{"kind":"expression","expression":{"expr_id":"8863","doc_id":"2042","label":"2026 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\/2024\/26\/eng@2026-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2024\/26\", \"expression\": \"\/akn\/ky\/act\/sl\/2024\/26\/eng@2026-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2024\/26\/eng@2026-01-01.pdf\"}, \"pdf\": {\"md5\": \"131f764280bddd68fd12f0820d7efad5\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2024\/2024-0026\/2024-0026_2026 Revision.pdf\", \"pages\": 32, \"filename\": \"2024-0026_2026 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 6634, \"paragraph_count\": 34, \"text_char_count\": 44935}, \"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\": \"Beneficial Ownership Transparency Act (2026 Revision) BENEFICIAL OWNERSHIP TRANSPARENCY REGULATIONS (2026 Revision) PUBLISHING DETAILS Revised under the authority of the Law Revision Act (2020 Revision). Beneficial Ownership Transparency Regulations, 2024 [SL 26 of 2024] consolidated with the Beneficial Ownership Transparency (Amendment) Regulations, 2025 [SL 16 of 2025] and the Beneficial Ownership Transparency (Amendment) Regulations, 2026 [SL 1 of 2026]. Originally made \u2014 SL 26 of 2024 made 30th July, 2024 SL 16 of 2025 made 25th February, 2025 SL 1 of 2026 made 21st January, 2026. Consolidated and revised this 23rd January, 2026. Beneficial Ownership Transparency Regulations (2026 Revision) Arrangement of Regulations Beneficial Ownership Transparency Act (2026 Revision) BENEFICIAL OWNERSHIP TRANSPARENCY REGULATIONS (2026 Revision) Arrangement of Regulations Regulation PART 1 - PRELIMINARY 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"PART 2 - ADDITIONAL MATTERS FOR BENEFICIAL OWNERSHIP REGISTER 3.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Additional matters where an identified registrable beneficial owner\u2019s particulars are not 5.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"PART 3 - DUTIES OF THE CORPORATE SERVICES PROVIDER 7.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Arrangement of Regulations Beneficial Ownership Transparency Regulations (2026 Revision) PART 4 - RESTRICTIONS NOTICES 9.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"PART 5 - ADMINISTRATIVE FINES 11. 12. 13. 14. 15. 16.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"PART 6 - HOLDING AN INTEREST IN A LEGAL PERSON DIRECTLY OR INDIRECTLY 18. 19. 20. 21. 22.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"PART 7 - INTERPRETATION OF MISCELLANEOUS TERMS AND RULES RESPECTING THE HOLDING OF SHARES AND RIGHTS 24. 25.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"31. PART 8 - MISCELLANEOUS 32. 33. SCHEDULE 1 BREACHES FOR WHICH AN ADMINISTRATIVE FINE MAY BE IMPOSED SCHEDULE 2 Application for an appeal to the competent authority Beneficial Ownership Transparency Regulations (2026 Revision) Arrangement of Regulations SCHEDULE 3 Fee ENDNOTES Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 1 Beneficial Ownership Transparency Act (2026 Revision) BENEFICIAL OWNERSHIP TRANSPARENCY REGULATIONS (2026 Revision) PART 1 - PRELIMINARY\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Beneficial Ownership Transparency Regulations (2026 Revision). 2. Definitions 2. (1)  In these Regulations \u2014 \u201cadministrative fine notice\u201d means an administrative fine notice issued by the Registrar under regulation 12 to a person who breaches a provision that is specified in Schedule 1; \u201capplicant\u201d means a person who appeals under regulation 13 against the decision of the Registrar to impose an administrative fine; \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, Regulation 3 Beneficial Ownership Transparency Regulations (2026 Revision) where there is at the very least a degree of stability (whether by its nature or terms, the time it has been in existence or otherwise); \u201cjoint arrangement\u201d means an arrangement between the holders of shares or rights that they will exercise all, or substantially all, of the rights conferred by their respective shares or rights jointly in a way that is pre-determined by the arrangement; \u201clegal entity\u201d means \u2014 (a)  a legal person; or (b)  an entity established overseas that is similar to a legal person, and includes any other entity established in the Islands or overseas that has separate legal personality under the law by which it is governed; \u201coriginal decision\u201d means the decision of the Registrar to impose the administrative fine set out in an administrative fine notice under regulation 12; \u201cprincipal Act\u201d means the Beneficial Ownership Transparency Act (2026 Revision); \u201creview committee\u201d means a committee appointed by the competent authority under regulation 13(3); and \u201cwithdrawal notice\u201d means a notice under section 19(3) of the principal Act that withdraws a restrictions notice. (2)  In these Regulations \u2014 (a)  a reference to the voting rights in a legal person is to be construed as the rights conferred on shareholders in respect of their shares (or, in