Modifications etc. (not altering text)
C1Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))
C2Pt. 35 applied (with modifications) (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 3 para. 3; 2020 c. 1, Sch. 5 para. 1(1)
C3Pt. 35 modified (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 para. 5(b) (with reg. 5) (as amended (4.1.2024) by S.I. 2023/1399, regs. 1(2), 4, 21(7)(a))
C4Pt. 35 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 6(1)(3)
C5Pt. 35 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 27, Sch. 6 Pt. 2 para. 5(3)
C6Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Textual Amendments
(1)For the purposes of this Act an individual’s “identity is verified” if—
(a)the individual’s identity has been verified by the registrar in accordance with regulations under section 1110B, or
(b)a verification statement in respect of the individual has been delivered to the registrar,
and the individual has not, since then, ceased to be an individual whose identity is verified by virtue of regulations under subsection (6).
(2)A verification statement is a statement by an authorised corporate service provider confirming that it has verified an individual’s identity in accordance with regulations under section 1110B.
(3)A verification statement must also specify the authorised corporate service provider’s supervisory authority or authorities for the purposes of the Money Laundering Regulations.
(4)The Secretary of State may by regulations make further provision about the contents of verification statements (including provision amending this section).
(5)Where a person is required or authorised by any other provision to deliver a statement to the registrar that an individual’s identity is verified, that statement may be delivered at the same time as the verification statement by virtue of which the individual becomes someone whose identity is verified under subsection (1)(b).
(6)The Secretary of State may by regulations provide for circumstances in which someone ceases to be an individual whose identity is verified.
(7)The provision that can be made under subsection (6) includes—
(a)provision to confer a discretion on the registrar;
(b)provision that someone ceases to be an individual whose identity is verified unless, within a specified period of time—
(i)their identity is reverified by the registrar in accordance with regulations under section 1110B, or
(ii)an authorised corporate service provider delivers to the registrar a statement: (A) confirming that it has reverified the individual’s identity in accordance with regulations under section 1110B, (B) specifying the authorised corporate service provider’s supervisory authority or authorities for the purposes of the Money Laundering Regulations, and (C) containing anything else required by the regulations.
(8)Regulations under this section are subject to affirmative resolution procedure.
(9)In this section—
“Money Laundering Regulations” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692);
“supervisory authority” means an authority that is a supervisory authority under the Money Laundering Regulations (see regulation 7 of those Regulations).
(1)The Secretary of State may by regulations make provision for and in connection with verification or reverification of an individual’s identity for the purposes of this Act by the registrar or by an authorised corporate service provider.
(2)The regulations may, in particular, make provision about—
(a)the procedure for verifying or reverifying an individual’s identity, including the evidence required;
(b)the records that a person who is or has been an authorised corporate service provider is required to keep in connection with the verification or reverification of an individual’s identity.
(3)The regulations may create offences in relation to failures to comply with requirements imposed by virtue of subsection (2)(b).
(4)The regulations must provide for any such offence to be punishable—
(a)on conviction on indictment, by imprisonment for a term not exceeding two years or a fine (or both);
(b)on summary conviction—
(i)in England and Wales, by imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both);
(ii)in Scotland, by imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum;
(iii)in Northern Ireland, by imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum.
(5)The provision that can be made in regulations under this section includes provision conferring a discretion on the registrar, including provision conferring power to impose requirements by registrar’s rules.
(6)Regulations under this section are subject to affirmative resolution procedure.]
(1)The Secretary of State may, by written notice given to a person, provide for one or more of the effects listed in subsection (2) to apply in relation to the person, if satisfied that to do so is necessary—
(a)in the interests of national security, or
(b)for the purposes of preventing or detecting serious crime.
(2)The effects for which the notice may provide are that—
(a)where a statement of proposed officers names the person as a director, section 12(2A) does not require a statement under that subsection to be made in relation to the person;
(b)section 167G(3)(c) does not apply in relation to a notice of the person having become a director;
(c)section 167M(1) does not apply in relation to the person and section 167M(2) does not impose any obligation on a company in relation to the person;
(d)section 167N(1) does not apply in relation to the person;
(e)section 1067A does not apply in relation to the delivery of documents to the registrar by the person on their own behalf or on behalf of another;
(f)section 1098B(2)(c) does not apply in relation to the person.
(3)For the purposes of subsection (1)(b)—
(a)“crime” means conduct which—
(i)constitutes a criminal offence, or
(ii)is, or corresponds to, any conduct which, if it all took place in any one part of the United Kingdom, would constitute a criminal offence, and
(b)crime is “serious” if—
(i)the offence which is or would be constituted by the conduct is an offence for which the maximum sentence (in any part of the United Kingdom) is imprisonment for 3 years or more, or
(ii)the conduct involves the use of violence, results in substantial financial gain or is conduct by a large number of persons in pursuit of a common purpose.]
Textual Amendments
F2S. 1110C inserted (26.10.2023 for specified purposes, 15.1.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 67(3), 219(1)(2)(b); S.I. 2023/1206, reg. 3(c)