{"kind":"expression","expression":{"expr_id":"643","doc_id":"643","label":"2022 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2019\/15\", \"expression\": \"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01.pdf\"}, \"pdf\": {\"md5\": \"9e06890d0a3695d3c45920d0a4bc1997\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2019\/2019-0015\/2019-0015_2022 Revision.pdf\", \"pages\": 24, \"filename\": \"2019-0015_2022 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 6453, \"paragraph_count\": 36, \"text_char_count\": 43736}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Revision) Arrangement of Regulations Limited Liability Partnership Act (2021 Revision) BENEFICIAL OWNERSHIP (LIMITED LIABILITY PARTNERSHIP) REGULATIONS (2022 Revision) Arrangement of Regulations Revision) PUBLISHING DETAILS The Beneficial Ownership (Limited Liability Partnership) Regulations, 2019, as amended by the Citation of Acts of Parliament Act, 2020 [Act 56 of 2020], and consolidated with the Beneficial Ownership (Limited Liability Partnership) (Amendment) Regulations, 2020. Revised under the authority of the Law Revision Act (2020 Revision). Originally made \u2014 Regulations, 2019-12th March, 2019 Regulations, 2020-24th November, 2020. Consolidated and revised this 31st day of December, 2021. Revision) Arrangement of Regulations Limited Liability Partnership Act (2021 Revision) BENEFICIAL OWNERSHIP (LIMITED LIABILITY PARTNERSHIP) REGULATIONS (2022 Revision) Arrangement of Regulations 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"PART 2 \u2013 ADDITIONAL MATTERS TO BE NOTED IN BENEFICIAL OWNERSHIP REGISTER 3. 4. 5. 6.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Additional matters where there is a failure to comply with a notice given under section 56\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"PART 3 \u2013 DUTIES OF CORPORATE SERVICES PROVIDERS AND THE REGISTRAR\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Confirmation of limited liability partnership\u2019s exemption from the application of Part 8 of 10.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Arrangement of Regulations Revision) PART 4 \u2013 RESTRICTIONS NOTICE 12.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"PART 5 \u2013 HOLDING AN INTEREST IN A LIMITED LIABILITY PARTNERSHIP DIRECTLY OR INDIRECTLY 14. 15. 16.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"PART 6 \u2013 DETERMINING WHETHER A PERSON MEETS THE SPECIFIED CONDITIONS OR HOLDS A RELEVANT INTEREST 18. 19. 20. 21. 22. 23. 24. 25. 26. 27.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"PART 7 \u2013 ADMINISTRATIVE FINES 29. 30. 31. 32. 33. 34.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"SCHEDULE APPLICATION FOR AN APPEAL TO THE COMPETENT AUTHORITY ENDNOTES Revision) Regulation 1 Limited Liability Partnership Act (2021 Revision) BENEFICIAL OWNERSHIP (LIMITED LIABILITY PARTNERSHIP) REGULATIONS (2022 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Beneficial Ownership (Limited Liability Partnership) Regulations (2022 Revision). 2. Definitions 2. In these Regulations \u2014 \u201carrangement\u201d includes \u2014 (a) a scheme, agreement or understanding, whether or not it is legally enforceable; and (b) a convention, custom or practice of any kind, that has at the minimum a degree of stability (whether by virtue of its nature, the terms, the time it has been in existence or otherwise); \u201cjoint arrangement\u201d means an arrangement between or amongst the holders of partnership interests (or rights) to exercise jointly all or substantially all the rights conferred by the respective partnership interests (or rights) in the partnership in a way that is pre-determined by the arrangement; \u201cLaw\u201d means the Limited Liability Partnership Act (2021 Revision). Regulation 3 Revision) \u201climited liability partnership\u201d means a limited liability partnership to which Part 8 of the Law applies; \u201cvoting rights\u201d means \u2014 (a) rights to vote at general meetings of the limited liability partnership or legal entity in question (including rights that arise only in certain circumstances); and (b) in relation to a legal entity that does not have general meetings at which matters are decided by the exercise of voting rights, rights that are equivalent to the rights of a person entitled to exercise voting rights in a limited liability partnership; and \u201cwithdrawal notice\u201d means a notice issued by a corporate services provider under section 80 of the Law that withdraws a restrictions notice. PART 2 \u2013 ADDITIONAL MATTERS TO BE NOTED IN BENEFICIAL OWNERSHIP REGISTER\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Duty of limited liability partnership to provide additional matters to Registrar 3. (1) A limited liability partnership shall provide in writing to a corporate services provider or the Registrar the additional matters required to be noted by this Part. (2) Where any additional matter noted in a limited liability partnership\u2019s beneficial ownership register in accordance with regulation 4, 5, 6 or 8 ceases to be true, the limited liability partnership shall, within one month of becoming aware of that fact \u2014 (a) update its beneficial ownership register to reflect any new information received regarding the additional matter, once that information is confirmed; or (b) note in its beneficial ownership register \u2014 (i) that the additional matter has ceased to be true; and (ii) the date on which the additional matter ceased to be true.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Additional matters where there is no registrable person identified 4. (1) This regulation applies where a limited liability partnership knows or has reasonable cause to believe that there is no registrable person that can be identified in relation to the limited liability partnership. (2) The limited liability partnership shall note in its beneficial ownership register the words \u201cno registrable person identified\u201d to show that \u2014 (a) the limited liability partnership knows or has reasonable cause to believe that there is no registrable person identified in relation to it; or Revision) Regulation 5 (b) the limited liability partnership has taken reasonable steps to identify all beneficial owners and relevant legal entities and has not, in the course of taking such steps, been able to identify any registrable person.5.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Additional matters where an identified registrable person\u2019s particulars are not confirmed 5. (1) This regulation applies where \u2014 (a) a limited liability partnership has identified a registrable person in relation to it; and (b) all the required particulars of that person have not yet been confirmed for the purposes of section 60 of the Law. (2) The limited liability partnership shall note in its beneficial ownership register the words \u201cconfirmations pending\u201d to show that the limited liability partnership has identified a registrable person in relation to the limited liability partnership but that all the required particulars of that person have not yet been confirmed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Additional matters where a limited liability partnership\u2019s investigations are ongoing 6. (1) This regulation applies where a limited liability partnership \u2014 (a) is not required to place a note in its beneficial ownership register by regulation 4 or 5; (b) has not entered, and is not required to enter, the required particulars of any registrable person in its beneficial ownership register; (c) has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person in relation to the limited liability partnership; and (d) is not exempt under section 52(1) of the Law. (2) The limited liability partnership shall note in its beneficial ownership register the words \u201cenquiries pending\u201d to show that it is still in the process of taking reasonable steps to find out if there is anyone who is a registrable person in relation to the limited liability partnership. (3) If, at any time between \u2014 (a) the date of a limited liability partnership\u2019s incorporation or registration by way of continuation under the Law, as applicable; and (b) the date of a limited liability partnership\u2019s dissolution and removal from the register under the Law, the limited liability partnership\u2019s beneficial ownership register contains the note \u201cenquiries pending\u201d for an uninterrupted period of not less than three calendar Regulation 7 Revision) months, the fact that the note remains in the register for that period shall be prima facie evidence that a breach of section 60(1) of the Law has occurred. 7. Additional matters where there is a failure to comply with a notice given under section 56 or 62 of the Law 7. (1) This regulation applies where a corporate service provider has given a notice under section 56 or 62 of the Law and \u2014 (a) the addressee of the notice has failed to comply with the notice within the time specified in it; or (b) the addressee of the notice has complied with the notice, but after the time specified in it. (2) The corporate service provider shall note in the limited liability partnership\u2019s beneficial ownership register that it has given a notice under section 56 or 62 of the Law, as the case may be, and \u2014 (a) where the notice has not been complied with, shall make a separate note in respect of each notice which has not been complied with; or (b) where the notice has been complied with after the time specified in it, shall note the date on which the notice was complied with. 8. Additional matters where a corporate services provider has issued a restrictions notice 8. (1) This regulation applies where a corporate services provider has issued a restrictions notice. (2) The corporate services provider shall note in the limited liability partnership\u2019s beneficial ownership register the words \u201crestrictions notice issued\u201d and the date of issue of the notice to show that it has issued the restrictions notice. (3) Where the corporate services provider withdraws a restrictions notice under section 80 of the Law, the corporate service provider shall note in the limited liability partnership\u2019s beneficial ownership register \u2014 (a) the words \u201crestrictions notice withdrawn\u201d to show that it has withdrawn the restrictions notice by giving a withdrawal notice; and (b) the date specified in the withdrawal notice as the date on which the notice was given. (4) Where a court makes an order under section 77 of the Law directing that a relevant interest in the limited