Moved by
Lord Callanan
11: Clause 7, page 4, line 13, at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
Member’s explanatory statement
This amendment requires an overseas entity when complying with the updating duty to include the information and statement mentioned in subsection (2A) (information about trusts).
12: Clause 7, page 4, line 15, at end insert “and, where applicable, the statement and information mentioned in subsection (2B)”
Member’s explanatory statement
This amendment requires an overseas entity when complying with the updating duty to include the information and statement mentioned in subsection (2B) (information about trusts).
13: Clause 7, page 4, line 42, at end insert—
“(2A) 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—
(a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and
(b) a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.
(2B) Where information provided under subsection (1)(b) includes information that a person who became or ceased to be a registrable beneficial owner was 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—
(a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and
(b) a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.”
Member’s explanatory statement
This amendment requires an overseas entity, when complying with its updating duty, to provide additional information and statements about trusts, where relevant.
14: Clause 7, page 5, line 2, 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)”
Member’s explanatory statement
This amendment is consequential on the amendments to clause 7(1)(a) and (b).
15: Clause 7, page 5, line 5, leave out “in relation to a person who has” and insert “as a result of a person having”
Member’s explanatory statement
This amendment is consequential on the amendment to clause 7(1)(b).