Starting January 1, 2024, certain U.S. and foreign entities (Reporting Companies) must report detailed information about the individuals that beneficially own or substantially control them (Beneficial Owners) to the U.S....more
Important New Filings Will Be Required Beginning in 2024 - The United States does not currently have a centralized repository of data about who owns and operates legal entities within its borders. That soon will change....more
On January 1, 2023, amendments to the Ontario Business Corporations Act (“OBCA”) came into effect. Most notably, the OBCA now requires that private corporations in Ontario create and maintain a register of all “individuals...more
Under new rules in force as of January 1, 2023, private corporations incorporated or continued under Ontario’s Business Corporations Act (“OBCA”) will be required to maintain a register (“Transparency Register”) of...more
The invasion of Ukraine by Russia has pushed forward a wider government agenda to encourage transparency in relation to how overseas entities own UK real estate. We first reported many years ago on the details of the...more
In the early hours of 15 March 2022, the Economic Crime (Transparency and Enforcement) Act (the “Act”) came into force. The rapid passage of the Act through the UK Parliament, after years of delays, came in response to...more
On 1 March the Home Office introduced the Economic Crime (Transparency and Enforcement) Bill (the "Bill"). The most significant change, introduced in Part 1 of the Bill, is the creation of a new, public "Register of Overseas...more
The Situation: The purchase of property in the United Kingdom has, for various reasons, become an attractive mechanism by which to launder criminal proceeds through overseas entities. The Solution: A draft bill is...more
The government has unveiled an ambitious series of reforms to Companies House in what it describes as “the largest change to our system of setting up and operating companies since the register was created in 1844.” These...more
The U.K.'s Government Department for Business, Energy & Industrial Strategy has launched a consultation on a draft Bill that would introduce a register of beneficial owners for overseas legal entities that own U.K. property....more
The UK government has recently provided further details regarding how it intends to implement a register of non-UK legal entities that own UK property....more
The UK’s beneficial ownership disclosure rules for persons with significant control (PSCs) over certain UK entities, introduced in April 2016, have been extended as part of the UK’s implementation of the EU’s Fourth Anti...more
Important reforms designed to increase the transparency of the ownership and control of UK companies and English law LLPs were introduced in the UK on 6 April 2016. Among the most significant of these was a requirement for UK...more
From 6 April 2016, UK companies have been required to maintain a register of persons with significant control over them (a “PSC register”). This requirement is intended to increase the transparency of corporate ownership, by...more
On 26 June 2017 the Information about People with Significant Control (Amendment) Regulations 2017 (the "2017 Regulations") were brought into force. Key changes brought about by the 2017 Regulations include the...more
Welcome to the latest edition of Overriding Interest. Inside this issue: - The UK Government Proposes Innovative Transparency Requirements for Overseas Owners and Buyers of UK Property - Mees Update - Announcements,...more
On 5 April 2017, the then UK government published a Call for Evidence seeking views on the design of an innovative public register intended to show beneficial ownership of overseas legal entities ("overseas entities") that...more
The Government has published a consultation document, proposing the introduction of a public register that details the identity of the ultimate owners behind foreign companies that purchase real estate in the UK. It is said...more
The UK Government Department for Business, Energy & Industrial Strategy launched a consultation on the requirement to maintain a central register of beneficial ownership information of corporate and other legal entities under...more
The UK’s Department for Business, Energy & Industrial Strategy has published a “Discussion paper on the transposition of Article 30 [of the 4th Money laundering Directive]: beneficial ownership of corporate and other legal...more
In this newsletter, we provide a snapshot of the principal US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more
The New Register - From 6 April 2016, most UK companies, LLPs and Societas Europaea became required to maintain a register of “persons with significant control” (PSCs). A PSC is defined as an individual who ultimately...more