liability partnership cease to be subject to restrictions, the corporate service provider shall note in the limited liability partnership\u2019s beneficial ownership register \u2014 (a) the words \u201crestrictions ceased by court order\u201d to show that the court has made the order under section 77 directing that a relevant interest in the limited liability partnership cease to be subject to restrictions; and Revision) Regulation 9 (b) identify the interest in the limited liability partnership that is relevant to the restrictions notice by reference to the partnership interest or right in question. PART 3 \u2013 DUTIES OF CORPORATE SERVICES PROVIDERS AND THE REGISTRAR 9. Confirmation of limited liability partnership\u2019s exemption from the application of Part 8 of the Law 9. (1) Where a limited liability partnership is exempt from the application of Part 8 of the Law, the corporate services provider that provides registered office services to the limited liability partnership (or the Registrar if the Registrar provides such services) shall provide the competent authority with all relevant information from the written confirmation of the exemption provided by the limited liability partnership under section 60(2) of the Law. (2) The relevant information shall be provided by way of the search platform established pursuant to section 67 of the Law and in the place and manner and at such intervals as are required of corporate services providers by virtue of section 68(2) of the Law and these Regulations. (3) The written confirmation of the exemption required to be provided by a limited liability partnership by section 60(2) of the Law shall include the following information for the purposes of paragraph (a)(ii) of that section \u2014 (a) for an exemption under section 52(1)(a) of the Law, the name of the stock exchange; (b) for an exemption under section 52(1)(c) of the Law, the names of the approved person, the regulator or the stock exchange that is relevant to the approved person and the jurisdiction in which that regulator or stock exchange is established; (c) for an exemption under section 52(1)(d) of the Law, the names of the relevant regulator and the jurisdiction in which that regulator is established; (d) for an exemption under section 52(1)(e) of the Law \u2014 (i) where the vehicle, fund or scheme is registered or holds a licence under a regulatory law, the name of the partnership; or (ii) where the vehicle, fund or scheme is managed, arranged, administered or operated by an approved person, the names of the partnership, the approved person and the regulator or stock exchange that is relevant to the approved person and the jurisdiction in which that regulator or stock exchange is established; Regulation 10 Revision) (e) for an exemption under section 52(1)(f) of the Law, the name of the relevant legal entity holding a licence under the relevant Law referred to in that section; (f) for an exemption under section 52(1)(g) of the Law, such information as may be prescribed. (4) Where a limited liability partnership is exempted on the basis that it is a subsidiary of one or more legal entities described in section 52(1) of the Law, the written confirmation shall include \u2014 (a) the names of \u2014 (i) every legal entity described in that section of which the limited liability partnership is a subsidiary for the reasons set out in section 52(4)(a) or (b); or (ii) the ultimate parent or parents in each chain of exempted legal entities, where the limited liability partnership is a subsidiary by reason only of section 52(4)(c); and (b) in respect of each legal entity named pursuant to paragraph (a), the paragraph of section 52(1) that provides for the exemption and such additional information as may be relevant based on the provisions set out in that paragraph. (5) Where, in the case of an exemption under section 52(1)(e) of the Law, the general partner is a general partner of more than one partnership which qualifies for the exemption, the written confirmation of the exemption need only name one such partnership. (6) Where a limited liability partnership is exempt from the application of Part 8 of the Law under more than one paragraph of section 52(1) of the Law, the written confirmation of the exemption need only include the information required by one subparagraph of paragraph (3) of this regulation that applies to the limited liability partnership. (7) The written confirmation referred to in paragraph (4) need only include the names of legal entities or parent entities that are required under subparagraph (4)(a) and apply to the limited liability partnership.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Changes to information in confirmation of exemption 10. (1) If a limited liability partnership that has provided a written confirmation of exemption to a corporate services provider or the Registrar in accordance with section 60(2) of the Law becomes aware that any information in the confirmation has ceased to be true, the limited liability partnership shall, within one month of becoming aware of that fact, provide the corporate services provider or the Registrar, as the case may be, with \u2014 Revision) Regulation 11 (a) an amended written confirmation of the exemption correcting the erroneous information and  including any additional information required by these Regulations; and (b) instructions to file the amended confirmation of exemption with the competent authority. (2) On receipt of an amended confirmation of exemption provided under paragraph (1), a corporate services provider or the Registrar, as the case may be, shall provide the competent authority with all relevant information from the amended confirmation or exemption in accordance with the requirements of regulation 9(2). 11. Deposit of beneficial ownership information 11. (1) Corporate services providers shall deposit with the competent authority not less than once in each month \u2014 (a) the beneficial ownership information required to be deposited under section 68(2) of the Law and the relevant information required under regulation 9(1) respecting a confirmation of exemption; or (b) if the beneficial ownership information and relevant information referred to in subparagraph (a) has not changed since the prior deposit of such information, a notice that there has been no change to the information since that time. (2) The beneficial ownership information and notice referred to in paragraph (1) shall be deposited in the manner specified by the competent authority as being compatible with its search platform. (3) Notwithstanding paragraph (1), a limited liability partnership that is being wound up need only deposit the beneficial ownership information and notice referred to in that paragraph every ninety days. PART 4 \u2013 RESTRICTIONS NOTICE\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Content of a restrictions notice 12. A restrictions notice shall \u2014 (a) specify the date on which it is issued; (b) identify the addressee\u2019s relevant interest in the limited liability partnership that is relevant to the restrictions notice by reference to the partnership interest or right in question; (c) explain the effect of the notice; (d) state that, by virtue of the notice, certain acts or failures to act may constitute an offence; and Regulation 13 Revision) (e) state that an aggrieved person may apply to the court for an order directing that the relevant interest cease to be subject to restrictions. 13. Withdrawal of a restrictions notice 13. Where a corporate services provider is required to withdraw a restrictions notice under section 80 of the Law, the withdrawal notice shall \u2014 (a) be given before the end of the period of fourteen days beginning with the day on which the corporate services provider is required to withdraw the restrictions notice under that section; (b) specify the date on which the withdrawal notice is given; (c) identify the interest in the limited liability partnership that is relevant to the restrictions notice by reference to the partnership interest or right in question; and (d) state that the relevant interest is no longer subject to restrictions. PART 5 \u2013 HOLDING AN INTEREST IN A LIMITED LIABILITY PARTNERSHIP DIRECTLY OR INDIRECTLY\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Application 14. For the purposes of determining whether a person meets the specified conditions under section 54 or 55 of the Law or is a registrable person under section 58, this Part specifies the circumstances in which \u2014 (a) a person (\u201cV\u201d) is to be regarded as directly holding an interest in a limited liability partnership (\u201cW\u201d); and (b) an interest held by V in W is to be regarded as held indirectly through a legal entity.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Holding an interest in a limited liability partnership directly 15. (1) V holds an interest in limited liability partnership W directly if \u2014 (a) V holds a partnership interest of W directly; (b) V holds, directly, voting rights in W; (c) V holds, directly, the right to appoint or remove any of the persons entitled to take part in the management of W; (d) V has the right to exercise, or actually exercises, significant influence or control directly over W; or (e) paragraph (2) is satisfied. (2) This paragraph is satisfied where \u2014 Revision) Regulation 16 (a) the trustees of a trust (or the members of a partnership or other entity that under the law by which it is governed is not a legal person) hold an interest in W in a way mentioned in paragraph (1)(a) to (d); and (b) V has the right to exercise, or actually exercises, significant influence or control directly over the activities of that trust, partnership or other entity.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Holding an interest in a limited liability partnership indirectly through a legal entity 16. (1) This regulation applies where V \u2014 (a) holds a partnership interest in W by virtue of indirectly holding a partnership interest in W; and (b) holds a partnership interest in W by virtue of having a majority stake as described in regulation 17(2) in \u2014 (i) a legal entity (\u2018L\u201d) which holds the partnership interest directly; or (ii) a legal entity that is part of a chain of legal entities described in regulation 17(1)(b) that includes L. (2) Where this regulation applies, V holds the interest in W \u2014 (a) through L; and (b) through each other legal entity in the chain mentioned in paragraph (1)(b)(ii). 