
at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
leave out “in relation to a person who has” and insert “as a result of a person having”
leave out from “The” to “, must” in line 3 and insert “information required by subsection (1)(a), and any statements required by subsection (1)(a) or (b)”
at end insert— Where information provided under subsection (1)(a) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection (1)(a) to provide—
at end insert “and, where applicable, the statement and information mentioned in subsection (2B)”
at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
at end insert— Where an application includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the application must also include—
at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
at end insert— A registered overseas entity must, as soon as reasonably practicable and in any event within 14 days of becoming aware of any change, deliver to the registrar details of any change to the information that has been previously provided to the registrar in accordance with section 4 or, if information has been previously delivered to the registrar under this section, any change to the latest information provided under this section, including the date such change occurred.”
at end insert— where a director of the entity acts as a nominee, a statement that the nominee has made reasonable endeavours to be satisfied on an ongoing basis as to the legitimacy of the financial affairs of the beneficial owners for whom the nominee is acting, and that the nominee will cease to act if information validating legitimacy is not forthcoming on a timely basis,”
at end insert— where a director of the entity acts as a nominee, a statement that the nominee has made reasonable endeavours to be satisfied on an ongoing basis as to the legitimacy of the financial affairs of the beneficial owners for whom the nominee is acting, and that the nominee will cease to act if information validating legitimacy is not forthcoming on a timely basis,”
at end insert— where a director of the entity acts as a nominee, a statement that the nominee has made reasonable endeavours to be satisfied on an ongoing basis as to the legitimacy of the financial affairs of the beneficial owners for whom the nominee is acting, and that the nominee will cease to act if information validating legitimacy is not forthcoming on a timely basis,”
Report stage — Lords 20
at end insert— any required information about a trust delivered to the registrar by virtue of section 4(2A), 7(2A) or (2B) or 9(2A) or (2B) (required information about trusts),”
at end insert “, and 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.”
leave out from “obtain” to end of line 29 and insert “, for the purposes of the application under section 4 or 9 or for the purposes of complying with the updating duty under section 7— the required information about each registrable beneficial owner, and
at end insert— For the purposes of subsection (8)(b)(i)—
leave out line 45
leave out sub-paragraph (iii) and insert— is the tenant under a lease that was registered in the Land Register of Scotland on or after that date, or”
leave out sub-paragraph (i) and insert— is entered, on or after 8 December 2014, as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland,”
leave out “in relation to a person who has” and insert “as a result of a person having”
leave out from “The” to “, must” in line 7 and insert “information required by subsection (1)(b), and any statements required by subsection (1)(b) or (c)”
at end insert— Where information provided under subsection (1)(b) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection (1)(b) to provide—
at end insert “and, where applicable, the statement and information mentioned in subsection (2B)”
at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
leave out “in relation to a person who has” and insert “as a result of a person having”
leave out from “The” to “, must” in line 3 and insert “information required by subsection (1)(a), and any statements required by subsection (1)(a) or (b)”
at end insert— Where information provided under subsection (1)(a) includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the overseas entity is also required by subsection (1)(a) to provide—
at end insert “and, where applicable, the statement and information mentioned in subsection (2B)”
at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
at end insert— Where an application includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the application must also include—
at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
leave out paragraph (b)