Legislation – Economic Crime and Corporate Transparency Act 2023
PART 1
Companies etc
2 Statement as to lawful purposes
3 Information about subscribers
4 Proposed officers: identity verification
5 Proposed officers: disqualification
6 Persons with initial significant control: disqualification
7 Persons with initial significant control: identity verification
9 Names suggesting connection with foreign governments etc
10 Names containing computer code
11 Prohibition on re-registering name following direction
12 Prohibition on using name that another company has been directed to change
13 Directions to change name: period for compliance
14 Requirements to change name: removal of old name from public inspection
15 Objections to company’s registered name
16 Misleading indication of activities
17 Direction to change name used for criminal purposes
18 Direction to change name wrongly registered
19 Registrar’s power to change names containing computer code
20 Registrar’s power to change company’s name for breach of direction
21 Sections 19 and 20: consequential amendments
22 Company names: exceptions based on national security etc
23 Use of name suggesting connection with foreign governments etc
24 Use of name giving misleading indication of activities
25 Use of name that a company has been required to change
26 Use of name that another company has been required to change
27 Use of names: exceptions based on national security etc
28 Registered office: appropriate address
29 Registered email addresses etc
30 Registered email addresses: transitional provision
31 Disqualification for persistent breaches of companies legislation: GB
32 Disqualification for persistent breaches of companies legislation: NI
33 Disqualification on summary conviction: GB
34 Disqualification on summary conviction: NI
35 Power to impose director disqualification sanctions
36 Disqualification of persons designated under sanctions legislation: GB
37 Section 36: application to other bodies
38 Disqualification of persons designated under sanctions legislation: NI
39 Section 38: application to other bodies
41 Section 40: amendments to clarify existing corresponding provisions
42 Repeal of power to require additional statements
43 Prohibition on director acting unless ID verified
44 Prohibition on acting unless directorship notified
45 Registrar’s power to change a director’s service address
46 Register of members: information to be included and powers to obtain it
47 Additional ground for rectifying the register of members
48 Register of members: protecting information
49 Register of members: removal of option to use central register
50 Membership information: one-off statement
51 Abolition of local registers etc
52 Protection of date of birth information
53 Filing obligations of micro-entities
54 Filing obligations of small companies other than micro-entities
55 Sections 53 and 54: consequential amendments
56 Use or disclosure of profit and loss accounts for certain companies
57 Statements about exemption from audit requirements
58 Removal of option to abridge Companies Act accounts
60 Duty to confirm lawful purposes
61 Duty to notify a change in company’s principal business activities
62 Duty to deliver information about exemption from Part 21A
63 Confirmation statements: offences
64 Identity verification of persons with significant control
65 Procedure etc for verifying identity
66 Authorisation of corporate service providers
67 Exemption from identity verification: national security grounds
68 Allocation of unique identifiers
69 Identity verification: material unavailable for public inspection
70 Registrar’s power to strike off company registered on false basis
71 Requirements for administrative restoration
72 Delivery of documents: identity verification etc
73 Disqualification from delivering documents
74 Proper delivery: requirements about who may deliver documents
75 Delivery of documents by electronic means
76 Delivery of order confirming reduction of share capital
77 Delivery of statutory declaration of solvency
78 Registrar’s rules requiring documents to be delivered together
79 Power to reject documents for inconsistencies
80 Informal correction of document
81 Preservation of original documents
82 Records relating to dissolved companies etc
83 Power to require additional information
84 Registrar’s notice to resolve inconsistencies
85 Administrative removal of material from the register
86 Rectification of the register under court order
87 Power to require businesses to report discrepancies
88 Inspection of the register: general
89 Copies of material on the register
90 Material not available for public inspection
91 Protecting information on the register
92 Analysis of information for the purposes of crime prevention or detection
93 Fees: costs that may be taken into account
95 Use or disclosure of directors’ address information by companies
96 Use or disclosure of PSC information by companies
97 Use of directors’ address information by registrar
98 Change of addresses of officers of overseas companies by registrar
99 Overseas companies: availability of material for public inspection etc
100 Registered addresses of an overseas company
101 Overseas companies: identity verification of directors
102 General false statement offences
103 False statement offences: national security etc defence
105 Registered office: rectification of register
106 Rectification of register: service addresses
107 Rectification of register: principal office addresses
108 Service of documents on people with significant control
PART 2
Partnerships
CHAPTER 1 Limited partnerships etc.