17. Rights or interests held indirectly 17. (1) A person holds a right or partnership interest indirectly if the person has a majority stake in a legal entity and that entity \u2014 (a) holds the right or partnership interest in question; or (b) is part of a chain of legal entities \u2014 (i) each of which (other than the last) has a majority stake in the entity immediately below it in the chain; and (ii) the last of which holds the right or partnership interest. (2) For these purposes, a person (\u201cA\u201d) has a majority stake in a legal entity (\u201cB\u201d) if \u2014 (a) A holds a majority of the voting rights in B; (b) A is a member of B and has the right to appoint or remove a majority of \u2014 (i) the board of directors of B; or (ii) the managers or a person holding similar or equivalent position in B; (c) A is a member of B and controls alone, pursuant to a joint agreement with other members, a majority of the voting rights in B; or Regulation 18 Revision) (d) A has the right to exercise, or actually exercises, dominant direct influence or control over B. (3) In the application of this paragraph to the right to appoint or remove a majority of the board of directors, a legal entity is to be treated as having the right to appoint a director if \u2014 (a) a person\u2019s appointment as director follows necessarily from that person\u2019s appointment as director of the legal entity; or (b) the directorship is held by the legal entity itself. PART 6 \u2013 DETERMINING WHETHER A PERSON MEETS THE SPECIFIED CONDITIONS OR HOLDS A RELEVANT INTEREST\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Determining whether a person meets specified conditions 18. This Part applies for the purposes of determining whether a person meets the specified conditions under section 54 or 55 of the Law or holds a relevant interest for the purposes of the provisions relating to restriction notices under Part 8 of the Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Joint interests and arrangements 19. (1) If two or more persons each hold a partnership interest or right jointly, each of them is treated as holding it. (2) If a partnership interest or right held by a person and a partnership interest or right held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined partnership interests or rights of both of them.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"References to voting rights 20. (1) A reference to the voting rights in a legal entity is to the rights conferred on the persons holding partnership interests or equivalent equity interests to vote at general meetings of the entity on all or substantially all matters. (2) In relation to a legal entity that does not have general meetings at which matters are decided by the exercise of voting rights, a reference to exercising voting rights in the entity shall be read as a reference to exercising rights in relation to the entity that are equivalent to those of a person entitled to exercise voting rights in a limited liability partnership.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Voting rights in a legal entity 21. In applying this Part, the voting rights in a legal entity shall be reduced by any rights held by the entity itself. Revision) Regulation 22\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Interests or rights held by nominees 22. An interest or right held by a person as nominee for another is to be treated for the purposes of these Regulations as held by the other (and not by the nominee).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Right to share in surplus limited liability partnership property 23. For the purpose of section 54(3)(a) of the Law, to the extent that the holding of a right to share in any surplus limited liability partnership property on a winding up of the limited liability partnership is not expressly provided for, each member of the limited liability partnership shall be treated as holding the right to an equal share in any surplus limited liability partnership property on a winding up.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Right to appoint or remove managers 24. A reference to the right to appoint or remove \u2014 (a) a majority of the directors; or (b) a manager or a person holding a similar or equivalent position, of a legal entity, is to the right to appoint or remove managers holding a majority of the voting rights on all or substantially all matters at meetings of the managers.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Rights treated as held by person who controls their exercise 25. (1) Where a person controls a right, the right is to be treated for the purposes of these Regulations as held by that person (and not by the person who in fact holds the right, unless that person also controls it). (2) Where a relevant interest is treated under this regulation as held by a person other than the person who in fact holds the interest, both the holder and the other person shall be regarded as holding the relevant interest. (3) A person controls a right if, by virtue of any arrangement between that person and others, the right is exercisable only \u2014 (a) by that person; (b) in accordance with that person\u2019s directions or instructions; or (c) with that person\u2019s consent or concurrence.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Rights exercisable only in certain circumstances, etc 26. (1) Rights that are exercisable only in certain circumstances shall be taken into account only \u2014 (a) when the circumstances have arisen and for so long as they continue to subsist; or (b) when the circumstances are within the control of the person having the rights. Regulation 27 Revision) (2) Notwithstanding paragraph (1), rights that are exercisable by an administrator or by creditors while a legal entity is in insolvency proceedings shall not be taken into account even while the entity is in those proceedings. (3) Rights that are normally exercisable but are temporarily incapable of exercise shall continue to be taken into account.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Rights attached to partnership interests held by way of security 27. Rights attached to partnership interests held by way of security provided by a person shall be treated as held by that person \u2014 (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person\u2019s instructions; and (b) where the partnership interests are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person\u2019s interests. 28. Limited partners 28. (1) An individual or a legal entity does not meet the specified conditions for being a beneficial owner or a relevant legal entity in relation to a limited liability partnership by virtue only of being a limited partner. (2) An individual or a legal entity does not meet the specified conditions in section 54(3) of the Law in relation to a limited liability partnership (or to the extent they may otherwise apply to such legal entity by virtue of section 55(3) of the Law) by virtue only of, directly or indirectly, holding a partnership interest or a right in or in relation to a limited partner which (in its capacity as such) would meet the condition if it were an individual. (3) Paragraphs (1) and (2) do not apply for the purposes of determining under section 54(5) of the Law (to the extent that the section would apply to the legal entity by virtue of section 55(3) of the Law) whether the members of a partnership or other entity meet the conditions in section 54(3) or (4) of the Law (to the extent that the section would apply to the legal entity by virtue of section 55(3) of the Law) in their capacity as members. (4) In this regulation, \u201climited partner\u201d means \u2014 (a) a limited partner in a limited partnership registered under the Partnership Act (2013 Revision) or the Exempted Limited Partnership Act (2021 Revision), other than one who takes part in the management of the partnership business; or Revision) Regulation 29 (b) an individual or a legal entity who is a foreign limited partner and participates in limited partnership arrangements established under the law of a country or territory outside the Islands. PART 7 \u2013 ADMINISTRATIVE FINES\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Definitions in this Part 29. In this Part \u2014 \u201cadministrative fine notice\u201d means an administrative fine notice issued by the Registrar under regulation 30 for the imposition of an administrative fine, in accordance with section 88 of the Law, to a person who breaches a provision of Part 8 of the Law that is specified in the Schedule of the Law; \u201capplicant\u201d means a person who appeals against the decision of the Registrar to impose an administrative fine in accordance with section 88 of the Law; \u201coriginal decision\u201d means the decision of the Registrar to impose the administrative fine specified in an administrative fine notice, in accordance with section 88 of the Law; and \u201creview committee\u201d means a committee appointed by the competent authority under regulation 31(3).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Administrative fine notice 30. (1) The Registrar may impose an administrative fine, which is set out in the Schedule of the Law, in accordance with Part 9 of the Law for a breach of a provision under Part 8 of the Law, by issuing to a person, an administrative fine notice in accordance with paragraphs (2) and (3). (2) An administrative fine notice referred to in paragraph (1) shall specify \u2014 (a) the date on which the notice was issued; (b) the breach for which the fine is imposed and the provision under the Law; (c) details of the breach; (d) the amount of the fine; (e) how payment should be made; (f) the date by which the administrative fine should be paid; (g) the effects of non-payment; and (h) the process for appealing against the decision of the Registrar to impose the administrative fine. (3) The Registrar may issue an administrative fine notice under paragraph (2) \u2014 (a) to an individual, by sending the notice to the most recent email address provided by the individual to the Registrar; or Regulation 31 Revision) (b) to a body corporate, by sending the notice to the most recent email address provided to the Registrar of \u2014 (i) a director or officer of the body corporate; or (ii) its corporate services provider.