the case of a legal person not having a share capital, on members) to vote at general meetings of the legal person on all or substantially all matters; and (b)  in relation to a legal person 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 legal person shall be read as a reference to exercising rights in relation to the legal person that are equivalent to those of a person entitled to exercise voting rights in a legal person. PART 2 - ADDITIONAL MATTERS FOR BENEFICIAL OWNERSHIP REGISTER\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Duty of a legal person to provide additional matters to corporate services provider 3. (1) A legal person shall provide in writing to a corporate services provider the additional matters required to be noted by this Part. (2) Where a registrable beneficial owner, the senior managing official or a trustee identified in accordance with section 4(3) of the principal Act is deceased and Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 4 for that reason has ceased to function in the respective role, the legal person shall provide the date of death in writing to its corporate services provider. (3) If a legal person becomes aware that any information in relation to the required particulars has ceased to be current, the legal person shall provide, within thirty days of becoming aware of that fact and, in consideration of the legal person\u2019s obligations under section 14 of the principal Act, the corporate services provider with written confirmation of the amended particulars, updating the information and including any additional information required by these Regulations. 4. Additional matters where an identified registrable beneficial owner\u2019s particulars are not confirmed 4. (1) This regulation applies where \u2014 (a) a legal person has identified a registrable beneficial owner, the senior managing official or a trustee identified in accordance with section 4(3) of the principal Act in relation to the legal person; and (b) all the required particulars of the registrable beneficial owners, the senior managing official or the trustees identified in accordance with section 4(3) of the principal Act of that legal person have not yet been identified or confirmed by the legal person in accordance with section 6 of the principal Act, or verified by the corporate services provider in accordance with section 11 of the principal Act. (2) The corporate services provider of the legal person shall note in the legal person\u2019s beneficial ownership register the word \u201cpending\u201d to show that either \u2014 (a) the legal person is in the process of taking steps to identify all of the required particulars of the registrable beneficial owner in relation to the legal person; or (b) the legal person has identified a registrable beneficial owner in relation to the legal person but all the required particulars have not yet been confirmed by the legal person or verified by the corporate services provider. (3) If at any time between \u2014 (a) the date of a legal person\u2019s incorporation, establishment or registration by way of continuation under \u2014 (i) the Companies Act (2026 Revision); (ii) the Limited Liability Companies Act (2025 Revision); (iii) the Limited Liability Partnership Act (2025 Revision); (iv) the Exempted Limited Partnership Act (2025 Revision); or (v) the Partnership Act (2025 Revision); and (b) the date of the legal person\u2019s dissolution or removal from the register, or similar record, kept by the Registrar under \u2014 Regulation 5 Beneficial Ownership Transparency Regulations (2026 Revision) (i) section 26(3) of the Companies Act (2026 Revision); (ii) section 4(2) of the Limited Liability Companies Act (2025 Revision); (iii) section 44(2) of the Limited Liability Partnership Act (2025 Revision); (iv) section 9(2) of the Exempted Limited Partnership Act (2025 Revision); or (v) section 49(2) of the Partnership Act (2025 Revision), the legal person\u2019s beneficial ownership register, or similar record, contains the note \u201cpending\u201d for an uninterrupted period of three or more calendar months, the legal person is presumed to be in breach of section 6 of the Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Additional matters where a corporate services provider has issued a restrictions notice 5. (1) This regulation applies where a corporate services provider has issued a restrictions notice under section 19 of the principal Act. (2) The corporate services provider shall note in the legal person\u2019s beneficial ownership register the date of issuance of the restrictions notice. (3) Where the Grand Court makes an order under section 21 of the principal Act directing that a relevant interest in the legal person cease to be subject to restrictions, the corporate services provider shall \u2014 (a) note in the legal person\u2019s beneficial ownership register the date that the restrictions notice ceased; and (b) enter into the legal person\u2019s records a copy of the Grand Court\u2019s order. 