Interests of Members of the Scottish Parliament (Amendment) Act 2016

8 Reporting and registration of changes to controlled transactions

After section 8 there is inserted—

“8A Reporting and registration of changes to controlled transactions

(1) For the purposes of this section, there is a change to a registered interest that is a controlled transaction if—

(a) another person becomes party to the transaction (whether in place of or in addition to any existing party to it);

(b) there is a change to anything about which information was (or should have been) provided by the member in the written statement lodged by the member when registering the transaction;

(c) the transaction comes to an end.

(2) The reference in subsection (1)(b) to information provided is a reference to information—

(a) about or relating to the transaction; and

(b) provided in accordance with a determination under section 4(2).

(3) For the purposes of subsection (1)(c), a loan comes to an end if—

(a) the whole debt (or all the remaining debt) is repaid;

(b) the creditor releases the whole debt (or all the remaining debt).

(4) A member who has registered a controlled transaction shall notify the Clerk of any change to the transaction.

(5) A member shall comply with subsection (4) by lodging a written notice with the Clerk not later than the last day of the period of 30 days beginning with the day on which the change takes effect.

(6) A written notice shall—

(a) be in such form; and

(b) contain such information about the change or relating to it, as the Parliament may determine.

(7) Within 30 days after a member has lodged a written notice in accordance with this section, the Clerk shall—

(a) amend the entry relating to that member in the register so as to record the change and the date when it took effect; and

(b) send a copy of the amended entry to the member.”.