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Appeal to the competent authority 31. (1) A person who receives an administrative fine notice may, by application, appeal against the decision of the Registrar to impose the administrative fine to the competent authority. (2) An application under paragraph (1) shall be made in the form set out in the Schedule, within thirty days from the date of receipt of the administrative fine notice. (3) The competent authority shall, on receipt of an application under paragraph (1), appoint a review committee to conduct an inquiry concerning the matters raised in the application under paragraph (1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Review committee 32. (1) The review committee shall comprise the following officers of the ministry with responsibility for financial services \u2014 (a) two persons with knowledge and experience in accounting, financial services, banking or compliance; and (b) an attorney-at-law. (2) The competent authority shall not appoint to the review committee, any officer who assisted the Registrar in decision-making regarding the fine. (3) Subject to any directions that may be given by the competent authority, the review committee may regulate its own procedure. (4) The review committee shall notify the Registrar of an application submitted under regulation 31(1) and the grounds on which the applicant relies and the Registrar may make written representations to the review committee concerning the application, but shall not otherwise participate in any discussion, decision, debate or vote of the review committee concerning the application. (5) The competent authority may by notice in writing, require an applicant to provide such documents, statements or any other information as it may reasonably require in the exercise of its functions. (6) An applicant who receives a notice under paragraph (5), shall comply with the notice within the period and in the manner specified in the notice. (7) The review committee shall upon completing the inquiry, report its findings and recommendations to the competent authority. Revision) Regulation 33\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Decision by the competent authority 33. (1) The competent authority shall, upon receipt of the report of the review committee, consider and determine the application under regulation 31(1) and may affirm or set aside the original decision. (2) The competent authority shall have regard to, but is not bound by, the findings and recommendations of the review committee. (3) The competent authority shall, within fifteen working days of receipt of an application under regulation 31(1), give the applicant notice of its decision. (4) Where the competent authority affirms the original decision, the notice of the decision on the application shall also state \u2014 (a) the reasons for the decision; and (b) that the applicant may apply to the Grand Court for judicial review of the decision. (5) Where the competent authority sets aside the original decision, the original decision is deemed never to have been made.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"No stay of original decision 34. An appeal under regulation 31 does not stay the operation of the original decision by the Registrar to impose an administrative fine as specified in the administrative fine notice 35. Evidentiary provisions 35. (1) The date stated on an administrative fine notice is the date on which the administrative fine is considered imposed for the purpose of section 31(1)(b) of the Law. (2) For the purpose of regulation 31(2), where the administrative fine notice is sent to a person by email, the date the email is sent is considered the date of receipt. Revision) SCHEDULE SCHEDULE (regulation 31(2)) APPLICATION FOR AN APPEAL TO THE COMPETENT AUTHORITY To: The competent authority At:___________________________________________ _________________________ (The physical address of the competent authority) OR If the competent authority accepts the sending of an application under regulation 31 at a particular email address: _______________________________________________________________________ (The email address of the competent authority) TAKE NOTICE that, under regulation 31, the following person applies to the competent authority to appeal against the decision of the Registrar to impose the administrative fine by administrative fine notice received by the person on: _______________________________________________________________________ (Here insert date the notice was received and, if two or more administrative fine notices were given on that day. Identify the fine(s) in the administrative fine notice(s) which are the subject of the appeal.) Applicant\u2019s full name:____________________________ _________________________ The applicant\u2019s physical address is: __________________________________________ _______________________________________________________________________ The applicant\u2019s email address for notices from the competent authority to the applicant is: _______________________________________________________________________ Particulars about the application are as follows: The relevant prescribed provision set out in the administrative fine notice is: ________________________________________________________________________ The grounds of appeal on which the applicant relies are: ________________________________________________________________________ ________________________________________________________________________ The facts and circumstances that the applicant relies on for the grounds are: ________________________________________________________________________ ________________________________________________________________________ SCHEDULE ________________________________________________________________________ (Here insert the facts and circumstances relied on, including those contended to be different from those set out in the relevant administrative fine notice and any relevant surrounding circumstances.) Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the applicant ______________________________________________________ Position with the applicant (If the applicant is not an individual) Publication in consolidated and revised form authorised by the Cabinet this 11th day of January, 2022. Kim Bullings Clerk of the Cabinet Revision) ENDNOTES ENDNOTES Table of Legislation history: SL# Law\/Act# Legislation Commencement Gazette 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 150\/2020 Beneficial Ownership (Limited Liability Partnership) (Amendment) Regulations, 2020 1-Dec-2020 LG87\/2020\/s4 15\/2019 Beneficial Ownership (Limited Liability Partnership) Regulations, 2019 30-Nov-2020 LG8\/2019\/s3 ENDNOTES Revision) (Price: $4.80)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2022_01_01\", \"date\": \"2022-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2022_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2022_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2019\/15\", \"FRBRdate\": [{\"date\": \"2022-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2019\/15\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2019-0015\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"15 of 2019\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"subordinate\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01\", \"FRBRdate\": [{\"date\": \"2022-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2019\/15\/eng@2022-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Beneficial Ownership (Limited Liability Partnership) Regulations\", \"actNumber\": \"15 of 2019\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"Beneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2021\nPage 1\n\nCAYMAN ISLANDS\n\nLimited Liability Partnership Act\n(2021 Revision)\nBENEFICIAL OWNERSHIP (LIMITED\nLIABILITY PARTNERSHIP)\nREGULATIONS\n(2022 Revision)\n\nSupplement No.2 published with Legislation Gazette No. 2 of 14th January, 2022.\n\u2000\n\nArrangement of Regulations\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 2\nRevised as at 31st December, 2021\nc\n\nPUBLISHING DETAILS\nThe Beneficial Ownership (Limited Liability Partnership) Regulations, 2019, as amended\nby the Citation of Acts of Parliament Act, 2020 [Act 56 of 2020], and consolidated with\nthe Beneficial Ownership (Limited Liability Partnership) (Amendment) Regulations, 2020.\n\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nOriginally made \u2014\n\nRegulations, 2019-12th March, 2019\nRegulations, 2020-24th November, 2020.\n\nConsolidated and revised this 31st day of December, 2021.\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2021\nPage 3\n\nCAYMAN ISLANDS\n\nLimited Liability Partnership Act\n(2021 Revision)\nBENEFICIAL OWNERSHIP (LIMITED LIABILITY\nPARTNERSHIP) REGULATIONS\n(2022 Revision)\nArrangement of Regulations\nSection\nPage\n1.\nCitation ......................................................................................................................................... 5\n2.\nDefinitions ..................................................................................................................................... 5\nPART 2 \u2013 ADDITIONAL MATTERS TO BE NOTED IN\nBENEFICIAL OWNERSHIP REGISTER\n3.\nDuty of limited liability partnership to provide additional matters to Registrar .............................. 6\n4.\nAdditional matters where there is no registrable person identified ............................................... 6\n5.\nAdditional matters where an identified registrable person\u2019s particulars are not confirmed .......... 7\n6.\nAdditional matters where a limited liability partnership\u2019s investigations are ongoing ................... 7\n7.\nAdditional matters where there is a failure to comply with a notice given under section 56\nor 62 of the Law ............................................................................................................................ 8\n8.\nAdditional matters where a corporate services provider has issued a restrictions notice ............ 8\nPART 3 \u2013 DUTIES OF CORPORATE SERVICES PROVIDERS\nAND THE REGISTRAR\n9.\nConfirmation of limited liability partnership\u2019s exemption from the application of Part 8 of\nthe Law ......................................................................................................................................... 9\n10.\nChanges to information in confirmation of exemption ................................................................ 10\n11.\nDeposit of beneficial ownership information ............................................................................... 11\n\nArrangement of Regulations\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 4\nRevised as at 31st December, 2021\nc\n\nPART 4 \u2013 RESTRICTIONS NOTICE\n12.\nContent of a restrictions notice .................................................................................................. 11\n13.\nWithdrawal of a restrictions notice ............................................................................................. 