SCHEDULES

SCHEDULE 2Registrable beneficial owners

PART 5Supplementary provision about interpretation of Schedule

I2I3I123Limited partnerships

1

A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of being a limited partner.

2

A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of, directly or indirectly—

a

holding shares, or

b

holding a right,

in or in relation to a limited partner.

3

Sub-paragraphs (1) and (2) do not apply for the purposes of determining whether the requirement set out in Condition 5(a) of paragraph 6 is met.

4

In this paragraph “limited partner” means—

a

a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (other than one who takes part in the management of the partnership business), or

b

a foreign limited partner.

5

In this paragraph “foreign limited partner” means an individual who—

a

participates in arrangements established under the law of a country or territory outside the United Kingdom, and

b

has the characteristics prescribed by regulations made by the Secretary of State.

6

Regulations under this paragraph may, among other things, prescribe characteristics by reference to—

a

the nature of arrangements;

b

the nature of an individual’s participation in the arrangements.

7

Regulations under this paragraph are subject to the affirmative resolution procedure.