Moved by
Lord Callanan
7: Schedule 1, page 42, line 36, at end insert—
“(h) whether the entity meets that condition by virtue of being a trustee.”
Member’s explanatory statement
This amendment would mean that the required information about a registrable beneficial owner who is a legal entity includes information about whether the entity is a trustee.
8: Schedule 1, page 42, line 36, at end insert—
“(i) whether the entity is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.”
Member’s explanatory statement
This amendment would mean that the required information about a registrable beneficial owner which is a legal entity includes information about whether the entity is designated by virtue of the Sanctions and Anti-Money Laundering Act 2018.
9: Schedule 1, page 43, line 37, at end insert—
“PART 4A
TRUSTS
7A_(1) The required information about a trust is—
(a) the name of the trust or, if it does not have a name, a description by which it may be identified;
(b) the date on which the trust was created;
(c) in relation to each person who has at any time been a registrable beneficial owner in relation to the overseas entity by virtue of being a trustee of the trust—
(i) the person’s name,
(ii) the date on which the person became a registrable beneficial owner in that capacity, and
(iii) if relevant, the date on which the person ceased to be a registrable beneficial owner in that capacity;
(d) in relation to each beneficiary under the trust, the information that would be required under paragraph 3(1)(a) to (c) or 5(1)(a) to (e) if the beneficiary were a registrable beneficial owner in relation to the overseas entity;
(e) in relation to each settlor or grantor, the information that would be required under paragraph 3(1)(a) to (c) or 5(1)(a) to (e) if the settlor or grantor were a registrable beneficial owner in relation to the overseas entity;
(f) in relation to any interested person (see sub-paragraph (3))—
(i) the information that would be required under paragraph 3(1)(a) to (c) or 5(1)(a) to (e) if the interested person were a registrable beneficial owner in relation to the overseas entity, and
(ii) the date on which the person became an interested person.
(2) In sub-paragraph (1)(c) “name”, in relation to an individual, has the meaning given by paragraph 3(2).
(3) In sub-paragraph (1)(f) “interested person”, in relation to a trust, means any person who, under the terms of the trust, has rights in respect of—
(a) the appointment or removal of trustees, or
(b) the exercise by the trustees of their functions.”
Member’s explanatory statement
This amendment sets out the required information about a trust for the purposes of the amendments to clauses 4, 7 and 9.
10: Schedule 1, page 43, line 41, leave out “7” and insert “7A”
Member’s explanatory statement
This amendment expands the power to make further provision about the information required by the Schedule so that the power extends to the new paragraph 7A.