The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 have been published in draft and are expected to come into force on the same day as the register of overseas entities.
The draft regs provide for electronic delivery of documents, the protection of information and the definition of registrable beneficial owners.
Part 4 of the draft regs extends the scope of registration to cover:
a legal entity governed by the law of a country or territory outside the UK;
which provides trust services; and
where the provision of trust services is regulated in that country or territory by a supervisory authority.
This would require certain corporate trustees to register and also increase the number of trusts that need to register.
Law firm Taylor Wessing observed that the extended definition ‘has significantly increased the amount of disclosure required where non-UK trusts indirectly hold UK land. However, at present, the information disclosed about the trusts will not be publicly available, unlike the rest of the register.’
The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 have been published in draft and are expected to come into force on the same day as the register of overseas entities.
The draft regs provide for electronic delivery of documents, the protection of information and the definition of registrable beneficial owners.
Part 4 of the draft regs extends the scope of registration to cover:
a legal entity governed by the law of a country or territory outside the UK;
which provides trust services; and
where the provision of trust services is regulated in that country or territory by a supervisory authority.
This would require certain corporate trustees to register and also increase the number of trusts that need to register.
Law firm Taylor Wessing observed that the extended definition ‘has significantly increased the amount of disclosure required where non-UK trusts indirectly hold UK land. However, at present, the information disclosed about the trusts will not be publicly available, unlike the rest of the register.’
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