6. Nationality 6. (1) The required particulars for nationality in accordance with section 12(5)(e) of the principal Act is a single nationality. (2) Notwithstanding paragraph (1), where an individual holds more than one nationality, it is required that this is indicated in the beneficial ownership register. PART 3 - DUTIES OF THE CORPORATE SERVICES PROVIDER\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Changes to information 7. A corporate services provider shall, on receipt of amended particulars provided by the legal person under regulation 3(3), update the register. Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 8 8. Deposit of beneficial ownership information 8. (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 13 of the principal Act; or (b) if the beneficial ownership information referred to in subparagraph (a) has not changed since the prior deposit of the information, an indicator that there has been no change to the information since that time. (2) The beneficial ownership information or indicator 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), and subject to section 14(2) of the principal Act, the period for the deposit of the beneficial ownership information and indicator referred to in that paragraph is \u2014 (a) every ninety days for a legal person that is in liquidation; and (b) every three hundred and sixty-five days for an ordinary resident company. PART 4 - RESTRICTIONS NOTICES\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Content of a restrictions notice 9. A restrictions notice under section 19 of the principal Act shall \u2014 (a) specify the date on which it is issued; (b) if applicable, identify the interest in the legal person that is relevant to the restrictions notice by reference to the shares 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; (e) state that an aggrieved person may apply to the Grand Court under section 21(3) of the principal Act for an order directing that the relevant interest cease to be subject to restrictions; and (f) state that where the relevant interest is subject to a pre-existing security interest granted to a third party who is not affiliated with the legal person the restrictions notice shall not take effect in accordance with section 19(1)(c) of the principal Act. 10. Withdrawal of a restrictions notice 10. (1) Where a corporate services provider is required to withdraw a restrictions notice under section 19 of the principal Act, the withdrawal notice shall \u2014 Regulation 11 Beneficial Ownership Transparency Regulations (2026 Revision) (a) be sent to the legal person within fourteen days after the day on which the corporate services provider is required to withdraw the restrictions notice; (b) specify the date on which the withdrawal notice is sent; (c) if applicable, identify the interest in the legal person that is relevant to the restrictions notice by reference to the shares or right in question; and (d) state that the relevant interest is no longer subject to restrictions. (2) Where a corporate services provider withdraws a restrictions notice under section 19(3) of the principal Act, the corporate services provider shall \u2014 (a) update the legal person\u2019s beneficial ownership register with the beneficial ownership particulars and the date the restrictions notice ceased; and (b) note in the legal person\u2019s records the basis of the withdrawal of the restrictions notice. PART 5 - ADMINISTRATIVE FINES\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Administrative fines 11. An administrative fine, where it is imposed on a corporate services provider, shall be in respect of each legal person to which the breach relates.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Administrative fine notice 12. (1) The Registrar may impose an administrative fine for a breach of any of the provisions of the principal Act or these Regulations that is specified in Schedule 1 by issuing to a person an administrative fine notice in accordance with paragraphs (3) and (4). (2) Repealed by regulation 4 of the Beneficial Ownership Transparency (Amendment) Regulations, 2026 [SL 1 of 2026]. (3) 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 administrative fine is imposed and the relevant provision under the principal Act or these Regulations; (c) details of the breach; (d) the amount of the administrative fine; (e) how payment should be made; (f) the date by which the administrative fine should be paid; (g) the effects of non-payment; (h) the process for appealing against the decision of the Registrar to impose the administrative fine; and Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 13 (i) reasons for the decision. (4) The Registrar may issue an administrative fine notice under paragraph (1) \u2014 (a) to an individual, by sending the notice to the most recent email address provided to the Registrar; (b) to a legal person, by sending the notice to the most recent email address provided to the Registrar for \u2014 (i) a director or senior officer of the legal person; or (ii) its corporate services provider; or (c) to a corporate services provider, by sending the notice to the most recent email address provided to the Registrar.