Meaning of “limited partnership”
109 Meaning of “limited partnership”
Required information about limited partnerships
110 Required information about partners
111 Required information about partners: transitional provision
112 Details about general nature of partnership business
113 A limited partnership’s registered office
114 A limited partnership’s registered office: transitional provision
115 A limited partnership’s registered office: consequential amendments
116 A limited partnership’s registered email address
117 A limited partnership’s registered email address: transitional provision
118 Restrictions on general partners
119 Officers of general partners
120 Officers of general partners: transitional provision
Removal of option to authenticate application by signature
121 Removal of option to authenticate application by signature
122 Notification of information about partners
123 New partners: transitional provision about required information
124 New general partners: transitional provision about officers
125 Notification of other changes
127 Confirmation statements: Scottish partnerships
128 Power for HMRC to obtain accounts
Dissolution, winding up and sequestration
129 Dissolution and winding up: modifications of general law
130 Dissolution by the court when a partner has a mental disorder
131 Winding up limited partnerships on grounds of public interest
132 Winding up dissolved limited partnerships
133 Power to make provision about winding up
134 Winding up of limited partnerships: concurrent proceedings
135 Sequestration of limited partnerships: concurrent winding up proceedings
The register of limited partnerships
136 The register of limited partnerships
137 Material not available for public inspection
138 Records relating to dissolved or deregistered limited partnerships
139 Disclosure of information about partners
The registrar’s role relating to dissolution, revival and deregistration
140 Duty to notify registrar of dissolution
141 Registrar’s power to confirm dissolution of limited partnership
142 Registrar’s power to confirm dissolution: transitional provision
143 Voluntary deregistration of limited partnership
144 Removal of limited partnership from index of names
145 Delivery of documents relating to limited partnerships
146 General false statement offences
National security exemption from identity verification
147 National security exemption from identity verification
Service on a limited partnership
148 Service on a limited partnership
149 Application of company law
150 Application of Partnership Act 1890 (meaning of firm)
151 Limited partnerships: regulations
152 Limited partnerships: further amendments
CHAPTER 2 Miscellaneous provision about partnerships
153 Registration of qualifying Scottish partnerships
154 Power to amend disqualification legislation in relation to relevant entities: GB
155 Power to amend disqualification legislation in relation to relevant entities: NI
PART 3
Register of overseas entities
156 Register of overseas entities
157 Required information about overseas entities: address information
158 Registration of information about land
159 Registration of information about trusts
160 Registration of information about managing officers: age limits
161 Registrable beneficial owners: cases involving trusts
162 Registrable beneficial owners: nominees
163 Information about changes in beneficiaries under trusts
165 Verification of registrable beneficial owners and managing officers
166 Material unavailable for public inspection: verification information
167 Material unavailable for public inspection
169 Resolving inconsistencies in the register
170 Administrative removal of material from register
171 False statement offences in connection with information notices
172 General false statement offences
173 Enforcement of requirement to register: updated language about penalties etc
174 Overseas entities: further information for transitional cases
175 Financial penalties: interaction with offences
176 Meaning of “service address”
177 Meaning of “registered overseas entity” in land registration legislation
178 Power to apply Part 1 amendments to register of overseas entities
PART 4
Cryptoassets
179 Cryptoassets: confiscation orders
180 Cryptoassets: civil recovery
PART 5
Miscellaneous
182 Money laundering: exiting and paying away exemptions
183 Money laundering: exemptions for mixed-property transactions
184 Money laundering: offences of failing to disclose
185 Money laundering: information orders
186 Terrorist financing: information orders
187 Enhanced due diligence: designation of high-risk countries
188 Direct disclosures of information: restrictions on civil liability
189 Indirect disclosure of information: restrictions on civil liability
190 Meaning of “privileged disclosure”
191 Meaning of “relevant actions”
192 Meaning of “business relationship”
193 Other defined terms in sections 188 to 191
194 Strategic litigation against public participation: requirement to make rules of court
196 Attributing criminal liability for economic crimes to certain bodies
197 Power to amend list of economic crimes
198 Offences under section 196 committed by partnerships
200 Fraud offences: supplementary
201 Section 199: large organisations
202 Large organisations: parent undertakings
203 Offences under section 199 committed by partnerships
204 Guidance about preventing fraud offences
205 Failure to prevent fraud: minor definitions
206 Failure to prevent fraud: miscellaneous
207 Law Society: powers to fine in cases relating to economic crime
208 Scottish Solicitors’ Discipline Tribunal: powers to fine in cases relating to economic crime
209 Regulators of legal services: objective relating to economic crime
210 Approved regulators: information powers relating to economic crime
211 Serious Fraud Office: pre-investigation powers
212 Reports on payments to governments regulations: false statement offences etc
213 Reports on the implementation and operation of Parts 1 to 3
214 Sanctions enforcement: monetary penalties
215 Report on costs orders for proceedings for civil recovery
PART 6
General
216 Power to make consequential provision
SCHEDULES
SCHEDULE 1 Register of members: consequential amendments
SCHEDULE 2 Abolition of certain local registers
SCHEDULE 3 Disclosure of information: consequential amendments
SCHEDULE 4 Required information
SCHEDULE 5 Limited partnerships: consequential amendments
SCHEDULE 6 Duty to deliver information about changes in beneficiaries
SCHEDULE 7 Overseas entities: further information for transitional cases
SCHEDULE 8 Cryptoassets: confiscation orders
SCHEDULE 9 Cryptoassets: civil recovery
SCHEDULE 10 Cryptoassets: terrorism
SCHEDULE 11 Economic crime offences
Changes to legislation:
There are currently no known outstanding effects for the Economic Crime and Corporate Transparency Act 2023, Section 99.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
PART 1Companies etc
Overseas companies
99Overseas companies: availability of material for public inspection etc
“(6B)
Regulations under this section may include provision for information delivered to the registrar under the regulations to be withheld from public inspection.
(6C)
The provision that may be made by regulations under this section includes provision conferring a discretion on the registrar.”