Register of Overseas Entities for Property Lawyers - The Latest Rules & Guidance

Introduction

The Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA) was rushed in 'at pace' in August 2022, adding a whole new level of complexity to any property transaction that involves overseas entities (OEs).

Then in October 2023, the Economic Crime and Corporate Transparency Act 2023 (ECCTA) came into force, bringing in yet more requirements that need to be grappled with where an OE is involved.

The Register of Overseas Entities (ROE), a main constituent of ECTEA, ushered in a huge change in conveyancing practice and procedure where OEs buy, sell, lease, mortgage or just continue to own property in England and Wales. Information on the ROE must be updated every year, even if there have been no changes. Failure to comply with ECTEA requirements is a criminal offence.

Even if your client is a UK entity buying or taking a lease from an OE, or lending to an OE, you need to understand ROE to ensure that your client is protected.

The ROE is extremely complex. More than a year after it was rushed in force, there are still lots of gaps to be filled.

This 30-minute update webinar aims to recap the complexities of the ROE, explain the new rules that came in in October 2023 and to explain what you need to think about in your day-to-day conveyancing practice.

What You Will Learn

This webinar will cover the following:

• ECTEA - a recap - how did we get here?
• Recap on what do we need to do where we have an OE in our transaction
• How do you register an OE on the ROE - what additional rules does ECCTA introduce?
• Criminal sanctions for OEs who own a 'qualifying estate' but who have not yet obtained their OE ID
• ECCTA - tougher new rules for nominees/corporate trustees/settlors/grantors
• Land Registry requirements - the end of the transitional period for old-style forms
• The Land Registry restriction for land held by an OE - and the exemptions
• How to comply with the OE restriction
• Duty to update the ROE ID - practicalities and more onerous requirements of ECCTA; reporting changes to registrable beneficial owners throughout the period
• Can you deregister as an OE once you have disposed of all your UK land?
• Companies House's ability to revoke an OE ID
• ECCTA's new requirements for UK companies that file information at Companies House

This webinar was recorded on 30th January 2024

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