F1SCHEDULE 1ALand transactions: overseas entities
Interpretation
9
(1)
In this schedule—
“the commencement date” means the day on which Part 1 of Schedule 4 to the Economic Crime (Transparency and Enforcement) Act 2022 comes into force;
“exempt overseas entity” means an overseas entity of a description specified in regulations under section 34(6) of the Economic Crime (Transparency and Enforcement) Act 2022;
“overseas entity” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;
“qualifying registrable deed” means a registrable deed which is—
(a)
a disposition;
(b)
a lease;
(c)
an assignation of a lease;
“register of overseas entities” means the register kept under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022;
F2(2)
For the purpose of this schedule, an overseas entity that has failed to comply with any of the following duties is not to be treated as being a “registered overseas entity” until it remedies the failure.
(3)
The duties are—
(a)
the duty to deliver to the registrar of companies the documents required by section 7 of the Economic Crime (Transparency and Enforcement) Act 2022 (updating duty);
(b)
the duty to provide information to the registrar of companies in accordance with a notice under section 1092A of the Companies Act 2006 (power of registrar to require information).
(4)
For the purposes of sub-paragraph (2) the failure is remedied when the documents are delivered, or the information is provided, to the registrar of companies.