12\nPART 5 \u2013 HOLDING AN INTEREST IN A LIMITED LIABILITY\nPARTNERSHIP DIRECTLY OR INDIRECTLY\n14.\nApplication ................................................................................................................................. 12\n15.\nHolding an interest in a limited liability partnership directly ........................................................ 12\n16.\nHolding an interest in a limited liability partnership indirectly through a legal entity .................. 13\n17.\nRights or interests held indirectly ............................................................................................... 13\nPART 6 \u2013 DETERMINING WHETHER A PERSON MEETS THE\nSPECIFIED CONDITIONS OR HOLDS A RELEVANT\nINTEREST\n18.\nDetermining whether a person meets specified conditions ........................................................ 14\n19.\nJoint interests and arrangements ............................................................................................... 14\n20.\nReferences to voting rights ........................................................................................................ 14\n21.\nVoting rights in a legal entity ...................................................................................................... 14\n22.\nInterests or rights held by nominees .......................................................................................... 15\n23.\nRight to share in surplus limited liability partnership property .................................................... 15\n24.\nRight to appoint or remove managers ........................................................................................ 15\n25.\nRights treated as held by person who controls their exercise .................................................... 15\n26.\nRights exercisable only in certain circumstances, etc ................................................................ 15\n27.\nRights attached to partnership interests held by way of security ............................................... 16\n28.\nLimited partners ......................................................................................................................... 16\nPART 7 \u2013 ADMINISTRATIVE FINES\n29.\nDefinitions in this Part ................................................................................................................ 17\n30.\nAdministrative fine notice ........................................................................................................... 17\n31.\nAppeal to the competent authority ............................................................................................. 18\n32.\nReview committee ...................................................................................................................... 18\n33.\nDecision by the competent authority .......................................................................................... 19\n34.\nNo stay of original decision ........................................................................................................ 19\n35.\nEvidentiary provisions ................................................................................................................ 19\nSCHEDULE\n21\nAPPLICATION FOR AN APPEAL TO THE COMPETENT AUTHORITY\n21\nENDNOTES\n23\nTable of Legislation history: ................................................................................................................. 23\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 1\n\nc\nRevised as at 31st December, 2021\nPage 5\n\nCAYMAN ISLANDS\n\nLimited Liability Partnership Act\n(2021 Revision)\nBENEFICIAL OWNERSHIP (LIMITED LIABILITY\nPARTNERSHIP) REGULATIONS\n(2022 Revision)\n\n1.\nCitation\n1.\nThese Regulations may be cited as the Beneficial Ownership (Limited Liability\nPartnership) Regulations (2022 Revision).\n2.\nDefinitions\n2.\nIn these Regulations \u2014\n\u201carrangement\u201d includes \u2014\n(a) a scheme, agreement or understanding, whether or not it is legally\nenforceable; and\n(b) a convention, custom or practice of any kind,\nthat has at the minimum a degree of stability (whether by virtue of its nature,\nthe terms, the time it has been in existence or otherwise);\n\u201cjoint arrangement\u201d means an arrangement between or amongst the holders of\npartnership interests (or rights) to exercise jointly all or substantially all the\nrights conferred by the respective partnership interests (or rights) in the\npartnership in a way that is pre-determined by the arrangement;\n\u201cLaw\u201d means the Limited Liability Partnership Act (2021 Revision).\n\nRegulation 3\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 6\nRevised as at 31st December, 2021\nc\n\n\u201climited liability partnership\u201d means a limited liability partnership to which\nPart 8 of the Law applies;\n\u201cvoting rights\u201d means \u2014\n(a) rights to vote at general meetings of the limited liability partnership or\nlegal entity in question (including rights that arise only in certain\ncircumstances); and\n(b) in relation to a legal entity that does not have general meetings at which\nmatters are decided by the exercise of voting rights, rights that are\nequivalent to the rights of a person entitled to exercise voting rights in a\nlimited liability partnership; and\n\u201cwithdrawal notice\u201d means a notice issued by a corporate services provider\nunder section 80 of the Law that withdraws a restrictions notice.\nPART 2 \u2013 ADDITIONAL MATTERS TO BE NOTED IN\nBENEFICIAL OWNERSHIP REGISTER\n3.\nDuty of limited liability partnership to provide additional matters to Registrar\n3.\n(1) A limited liability partnership shall provide in writing to a corporate services\nprovider or the Registrar the additional matters required to be noted by this Part.\n(2) Where any additional matter noted in a limited liability partnership\u2019s beneficial\nownership register in accordance with regulation 4, 5, 6 or 8 ceases to be true,\nthe limited liability partnership shall, within one month of becoming aware of\nthat fact \u2014\n(a) update its beneficial ownership register to reflect any new information\nreceived regarding the additional matter, once that information is\nconfirmed; or\n(b) note in its beneficial ownership register \u2014\n(i)\nthat the additional matter has ceased to be true; and\n(ii) the date on which the additional matter ceased to be true.\n4.\nAdditional matters where there is no registrable person identified\n4.\n(1) This regulation applies where a limited liability partnership knows or has\nreasonable cause to believe that there is no registrable person that can be\nidentified in relation to the limited liability partnership.\n(2) The limited liability partnership shall note in its beneficial ownership register\nthe words \u201cno registrable person identified\u201d to show that \u2014\n(a) the limited liability partnership knows or has reasonable cause to believe\nthat there is no registrable person identified in relation to it; or\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 5\n\nc\nRevised as at 31st December, 2021\nPage 7\n\n(b) the limited liability partnership has taken reasonable steps to identify all\nbeneficial owners and relevant legal entities and has not, in the course of\ntaking such steps, been able to identify any registrable person.5.\n\n5.\nAdditional matters where an identified registrable person\u2019s particulars are\nnot confirmed\n5.\n(1) This regulation applies where \u2014\n(a) a limited liability partnership has identified a registrable person in relation\nto it; and\n(b) all the required particulars of that person have not yet been confirmed for\nthe purposes of section 60 of the Law.\n(2) The limited liability partnership shall note in its beneficial ownership register\nthe words \u201cconfirmations pending\u201d to show that the limited liability partnership\nhas identified a registrable person in relation to the limited liability partnership\nbut that all the required particulars of that person have not yet been confirmed.\n6.\nAdditional matters where a limited liability partnership\u2019s investigations are\nongoing\n6.\n(1) This regulation applies where a limited liability partnership \u2014\n(a) is not required to place a note in its beneficial ownership register by\nregulation 4 or 5;\n(b) has not entered, and is not required to enter, the required particulars of any\nregistrable person in its beneficial ownership register;\n(c) has not yet completed taking reasonable steps to find out if there is anyone\nwho is a registrable person in relation to the limited liability partnership;\nand\n(d) is not exempt under section 52(1) of the Law.\n(2) The limited liability partnership shall note in its beneficial ownership register\nthe words \u201cenquiries pending\u201d to show that it is still in the process of taking\nreasonable steps to find out if there is anyone who is a registrable person in\nrelation to the limited liability partnership.\n(3) If, at any time between \u2014\n(a) the date of a limited liability partnership\u2019s incorporation or registration by\nway of continuation under the Law, as applicable; and\n(b) the date of a limited liability partnership\u2019s dissolution and removal from\nthe register under the Law,\n\nthe limited liability partnership\u2019s beneficial ownership register contains the note\n\u201cenquiries pending\u201d for an uninterrupted period of not less than three calendar\n\nRegulation 7\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 8\nRevised as at 31st December, 2021\nc\n\nmonths, the fact that the note remains in the register for that period shall be\nprima facie evidence that a breach of section 60(1) of the Law has occurred.\n7.\nAdditional matters where there is a failure to comply with a notice given\nunder section 56 or 62 of the Law\n7.\n(1) This regulation applies where a corporate service provider has given a notice\nunder section 56 or 62 of the Law and \u2014\n(a) the addressee of the notice has failed to comply with the notice within the\ntime specified in it; or\n(b) the addressee of the notice has complied with the notice, but after the time\nspecified in it.\n(2) The corporate service provider shall note in the limited liability partnership\u2019s\nbeneficial ownership register that it has given a notice under section 56 or 62 of\nthe Law, as the case may be, and \u2014\n(a) where the notice has not been complied with, shall make a separate note in\nrespect of each notice which has not been complied with; or\n(b) where the notice has been complied with after the time specified in it, shall\nnote the date on which the notice was complied with.