PART 1Introductory

Citation, commencement and extent1

1

These Regulations may be cited as the Register of Overseas Entities (Penalties and Northern Ireland Dispositions) Regulations 2023 and come into force on 23rd June 2023.

2

These Regulations extend to England and Wales, Scotland and Northern Ireland, except for Part 5 which extends to Northern Ireland only.

Interpretation2

In these Regulations—

  • “the ECTEA” means the Economic Crime (Transparency and Enforcement) Act 2022;

  • “conduct” means an act or omission;

  • “financial penalty” means a requirement to pay to the registrar a penalty, of an amount determined by the registrar in accordance with regulation 7, which may be—

    1. a

      a fixed amount (“a fixed penalty”);

    2. b

      an amount calculated by reference to a daily rate (“a daily rate penalty”); or

    3. c

      a combination of a fixed penalty and a daily rate penalty.