Register of Overseas Entities - Practicalities for Property Lawyers - Learn Live

Introduction

The Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA) came into force on 1 August 2022. It was rushed through 'at pace', as Companies House put it, as a swift reaction to the situation in Ukraine and out of a desire to ascertain the beneficial ownership of any 'overseas entity' that acquires land in England and Wales, or which has held land here since 1999.

nformation 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, and having been rushed in, some provisions were not ideal. Amendment/updating legislation is on the way - when will it come in and what will it say?

This two-hour Learn Live interactive session aims to unravel the complexities of the ROE as far as property lawyers are concerned. It will look at the practical implications of ROE in conveyancing transactions.

Eight months in, how is ROE settling in and how does it affect the day to day work of property lawyers (whether the deal is residential or commercial)? Join this Learn Live session to find out.

What You Will Learn

This live and interactive session will cover the following:

• Recap of the milestones - 1 August 2022, 5 September 2022, the transitional period, and finally 31 January 2023 - how did each milestone affect OEs?
• The OE experience so far - 8 months in
• The 'known unknowns' - what still needs clarifying?
• What is an 'overseas entity'?
• What is a 'qualifying estate'?
• Who are the 'beneficial owners' of the OE?
• How do you register an OE on the ROE - and what are the 'verification requirements' to do so? Who can verify?
• Land Registry requirements - which forms have been updated? What grace period is there for the old forms?
• The requirement for an OE ID before a Land Registry application can be made - when did that come in?
• Transitional provisions at Land Registry - some breathing space for some transactions up till 31 January 2023?
• Looking back - notifying relevant dispositions made by an OE between 28 February 2022 and the end of the transitional period
• Looking further back to land held by OEs since 1999 - how does that work?
• The Land Registry restriction for land held by an OE - and the exemptions
• Duty to update the ROE ID
• Additional ROE drafting for contracts etc.
• Buying or letting property from an OE or lending to an OE - what do you need to do to safeguard your client?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.