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Appeal to the competent authority 13. (1) A person who receives an administrative fine notice may, by application under paragraph (2), appeal to the competent authority against the decision of the Registrar to impose the administrative fine. (2) An application under paragraph (1) shall be made in the form set out in Schedule 2 within thirty days after 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). (4) The applicant shall not be required to pay the administrative fine specified in the administrative fine notice until a decision is made by the competent authority under regulation 15 which affirms the Registrar\u2019s decision to impose the administrative fine.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Review committee 14. (1) The review committee shall comprise the following officers of the ministry with responsibility for financial services or any of the ministry\u2019s departments or agencies \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 the Registrar\u2019s decision to impose an administrative 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 13(1) and the grounds on which the applicant relies. Regulation 15 Beneficial Ownership Transparency Regulations (2026 Revision) (5) On being notified by the review committee under paragraph (4), 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. (6) The competent authority may, by notice in writing, require an applicant to provide documents, statements or any other information as it may reasonably require in the exercise of its functions. (7) An applicant who receives a notice under paragraph (6) shall comply with that notice within the period and in the manner specified in the notice. (8) The review committee shall, on completing the inquiry, report its findings and recommendations to the competent authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Decision by the competent authority 15. (1) The competent authority shall, upon receipt of the report of the review committee, consider and determine the application under regulation 13(1) and may affirm, set aside or vary the amount of the administrative fine imposed in the original decision the variation being no more than the administrative fine imposed by the Registrar. (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 thirty days of receipt of an application under regulation 13(1), give the applicant notice of its decision. (4) The notice of the decision on the application shall state \u2014 (a) the date of the decision; (b) the reasons for the decision; (c) if applicable, the reasons for the variation to the administrative fine; and (d) that the applicant may apply to the Grand Court for judicial review of the decision. (5) Where the competent authority affirms the original decision or varies the amount of the administrative fine, the person on whom the administrative fine was imposed by the original decision shall pay the administrative fine within fifteen days after the date of the notice of the decision. (6) 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_16\", \"num\": \"16.\", \"text\": \"Evidentiary provisions 16. (1) The date stated on an administrative fine notice is the date on which the administrative fine is considered imposed for the purposes of section 26 of the principal Act. Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 17 (2) For the purposes of regulation 13(2), where the administrative fine notice is sent to a person by email, the date on which the email is sent is the date of receipt. 17. Duty to notify competent authority of discrepancies 17. (1) Every person referred to in section 22(2) of the principal Act, who, by virtue of section 22 of the principal Act has access to beneficial ownership information, shall notify the competent authority of any discrepancy in the information as soon as reasonably practicable, that being no later than five days after the discrepancy was discovered. (2) On receipt of a notification under paragraph (1), the competent authority shall take action as the competent authority considers reasonably appropriate to verify the discrepancy in the beneficial ownership information in a timely manner. PART 6 - HOLDING AN INTEREST IN A LEGAL PERSON DIRECTLY OR INDIRECTLY\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Application of Part 6 18. For the purposes of determining whether a person meets the specified conditions for beneficial ownership under section 4 of the principal Act or is a registrable beneficial owner under section 7 of the principal Act, this Part specifies the circumstances in which \u2014 (a) a person (\u201cA\u201d) is to be regarded as directly holding an interest in a legal person (\u201cB\u201d); and (b) an interest held by a person (\u201cA\u201d) in a legal person (\u201cB\u201d) is to be regarded as held indirectly through a legal entity other than B.