\n8.\nAdditional matters where a corporate services provider has issued a\nrestrictions notice\n8.\n(1) This regulation applies where a corporate services provider has issued a\nrestrictions notice.\n(2) The corporate services provider shall note in the limited liability partnership\u2019s\nbeneficial ownership register the words \u201crestrictions notice issued\u201d and the date\nof issue of the notice to show that it has issued the restrictions notice.\n(3) Where the corporate services provider withdraws a restrictions notice under\nsection 80 of the Law, the corporate service provider shall note in the limited\nliability partnership\u2019s beneficial ownership register \u2014\n(a) the words \u201crestrictions notice withdrawn\u201d to show that it has withdrawn\nthe restrictions notice by giving a withdrawal notice; and\n(b) the date specified in the withdrawal notice as the date on which the notice\nwas given.\n(4) Where a court makes an order under section 77 of the Law directing that a\nrelevant interest in the limited liability partnership cease to be subject to\nrestrictions, the corporate service provider shall note in the limited liability\npartnership\u2019s beneficial ownership register \u2014\n(a) the words \u201crestrictions ceased by court order\u201d to show that the court has\nmade the order under section 77 directing that a relevant interest in the\nlimited liability partnership cease to be subject to restrictions; and\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 9\n\nc\nRevised as at 31st December, 2021\nPage 9\n\n(b) identify the interest in the limited liability partnership that is relevant to\nthe restrictions notice by reference to the partnership interest or right in\nquestion.\nPART 3 \u2013 DUTIES OF CORPORATE SERVICES PROVIDERS\nAND THE REGISTRAR\n9.\nConfirmation of limited liability partnership\u2019s exemption from the application\nof Part 8 of the Law\n9.\n(1) Where a limited liability partnership is exempt from the application of Part 8 of\nthe Law, the corporate services provider that provides registered office services\nto the limited liability partnership (or the Registrar if the Registrar provides such\nservices) shall provide the competent authority with all relevant information\nfrom the written confirmation of the exemption provided by the limited liability\npartnership under section 60(2) of the Law.\n(2) The relevant information shall be provided by way of the search platform\nestablished pursuant to section 67 of the Law and in the place and manner and\nat such intervals as are required of corporate services providers by virtue of\nsection 68(2) of the Law and these Regulations.\n(3) The written confirmation of the exemption required to be provided by a limited\nliability partnership by section 60(2) of the Law shall include the following\ninformation for the purposes of paragraph (a)(ii) of that section \u2014\n(a) for an exemption under section 52(1)(a) of the Law, the name of the stock\nexchange;\n(b) for an exemption under section 52(1)(c) of the Law, the names of the\napproved person, the regulator or the stock exchange that is relevant to the\napproved person and the jurisdiction in which that regulator or stock\nexchange is established;\n(c) for an exemption under section 52(1)(d) of the Law, the names of the\nrelevant regulator and the jurisdiction in which that regulator is\nestablished;\n(d) for an exemption under section 52(1)(e) of the Law \u2014\n(i)\nwhere the vehicle, fund or scheme is registered or holds a licence\nunder a regulatory law, the name of the partnership; or\n(ii) where the vehicle, fund or scheme is managed, arranged,\nadministered or operated by an approved person, the names of the\npartnership, the approved person and the regulator or stock exchange\nthat is relevant to the approved person and the jurisdiction in which\nthat regulator or stock exchange is established;\n\nRegulation 10\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 10\nRevised as at 31st December, 2021\nc\n\n(e) for an exemption under section 52(1)(f) of the Law, the name of the\nrelevant legal entity holding a licence under the relevant Law referred to\nin that section;\n(f)\nfor an exemption under section 52(1)(g) of the Law, such information as\nmay be prescribed.\n(4) Where a limited liability partnership is exempted on the basis that it is a\nsubsidiary of one or more legal entities described in section 52(1) of the Law,\nthe written confirmation shall include \u2014\n(a) the names of \u2014\n(i)\nevery legal entity described in that section of which the limited\nliability partnership is a subsidiary for the reasons set out in\nsection 52(4)(a) or (b); or\n(ii) the ultimate parent or parents in each chain of exempted legal entities,\nwhere the limited liability partnership is a subsidiary by reason only\nof section 52(4)(c); and\n(b) in respect of each legal entity named pursuant to paragraph (a), the\nparagraph of section 52(1) that provides for the exemption and such\nadditional information as may be relevant based on the provisions set out\nin that paragraph.\n(5) Where, in the case of an exemption under section 52(1)(e) of the Law, the\ngeneral partner is a general partner of more than one partnership which qualifies\nfor the exemption, the written confirmation of the exemption need only name\none such partnership.\n(6) Where a limited liability partnership is exempt from the application of Part 8 of\nthe Law under more than one paragraph of section 52(1) of the Law, the written\nconfirmation of the exemption need only include the information required by\none subparagraph of paragraph (3) of this regulation that applies to the limited\nliability partnership.\n(7) The written confirmation referred to in paragraph (4) need only include the\nnames of legal entities or parent entities that are required under\nsubparagraph (4)(a) and apply to the limited liability partnership.\n10.\nChanges to information in confirmation of exemption\n10. (1) If a limited liability partnership that has provided a written confirmation of\nexemption to a corporate services provider or the Registrar in accordance with\nsection 60(2) of the Law becomes aware that any information in the\nconfirmation has ceased to be true, the limited liability partnership shall, within\none month of becoming aware of that fact, provide the corporate services\nprovider or the Registrar, as the case may be, with \u2014\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 11\n\nc\nRevised as at 31st December, 2021\nPage 11\n\n(a) an amended written confirmation of the exemption correcting the\nerroneous information and  including any additional information required\nby these Regulations; and\n(b) instructions to file the amended confirmation of exemption with the\ncompetent authority.\n(2) On receipt of an amended confirmation of exemption provided under\nparagraph (1), a corporate services provider or the Registrar, as the case may be,\nshall provide the competent authority with all relevant information from the\namended confirmation or exemption in accordance with the requirements of\nregulation 9(2).\n11.\nDeposit of beneficial ownership information\n11. (1) Corporate services providers shall deposit with the competent authority not less\nthan once in each month \u2014\n(a) the beneficial ownership information required to be deposited under\nsection 68(2) of the Law and the relevant information required under\nregulation 9(1) respecting a confirmation of exemption; or\n(b) if the beneficial ownership information and relevant information referred\nto in subparagraph (a) has not changed since the prior deposit of such\ninformation, a notice that there has been no change to the information since\nthat time.\n(2) The beneficial ownership information and notice referred to in paragraph (1)\nshall be deposited in the manner specified by the competent authority as being\ncompatible with its search platform.\n(3) Notwithstanding paragraph (1), a limited liability partnership that is being\nwound up need only deposit the beneficial ownership information and notice\nreferred to in that paragraph every ninety days.\nPART 4 \u2013 RESTRICTIONS NOTICE\n12.\nContent of a restrictions notice\n12. A restrictions notice shall \u2014\n(a) specify the date on which it is issued;\n(b) identify the addressee\u2019s relevant interest in the limited liability partnership\nthat is relevant to the restrictions notice by reference to the partnership\ninterest or right in question;\n(c) explain the effect of the notice;\n(d) state that, by virtue of the notice, certain acts or failures to act may\nconstitute an offence; and\n\nRegulation 13\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 12\nRevised as at 31st December, 2021\nc\n\n(e) state that an aggrieved person may apply to the court for an order directing\nthat the relevant interest cease to be subject to restrictions.\n13.\nWithdrawal of a restrictions notice\n13. Where a corporate services provider is required to withdraw a restrictions notice\nunder section 80 of the Law, the withdrawal notice shall \u2014\n(a) be given before the end of the period of fourteen days beginning with the\nday on which the corporate services provider is required to withdraw the\nrestrictions notice under that section;\n(b) specify the date on which the withdrawal notice is given;\n(c) identify the interest in the limited liability partnership that is relevant to\nthe restrictions notice by reference to the partnership interest or right in\nquestion; and\n(d) state that the relevant interest is no longer subject to restrictions.\nPART 5 \u2013 HOLDING AN INTEREST IN A LIMITED LIABILITY\nPARTNERSHIP DIRECTLY OR INDIRECTLY\n14.\nApplication\n14. For the purposes of determining whether a person meets the specified conditions\nunder section 54 or 55 of the Law or is a registrable person under section 58, this Part\nspecifies the circumstances in which \u2014\n(a) a person (\u201cV\u201d) is to be regarded as directly holding an interest in a limited\nliability partnership (\u201cW\u201d); and\n(b) an interest held by V in W is to be regarded as held indirectly through a\nlegal entity.\n15.\nHolding an interest in a limited liability partnership directly\n15. (1) V holds an interest in limited liability partnership W directly if \u2014\n(a) V holds a partnership interest of W directly;\n(b) V holds, directly, voting rights in W;\n(c) V holds, directly, the right to appoint or remove any of the persons entitled\nto take part in the management of W;\n(d) V has the right to exercise, or actually exercises, significant influence or\ncontrol directly over W; or\n(e) paragraph (2) is satisfied.