These regulations, which come into force across the UK on 12 January 2023, amend the Register of Overseas Entities (Verification and Provision of Information) Regulations 2022 (SI 2022/725).
In detail, the changes are explained as follows in an Explanatory Note:
“Regulation 2(2) replaces regulation 5(1) of the Principal Regulations to exclude information about a government, public authority or beneficiaries of certain pension scheme trusts from needing to be verified. It also excludes from needing to be verified again information which has already been verified relating to updating the register and applications for removal from the register. Regulation 2(3) and (4) amends regulation 6(6) of the Principal Regulations to allow a relevant person to verify certain information relating to beneficial ownership differently from other information. Regulation 2(5) amends regulation 7(4) of the Principal Regulations to replace the term “close business relations” with a more precise phrase and regulation 2(6) amends regulation 8(1) of the Principal Regulations to expand the scope of the information which must be retained by a relevant person.”