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Holding an interest in a legal person directly 19. (1) A holds, directly, interests or voting rights in B; or\u2014 (a) A holds shares in B directly; (b) A holds, directly, or represented by partnership interest, voting rights in B; or (c) A otherwise exercises ultimate effective control over the management of B. (2) Where paragraph (1)(a), (b) and (c) are not met by A, A holds an interest where A exercises control of B through other means in accordance with section 4(1)(c) of the principal Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Holding an interest in a legal person indirectly through a legal entity 20. (1) This regulation applies where A \u2014 Regulation 21 Beneficial Ownership Transparency Regulations (2026 Revision) (a)  holds an interest in B by virtue of indirectly holding shares or voting rights; and (b)  holds an interest in B by virtue of having a majority stake as described in regulation 21 in \u2014 (i)  a legal entity (\u201cL\u201d) which holds the shares or voting rights directly in B; or (ii)  a legal entity that is part of a chain of legal entities such as is described in regulation 21(1)(b) or (2)(b) that includes L. (2) Where this regulation applies, A holds the interest in B \u2014 (a) through L; and (b) through each other legal entity in the chain mentioned in paragraph (1)(b)(ii).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Shares or voting rights held indirectly 21. (1) A holds a share indirectly in B if A has a majority stake in a legal entity and that legal entity \u2014 (a)  holds the share in B; 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 legal entity immediately below it in the chain; and (ii)  the last of which holds the share in B. (2) A holds voting rights indirectly in B if A has a majority stake in a legal entity and that legal entity \u2014 (a)  holds those voting rights; 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 legal entity immediately below it in the chain; and (ii)  the last of which holds those voting rights in B. (3) For the purposes of paragraphs (1)(b)(i) and (2)(b)(i), A has a majority stake in B if \u2014 (a) A holds a majority of the voting rights in B; (b) A exercises ultimate effective control over the management of B; (c) A is a member of B and controls alone a majority of the voting rights in B pursuant to a joint agreement with other shareholders or members; or (d) A has the right to exercise, or actually exercises, dominant direct influence or control over B. Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 22 (4) For the purposes of this regulation, the reference to majority stake means \u201cholding more than 50 per cent\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Required particulars of certain persons 22. (1) The required particulars of the senior managing official identified in accordance with section 4(4) of the principal Act shall be entered in the beneficial ownership register in accordance with section 12(5) of the principal Act. (2) The required particulars of the trustee identified in accordance with section 4(3) of the principal Act, unless the trustee meets the definition of a reportable legal entity,  are \u2014 (a) the required particulars of an individual as set out in section 12(5) of the principal Act; or (b) where the trustee is a corporate trustee, the required particulars set out in section 12(6) of the principal Act, the name of the individual to be contacted, the individual\u2019s email address and telephone number. (3) The required particulars of persons considered as individuals under section 2(2) of the principal Act are \u2014 (a) the required particulars set out in section 12(6) of the principal Act; and (b)  the name of the individual to be contacted, the individual\u2019s email address and telephone number. 23. Contact details of licensed fund administrator 23. The contact details of a licensed fund administrator (or another contact person licensed or registered under a regulatory law) for the provision of beneficial ownership information in accordance with section 12(4)(c) of the principal Act shall include \u2014 (a) the name of the licensed fund administrator (or the other contact person licensed or registered under a regulatory law); and (b) the address, telephone number and email address of the licensed fund administrator (or the other contact person licensed or registered under a regulatory law). Regulation 24 Beneficial Ownership Transparency Regulations (2026 Revision) PART 7 - INTERPRETATION OF MISCELLANEOUS TERMS AND RULES RESPECTING THE HOLDING OF SHARES AND RIGHTS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Application of Part 7 24. This Part applies for the purposes of determining whether a person meets the specified conditions for beneficial ownership under section 4 of the principal Act or holds a relevant interest for the purposes of the provisions respecting restrictions notices under the principal Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Joint interests and arrangements 25. (1) If two or more persons each holds a share or right jointly, each of them is treated as holding that share or right. (2) If shares or rights held by a person and shares