\n(2) This paragraph is satisfied where \u2014\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 16\n\nc\nRevised as at 31st December, 2021\nPage 13\n\n(a) the trustees of a trust (or the members of a partnership or other entity that\nunder the law by which it is governed is not a legal person) hold an interest\nin W in a way mentioned in paragraph (1)(a) to (d); and\n(b) V has the right to exercise, or actually exercises, significant influence or\ncontrol directly over the activities of that trust, partnership or other entity.\n16.\nHolding an interest in a limited liability partnership indirectly through a legal\nentity\n16. (1) This regulation applies where V \u2014\n(a) holds a partnership interest in W by virtue of indirectly holding a\npartnership interest in W; and\n(b) holds a partnership interest in W by virtue of having a majority stake as\ndescribed in regulation 17(2) in \u2014\n(i)\na legal entity (\u2018L\u201d) which holds the partnership interest directly; or\n(ii) a legal entity that is part of a chain of legal entities described in\nregulation 17(1)(b) that includes L.\n(2) Where this regulation applies, V holds the interest in W \u2014\n(a) through L; and\n(b) through each other legal entity in the chain mentioned in\nparagraph (1)(b)(ii).\n17.\nRights or interests held indirectly\n17. (1) A person holds a right or partnership interest indirectly if the person has a\nmajority stake in a legal entity and that entity \u2014\n(a) holds the right or partnership interest in question; or\n(b) is part of a chain of legal entities \u2014\n(i)\neach of which (other than the last) has a majority stake in the entity\nimmediately below it in the chain; and\n(ii) the last of which holds the right or partnership interest.\n(2) For these purposes, a person (\u201cA\u201d) has a majority stake in a legal entity (\u201cB\u201d)\nif \u2014\n(a) A holds a majority of the voting rights in B;\n(b) A is a member of B and has the right to appoint or remove a majority of \u2014\n(i)\nthe board of directors of B; or\n(ii) the managers or a person holding similar or equivalent position in B;\n(c) A is a member of B and controls alone, pursuant to a joint agreement with\nother members, a majority of the voting rights in B; or\n\nRegulation 18\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 14\nRevised as at 31st December, 2021\nc\n\n(d) A has the right to exercise, or actually exercises, dominant direct influence\nor control over B.\n(3) In the application of this paragraph to the right to appoint or remove a majority\nof the board of directors, a legal entity is to be treated as having the right to\nappoint a director if \u2014\n(a) a person\u2019s appointment as director follows necessarily from that person\u2019s\nappointment as director of the legal entity; or\n(b) the directorship is held by the legal entity itself.\nPART 6 \u2013 DETERMINING WHETHER A PERSON MEETS THE\nSPECIFIED CONDITIONS OR HOLDS A RELEVANT INTEREST\n18.\nDetermining whether a person meets specified conditions\n18. This Part applies for the purposes of determining whether a person meets the specified\nconditions under section 54 or 55 of the Law or holds a relevant interest for the\npurposes of the provisions relating to restriction notices under Part 8 of the Law.\n19.\nJoint interests and arrangements\n19. (1) If two or more persons each hold a partnership interest or right jointly, each of\nthem is treated as holding it.\n(2) If a partnership interest or right held by a person and a partnership interest or\nright held by another person are the subject of a joint arrangement between those\npersons, each of them is treated as holding the combined partnership interests\nor rights of both of them.\n20.\nReferences to voting rights\n20. (1) A reference to the voting rights in a legal entity is to the rights conferred on the\npersons holding partnership interests or equivalent equity interests to vote at\ngeneral meetings of the entity on all or substantially all matters.\n(2) In relation to a legal entity that does not have general meetings at which matters\nare decided by the exercise of voting rights, a reference to exercising voting\nrights in the entity shall be read as a reference to exercising rights in relation to\nthe entity that are equivalent to those of a person entitled to exercise voting\nrights in a limited liability partnership.\n21.\nVoting rights in a legal entity\n21. In applying this Part, the voting rights in a legal entity shall be reduced by any rights\nheld by the entity itself.\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 22\n\nc\nRevised as at 31st December, 2021\nPage 15\n\n22.\nInterests or rights held by nominees\n22. An interest or right held by a person as nominee for another is to be treated for the\npurposes of these Regulations as held by the other (and not by the nominee).\n23.\nRight to share in surplus limited liability partnership property\n23. For the purpose of section 54(3)(a) of the Law, to the extent that the holding of a right\nto share in any surplus limited liability partnership property on a winding up of the\nlimited liability partnership is not expressly provided for, each member of the limited\nliability partnership shall be treated as holding the right to an equal share in any\nsurplus limited liability partnership property on a winding up.\n24.\nRight to appoint or remove managers\n24. A reference to the right to appoint or remove \u2014\n(a) a majority of the directors; or\n(b) a manager or a person holding a similar or equivalent position, of a legal\nentity,\nis to the right to appoint or remove managers holding a majority of the voting rights\non all or substantially all matters at meetings of the managers.\n25.\nRights treated as held by person who controls their exercise\n25. (1) Where a person controls a right, the right is to be treated for the purposes of\nthese Regulations as held by that person (and not by the person who in fact holds\nthe right, unless that person also controls it).\n(2) Where a relevant interest is treated under this regulation as held by a person\nother than the person who in fact holds the interest, both the holder and the other\nperson shall be regarded as holding the relevant interest.\n(3) A person controls a right if, by virtue of any arrangement between that person\nand others, the right is exercisable only \u2014\n(a) by that person;\n(b) in accordance with that person\u2019s directions or instructions; or\n(c) with that person\u2019s consent or concurrence.\n26.\nRights exercisable only in certain circumstances, etc\n26. (1) Rights that are exercisable only in certain circumstances shall be taken into\naccount only \u2014\n(a) when the circumstances have arisen and for so long as they continue to\nsubsist; or\n(b) when the circumstances are within the control of the person having the\nrights.\n\nRegulation 27\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 16\nRevised as at 31st December, 2021\nc\n\n(2) Notwithstanding paragraph (1), rights that are exercisable by an administrator\nor by creditors while a legal entity is in insolvency proceedings shall not be\ntaken into account even while the entity is in those proceedings.\n(3) Rights that are normally exercisable but are temporarily incapable of exercise\nshall continue to be taken into account.\n27.\nRights attached to partnership interests held by way of security\n27. Rights attached to partnership interests held by way of security provided by a person\nshall be treated as held by that person \u2014\n(a) where apart from the right to exercise them for the purpose of preserving\nthe value of the security, or of realising it, the rights are exercisable only\nin accordance with that person\u2019s instructions; and\n(b) where the partnership interests are held in connection with the granting of\nloans as part of normal business activities and apart from the right to\nexercise them for the purpose of preserving the value of the security, or of\nrealising it, the rights are exercisable only in that person\u2019s interests.\n28.\nLimited partners\n28. (1) An individual or a legal entity does not meet the specified conditions for being\na beneficial owner or a relevant legal entity in relation to a limited liability\npartnership by virtue only of being a limited partner.\n(2) An individual or a legal entity does not meet the specified conditions in\nsection 54(3) of the Law in relation to a limited liability partnership (or to the\nextent they may otherwise apply to such legal entity by virtue of section 55(3)\nof the Law) by virtue only of, directly or indirectly, holding a partnership\ninterest or a right in or in relation to a limited partner which (in its capacity as\nsuch) would meet the condition if it were an individual.\n(3) Paragraphs (1) and (2) do not apply for the purposes of determining under\nsection 54(5) of the Law (to the extent that the section would apply to the legal\nentity by virtue of section 55(3) of the Law) whether the members of a\npartnership or other entity meet the conditions in section 54(3) or (4) of the Law\n(to the extent that the section would apply to the legal entity by virtue of\nsection 55(3) of the Law) in their capacity as members.\n(4) In this regulation, \u201climited partner\u201d means \u2014\n(a) a limited partner in a limited partnership registered under the Partnership\nAct (2013 Revision) or the Exempted Limited Partnership Act (2021\nRevision), other than one who takes part in the management of the\npartnership business; or\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 29\n\nc\nRevised as at 31st December, 2021\nPage 17\n\n(b) an individual or a legal entity who is a foreign limited partner and\nparticipates in limited partnership arrangements established under the law\nof a country or territory outside the Islands.\nPART 7 \u2013 ADMINISTRATIVE FINES\n29.\nDefinitions in this Part\n29. In this Part \u2014\n\u201cadministrative fine notice\u201d means an administrative fine notice issued by the\nRegistrar under regulation 30 for the imposition of an administrative fine, in\naccordance with section 88 of the Law, to a person who breaches a provision of\nPart 8 of the Law that is specified in the Schedule of the Law;\n\u201capplicant\u201d means a person who appeals against the decision of the Registrar\nto impose an administrative fine in accordance with section 88 of the Law;\n\u201coriginal decision\u201d means the decision of the Registrar to impose the\nadministrative fine specified in an administrative fine notice, in accordance with\nsection 88 of the Law; and\n\u201creview committee\u201d means a committee appointed by the competent authority\nunder regulation 31(3).