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ARTICLE · 06 AUGUST 2019

Further Developments With The Draft Registration Of Overseas Entities Bill

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The government has just released its response to the House of Commons and House of Lords Joint Committee's (Joint Committee) report on the draft Registration

United KingdomFinance and Banking

The government has just released its response to the House of Commons and House of Lords Joint Committee's (Joint Committee) report on the draft Registration of Overseas Entities Bill (Bill). To recap, the Bill sets out a legal framework to establish a public register of the beneficial ownership of overseas entities that have interests in land in the UK (Register) (see previous update). The key point to take away is that the government remains committed to the Register becoming operational in 2021.

Some of the other key points coming out of the government's response include:

  • We already knew that the Register would apply to "overseas entities" but the worry has been how this term could and should be interpreted. The Joint Committee had suggested some form of pre-clearance mechanism to allow parties to confirm in advance whether a particular entity fell within that definition and would therefore be subject to the registration requirements of the Bill. The

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