or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated as holding the combined shares or rights of both of them. 26. Calculating shareholdings 26. In relation to a legal person\u2014 (a) a reference to holding shares in that legal person is to be construed as holding a right to share in the capital or, as applicable, profits of that legal person; and (b) a reference to holding twenty-five per cent or more of the shares in that legal person is to be construed as holding a right or rights to share in twenty-five per cent or more of the capital or, as applicable, profits of that legal person. Repealed\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Repealed by regulation 9 of the Beneficial Ownership Transparency (Amendment) Regulations, 2026 [SL 1 of 2026]. Voting rights in a legal person\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"In applying this Part, the voting rights in a legal person shall be reduced by any rights held by the legal person itself. Rights treated as held by person who controls their exercise\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"(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. Beneficial Ownership Transparency Regulations (2026 Revision) Regulation 30 (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 having 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. Rights exercisable only in certain circumstances\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"(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. (2) Notwithstanding paragraph (1), rights that are exercisable by an administrator or by creditors while a legal person is in insolvency proceedings shall not be taken into account even while the legal person is in those proceedings. (3) Rights that are normally exercisable but are temporarily incapable of being exercised shall continue to be taken into account.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Rights attached to shares or interests held by way of security 31. Rights attached to shares or interests held by way of security shall be treated as held by the person providing the security \u2014 (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realizing it, the rights are exercisable only in accordance with that person\u2019s instructions; and (b) where the shares or 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 realizing it, the rights are exercisable only in that person\u2019s interests. PART 8 - MISCELLANEOUS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Fee 32. The prescribed fee for the purposes of the principal Act and these Regulations for accessing information on the search platform by a licensed financial institution or a designated non-financial business or profession is specified in Schedule 3. Regulation 33 Beneficial Ownership Transparency Regulations (2026 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Criteria for the exercise of the competent authority\u2019s exemption powers 33. The competent authority may, by giving written notice to an individual or a legal person, exempt an individual or a legal person from compliance with a notice or duty under section 10 of the principal Act \u2014 (a) if it is in the interest of national security; or (b) for the prevention and detection of crime. Beneficial Ownership Transparency Regulations (2026 Revision) SCHEDULE 1 SCHEDULE 1 (regulation 12(1)) BREACHES FOR WHICH AN ADMINISTRATIVE FINE MAY BE IMPOSED Item number Relevant Provision Description of breach 1. Section 6(2) Failure of the legal person to identify every individual that is a beneficial owner of the legal person, every reportable legal entity or the trustees of a trust referred to in section 4(3) of the principal Act. 2. Section 6(3) Failure of a legal person to provide in writing to its corporate services provider the current and valid required particulars of registrable beneficial owners in respect of the legal person. 3. Failure of a legal person to give notice in writing to beneficial owners and reportable legal entities identified by the legal person under section 6 of the principal Act 4. Failure of a registrable beneficial owner to supply information under section 9(1) of the principal Act within the timeframe specified in section 9(3) of the principal Act. 5. Section 11(1) Failure of a corporate services provider to take reasonable measures to verify the identity of a beneficial owner. 6. Section 12(1) Failure of a corporate services provider to provide the competent authority with written confirmation as to the category of that legal person. 6A Section 12(8) Failure of the legal person to provide requested beneficial ownership information. 