\n30.\nAdministrative fine notice\n30. (1) The Registrar may impose an administrative fine, which is set out in the\nSchedule of the Law, in accordance with Part 9 of the Law for a breach of a\nprovision under Part 8 of the Law, by issuing to a person, an administrative fine\nnotice in accordance with paragraphs (2) and (3).\n(2) An administrative fine notice referred to in paragraph (1) shall specify \u2014\n(a) the date on which the notice was issued;\n(b) the breach for which the fine is imposed and the provision under the Law;\n(c) details of the breach;\n(d) the amount of the fine;\n(e) how payment should be made;\n(f)\nthe date by which the administrative fine should be paid;\n(g) the effects of non-payment; and\n(h) the process for appealing against the decision of the Registrar to impose\nthe administrative fine.\n(3) The Registrar may issue an administrative fine notice under paragraph (2) \u2014\n(a) to an individual, by sending the notice to the most recent email address\nprovided by the individual to the Registrar; or\n\nRegulation 31\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 18\nRevised as at 31st December, 2021\nc\n\n(b) to a body corporate, by sending the notice to the most recent email address\nprovided to the Registrar of \u2014\n(i)\na director or officer of the body corporate; or\n(ii) its corporate services provider.\n31.\nAppeal to the competent authority\n31. (1) A person who receives an administrative fine notice may, by application, appeal\nagainst the decision of the Registrar to impose the administrative fine to the\ncompetent authority.\n(2) An application under paragraph (1) shall be made in the form set out in the\nSchedule, within thirty days from the date of receipt of the administrative fine\nnotice.\n(3) The competent authority shall, on receipt of an application under paragraph (1),\nappoint a review committee to conduct an inquiry concerning the matters raised\nin the application under paragraph (1).\n32.\nReview committee\n32. (1) The review committee shall comprise the following officers of the ministry with\nresponsibility for financial services \u2014\n(a) two persons with knowledge and experience in accounting, financial\nservices, banking or compliance; and\n(b) an attorney-at-law.\n(2) The competent authority shall not appoint to the review committee, any officer\nwho assisted the Registrar in decision-making regarding the fine.\n(3) Subject to any directions that may be given by the competent authority, the\nreview committee may regulate its own procedure.\n(4) The review committee shall notify the Registrar of an application submitted\nunder regulation 31(1) and the grounds on which the applicant relies and the\nRegistrar may make written representations to the review committee concerning\nthe application, but shall not otherwise participate in any discussion, decision,\ndebate or vote of the review committee concerning the application.\n(5) The competent authority may by notice in writing, require an applicant to\nprovide such documents, statements or any other information as it may\nreasonably require in the exercise of its functions.\n(6) An applicant who receives a notice under paragraph (5), shall comply with the\nnotice within the period and in the manner specified in the notice.\n(7) The review committee shall upon completing the inquiry, report its findings and\nrecommendations to the competent authority.\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nRegulation 33\n\nc\nRevised as at 31st December, 2021\nPage 19\n\n33.\nDecision by the competent authority\n33. (1) The competent authority shall, upon receipt of the report of the review\ncommittee, consider and determine the application under regulation 31(1) and\nmay affirm or set aside the original decision.\n(2) The competent authority shall have regard to, but is not bound by, the findings\nand recommendations of the review committee.\n(3) The competent authority shall, within fifteen working days of receipt of an\napplication under regulation 31(1), give the applicant notice of its decision.\n(4) Where the competent authority affirms the original decision, the notice of the\ndecision on the application shall also state \u2014\n(a) the reasons for the decision; and\n(b) that the applicant may apply to the Grand Court for judicial review of the\ndecision.\n(5) Where the competent authority sets aside the original decision, the original\ndecision is deemed never to have been made.\n34.\nNo stay of original decision\n34. An appeal under regulation 31 does not stay the operation of the original decision by\nthe Registrar to impose an administrative fine as specified in the administrative fine\nnotice\n35.\nEvidentiary provisions\n35. (1) The date stated on an administrative fine notice is the date on which the\nadministrative fine is considered imposed for the purpose of section 31(1)(b) of\nthe Law.\n(2) For the purpose of regulation 31(2), where the administrative fine notice is sent\nto a person by email, the date the email is sent is considered the date of receipt.\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nSCHEDULE\n\nc\nRevised as at 31st December, 2021\nPage 21\n\n SCHEDULE\n(regulation 31(2))\nAPPLICATION FOR AN APPEAL TO THE COMPETENT AUTHORITY\nTo: The competent authority\nAt:___________________________________________ _________________________\n(The physical address of the competent authority)\nOR\nIf the competent authority accepts the sending of an application under regulation 31 at a\nparticular email address:\n_______________________________________________________________________\n(The email address of the competent authority)\nTAKE NOTICE that, under regulation 31, the following person applies to the competent\nauthority to appeal against the decision of the Registrar to impose the administrative fine\nby administrative fine notice received by the person on:\n_______________________________________________________________________\n(Here insert date the notice was received and, if two or more administrative fine notices\nwere given on that day. Identify the fine(s) in the administrative fine notice(s) which are\nthe subject of the appeal.)\nApplicant\u2019s full name:____________________________ _________________________\nThe applicant\u2019s physical address is: __________________________________________\n_______________________________________________________________________\nThe applicant\u2019s email address for notices from the competent authority to the applicant is:\n_______________________________________________________________________\nParticulars about the application are as follows:\nThe relevant prescribed provision set out in the administrative fine notice is:\n________________________________________________________________________\nThe grounds of appeal on which the applicant relies are:\n________________________________________________________________________\n________________________________________________________________________\nThe facts and circumstances that the applicant relies on for the grounds are:\n________________________________________________________________________\n________________________________________________________________________\n\nSCHEDULE\nBeneficial Ownership (Limited Liability Partnership) Regulations\n\nPage 22\nRevised as at 31st December, 2021\nc\n\n________________________________________________________________________\n(Here insert the facts and circumstances relied on, including those contended to be\ndifferent from those set out in the relevant administrative fine notice and any relevant\nsurrounding circumstances.)\nDated ______________________, 20_____.\n______________________________________________________\nSigned on behalf of the applicant\n______________________________________________________\nPosition with the applicant (If the applicant is not an individual)\nPublication in consolidated and revised form authorised by the Cabinet this 11th\nday of January, 2022.\nKim Bullings\nClerk of the Cabinet\n\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\nENDNOTES\n\nc\nRevised as at 31st December, 2021\nPage 23\n\nENDNOTES\nTable of Legislation history:\nSL#\nLaw\/Act#\nLegislation\nCommencement\nGazette\n\n56\/2020 Citation of Acts of Parliament Act, 2020\n3-Dec-2020 LG89\/2020\/s1\n150\/2020\nBeneficial Ownership (Limited Liability Partnership)\n(Amendment) Regulations, 2020\n1-Dec-2020 LG87\/2020\/s4\n\n15\/2019\n\nBeneficial Ownership (Limited Liability Partnership)\nRegulations, 2019\n30-Nov-2020\nLG8\/2019\/s3\n\nENDNOTES\nBeneficial Ownership (Limited Liability Partnership) Regulations (2022\nRevision)\n\nPage 24\nRevised as at 31st December, 2021\nc\n\n(Price: $4.80)","akn_extracted_at":"2026-06-22 15:38:07.497711+00","cms_id":"2019-0015","law_type":"subordinate","year":"2019","number":"15","title":"Beneficial Ownership (Limited Liability Partnership) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5746","expr_id":"643","kind":"akn_xml","filename":"2019-0015_2022 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2019\/2019-0015\/2019-0015_2022 Revision.akn.xml","content_md5":"ff860b9dd7b8df2a2d975a2e0b5d316d","byte_size":"43219","http_last_modified":null,"fetched_at":"2026-06-22 15:38:07.824438+00"},{"file_id":"1285","expr_id":"643","kind":"pristine_pdf","filename":"2019-0015_2022 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2019\/2019-0015\/2019-0015_2022 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2019\/2019-0015\/2019-0015_2022 Revision.pdf","content_md5":"9e06890d0a3695d3c45920d0a4bc1997","byte_size":"812412","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.834028+00"},{"file_id":"1286","expr_id":"643","kind":"working_pdf","filename":"2019-0015_2022 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2019\/2019-0015\/2019-0015_2022 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2019\/2019-0015\/2019-0015_2022 Revision.pdf","content_md5":"9e06890d0a3695d3c45920d0a4bc1997","byte_size":"812412","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.834028+00"}],"paragraph_count":27,"latest_history":null},"quality":{"expr_id":"643","doc_id":"643","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{other}","repair_actions":"{collapse_duplicate_text,manual_review,strip_page_furniture}","finding_severity_counts":"{\"low\": 2, \"medium\": 1}","finding_summary":"OCR artifacts and possible extraneous content detected; metadata may need correction for commencement date.","assessed_at":"2026-06-22 15:29:45.463955+00","updated_at":"2026-06-22 15:29:45.463955+00"}}