Economic Crime (Transparency and Enforcement) Act 2022
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Change 1
34 Power to require overseas entity to register if it owns certain land
(1) The Secretary of State may by notice require an overseas entity to apply for registration in the register of overseas entities within the period of 6 months beginning with the date of the notice if at the time the notice is given— (a) the entity is registered as the proprietor of a relevant interest in land within the meaning given by section 9(10), and (b) the entity is not registered as an overseas entity, has not made an application for registration that is pending and is not an exempt overseas entity. (2) A notice under subsection (1) lapses if, before the end of the period mentioned there, the overseas entity— (a) ceases to be registered as the proprietor of a relevant interest in land within the meaning given by section 9(10), or (b) becomes an exempt overseas entity. (3) If an overseas entity fails to comply with a notice under subsection (1), an offence is committed by— (a) the entity, and (b) every officer of the entity who is in default. (4) A person guilty of an offence under subsection (3) is liable— (a) on summary conviction in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both); (b) on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both); (c) on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both); (d) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both). (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) In this section “exempt overseas entity” means an overseas entity of such description as may be specified in regulations made by the Secretary of State for the purposes of this section. (7) Regulations under subsection (6) are subject to the affirmative resolution procedure.
34 Power to require overseas entity to register if it owns certain land
(1) The Secretary of State may by notice require an overseas entity to apply for registration in the register of overseas entities within the period of 6 months beginning with the date of the notice if at the time the notice is given— (a) the entity is registered as the proprietor of a relevant interest in land within the meaning given by section 9(10), and (b) the entity is not registered as an overseas entity, has not made an application for registration that is pending and is not an exempt overseas entity. (2) A notice under subsection (1) lapses if, before the end of the period mentioned there, the overseas entity— (a) ceases to be registered as the proprietor of a relevant interest in land within the meaning given by section 9(10), or (b) becomes an exempt overseas entity. (3) If an overseas entity fails to comply with a notice under subsection (1), an offence is committed by— (a) the entity, and (b) every officer of the entity who is in default. (4) A person guilty of an offence under subsection (3) is liable— (a) on summary conviction in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both); (b) on summary conviction in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both); (c) on summary conviction in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both); (d) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both). (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) In this section “exempt overseas entity” means an overseas entity of such description as may be specified in regulations made by the Secretary of State for the purposes of this section. (7) Regulations under subsection (6) are subject to the affirmative resolution procedure.
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