Register of overseas entities

ECCTA makes various changes to the register of overseas entities (ROE) regime.

Provisions already in force include:

• An updated definition of 'registered overseas entity' in Schedule 4A of the Land Registration Act 2002. An overseas entity will no longer be treated as a 'registered overseas entity' for the purposes of the LRA 2002 unless it has both complied with its updating duty under the ROE regime and now also complied with any notice served by the registrar of companies under a new power contained in s.1092A of the Companies Act 2006 (which gives the registrar the power to require additional information to determine whether applicable filing obligations have been complied with). We take a look at this change and why it matters in more detail here.

• Expanded registration requirements for beneficial owners to capture certain situations involving trusts and nominees. This is to close perceived loopholes in the existing legislation.

Provisions yet to come into force will include a new requirement for an overseas entity to provide the title numbers of any freehold or leasehold estates it owns. Amendments will also capture certain further 'required information' in relation to trusts and information about changes in beneficiaries under certain trusts where the trustee is itself a registrable beneficial owner. Further information may also be required from certain overseas entities in relation to the transitional period.