Regulations

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The Cabinet may make regulations for the effective implementation of this Act including regulations —

providing for anything required to be prescribed under this Act ;

specifying criteria for the exercise of the competent authority’s exemption powers under section 10;

respecting the giving of notices under section 8 or 14, including the form, content and manner of giving such notices;

regarding the addition to or removal from any of the lists of required particulars;

requiring additional matters to be included in a legal person’s beneficial ownership register including the reporting of dual or multiple nationalities;

providing for applications to require the competent authority, the Registrar, a corporate services provider or a legal person to refrain from using or disclosing particulars of a prescribed kind from a legal person’s beneficial ownership register (or to refrain from doing so except in prescribed circumstances) where an application is made to the competent authority requesting them to refrain fr om so doing;

prescribing fees —

for the applications under paragraph (f), including fees for the filing of documents in support of an application;

for access to the information on the search platform under section 22(3); and

for the pro vision of administrative services by the competent authority or the Registrar;

specifying the manner and form in which a legal person shall keep its beneficial ownership register;

respecting the procedure to be followed by corporate services provi ders issuing and withdrawing restrictions notices, including regulations providing for —

the form and content of restrictions notices, and the manner in which they are to be given;

the factors to be taken into account in deciding what is to be co nsidered as a reason sufficient to justify a person’s failure to comply with a notice issued under section 8 or 14; and

the effect of withdrawing a restrictions notice on matters that are pending with respect to the relevant interest when the notice is withdrawn;

requiring the reporting of discrepancies in beneficial ownership information to the competent authority by every person who, by virtue of section 22(2) or (6), has access to this information;

respecting the interpretation of the term s “ beneficial owner ”, “ registrable beneficial owner ” and “ specified conditions ” ;

respecting the replacement of any or all references in section 4 to a percentage with references to a larger or smaller percentage; c Revised as at 14th January, 2026 Page 33

adjusting the specified conditions in section 4 so as to include circumstances that give individuals a level of control over a legal person broadly similar to the level of control given by the other specified conditions;

specifying the circumstances in which a person holds an interest in a legal person or meets a specified condition in relation to the legal person directly or indirectly through any number of persons or arrangements of any description;

providing for actions that may be taken by the competent authority following receipt of a report of discrepancies in beneficial ownership information;

adding or removing from the list of bodies in section 22(2); and

any other matter required to be prescribed or for the better carrying out of the objects and purp oses of this Act .

Beneficial Ownership Transparency Act (2026 Revision)

6 Parts