7. Section 13(1) Failure of a corporate services provider engaged for the provision of registered office services to establish and maintain adequate, accurate and current beneficial ownership information in relation to the legal person in the form of required particulars. SCHEDULE 1 Beneficial Ownership Transparency Regulations (2026 Revision) Item number Relevant Provision Description of breach 8. Regulation 7 Failure of a corporate services provider to update the register on receipt of the amended particulars provided by the legal person under regulation 3(3) 9. Section 13(3); Regulation 8 Failure of a corporate services provider to deposit the beneficial ownership information required to be deposited under section 13 of the principal Act in accordance with regulation 8(1)(a) or failure to file an indicator that there is no change where the beneficial ownership information has not changed since the prior deposit of information in accordance with regulation 8(1)(b) 10. Section 14(1) Failure of a legal person to give notice requesting confirmation of a relevant change to a registrable beneficial owner as soon as reasonably practicable (that being no later than thirty days after it learns of the change or had reasonable cause to believe that the change had occurred) 11. Section 14(2) Failure of a legal person that receives confirmation of a relevant change to record the details of the change and to instruct the corporate services provider to enter in the legal person\u2019s beneficial ownership register, in the prescribed form and manner, the information specified in section 14(2) of the principal Act. 12. Regulation 3(2) Failure of the legal person to provide in writing to its corporate services provider the date on which a deceased registrable beneficial owner ceased to be a registrable beneficial owner. 13. Regulation 3(3) Failure of the legal person to notify a corporate services provider to update its beneficial ownership register within thirty days of becoming aware of the additional matters ceasing to be accurate. 14. Failure of a person to whom section 15 of the principal Act applies \u2014 (a) to notify the legal person of a relevant change; (b) to state the date on which the relevant change occurred; or (c) to give the legal person the information needed to update the legal person\u2019s beneficial ownership register, Beneficial Ownership Transparency Regulations (2026 Revision) SCHEDULE 1 Item number Relevant Provision Description of breach within the timeframe specified in section 15(3) of the principal Act. 15. Failure of a corporate services provider engaged by the legal person to \u2014 (a) remove the entry relating to an individual or reportable legal entity from the legal person\u2019s beneficial ownership register; or (b) retain the record relating to an individual or reportable legal entity for five years after the date on which the individual or reportable legal entity ceased to be a registrable beneficial owner in relation to the legal person. 16. Section 18(1) Failure of a legal person\u2019s corporate services provider who is of the opinion that the legal person \u2014 (a) has failed to comply with section 8 or 14 of the principal Act without reasonable excuse; or (b) has made a statement regarding matters relevant to the principal Act to the corporate services provider that is false or misleading, to give notice of this to the legal person. 17. Section 18(2) Failure of a legal person on receipt of a notice under section 18(1) of the principal Act to provide the corporate services provider with \u2014 (a) the missing particulars required under section 12 of the principal Act pertaining to registrable beneficial owners; or (b) a justification or correction respecting any statement identified as being false or misleading in the notice . 18. Section 18(3) Failure of a corporate services provider to \u2014 (a) issue a restrictions notice to a legal person; or (b) send a copy of the restrictions notice to the competent authority within fourteen days of issuing it, where the legal person does not comply with the obligations under section 18(3) of the principal Act. 19. Section 24(2) Failure of a legal person or a corporate services provider SCHEDULE 1 Beneficial Ownership Transparency Regulations (2026 Revision) Item number Relevant Provision Description of breach to respond to a request for information under section 24(1) of the principal Act within the period and in the manner specified in the notice of request. 20. Failure of a corporate services provider to forward the correspondence or documentation to the legal person or individual to whom it is addressed without delay. Beneficial Ownership Transparency Regulations (2026 Revision) SCHEDULE 2 SCHEDULE 2 (regulation 13(2)) Application for an appeal to the competent authority To: The competent authority At:____________________________________________________________ (The physical address of the competent authority) OR Where the competent authority accepts electronic applications via email: _______________________________________________________________ (The email address of the competent authority) TAKE NOTICE that, under regulation 13, 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 administrative 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 person is: _______________________________________________________________ Particulars about the application are as follows: SCHEDULE 2 Beneficial Ownership Transparency Regulations (2026 Revision) The relevant provision set out in the administrative fine notice is: _______________________________________________________________ The grounds of appeal on which the person relies are: _______________________________________________________________ _____________________________________________________ The facts and circumstances that the person relies on for the grounds of appeal are: ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ (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 by the applicant where applicant is an individual\/ Signed on behalf of the applicant where the applicant is not an individual ______________________________________________________ Position with the applicant where the applicant is not an individual Beneficial Ownership Transparency Regulations (2026 Revision) SCHEDULE 3 SCHEDULE 3 (regulation 32) Fee Section or Regulation Description of Fee Fee 22(3) Annual fee for accessing information on the search platform by a licensed financial institution or a designated non-financial business or profession under regulation 55A of the Anti-Money Laundering Regulations (2025 Revision). $1500 per user Publication in consolidated and revised form authorised by the Cabinet this 28th day of January 2026. Kim Bullings Clerk of the Cabinet Beneficial Ownership Transparency Regulations (2026 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Act\/Law # Legislation Commencement Gazette 1\/2026 Beneficial Ownership Transparency (Amendment) Regulations, 2026 23-Jan-2026 LG3\/2026\/s1 16\/2025 Beneficial Ownership Transparency (Amendment) Regulations, 2025 25-Feb-2025 LG17\/2025\/s3 26\/2024 Beneficial Ownership Transparency Regulations, 2024 31-Jul-2024 LG26\/2024\/s11 ENDNOTES Beneficial Ownership Transparency Regulations (2026 Revision) Beneficial Ownership Transparency Regulations (2026 Revision) ENDNOTES ENDNOTES Beneficial Ownership Transparency Regulations (2026 Revision) (Price: $6.40)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2026_01_01\", \"date\": \"2026-01-01\", \"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_2026_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2026_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2024\/26\", \"FRBRdate\": [{\"date\": \"2026-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2024\/26\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2024-0026\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"26 of 2024\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"subordinate\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2024\/26\/eng@2026-01-01\", \"FRBRdate\": [{\"date\": \"2026-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2024\/26\/eng@2026-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2024\/26\/eng@2026-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2024\/26\/eng@2026-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Public Transport Act\", \"actNumber\": \"26 of 2024\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nBeneficial Ownership Transparency Act\n(2026 Revision)\nBENEFICIAL OWNERSHIP\nTRANSPARENCY REGULATIONS\n(2026 Revision)\n\nSupplement No. 5 published with Legislation Gazette No. 4 dated 29th January, 2026.\n\nPage 2\nRevised as at 23rd January 2026\nc\n\nPUBLISHING DETAILS\n\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nBeneficial Ownership Transparency Regulations, 2024 [SL 26 of 2024] consolidated\nwith the Beneficial Ownership Transparency (Amendment) Regulations, 2025 [SL 16\nof 2025] and the Beneficial Ownership Transparency (Amendment) Regulations,\n2026 [SL 1 of 2026].\n\nOriginally made \u2014\n\nSL 26 of 2024 made 30th July, 2024\nSL 16 of 2025 made 25th February, 2025\nSL 1 of 2026 made 21st January, 2026.\n\nConsolidated and revised this 23rd January, 2026.\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nArrangement of Regulations\n\nc\nRevised as at 23rd January 2026\nPage 3\n\nCAYMAN ISLANDS\n\nBeneficial Ownership Transparency Act\n(2026 Revision)\nBENEFICIAL OWNERSHIP TRANSPARENCY\nREGULATIONS\n(2026 Revision)\nArrangement of Regulations\nRegulation\nPage\nPART 1 - PRELIMINARY\n1.\nCitation ......................................................................................................................................7\n2.\nDefinitions ..................................................................................................................................7\nPART 2 - ADDITIONAL MATTERS FOR BENEFICIAL\nOWNERSHIP REGISTER\n3.\nDuty of a legal person to provide additional matters to corporate services provider ....................8\n4.\nAdditional matters where an identified registrable beneficial owner\u2019s particulars are not\nconfirmed ...................................................................................................................................9\n5.\nAdditional matters where a corporate services provider has issued a restrictions notice .......... 10\n6.\nNationality ................................................................................................................................ 10\nPART 3 - DUTIES OF THE CORPORATE SERVICES\nPROVIDER\n7.\nChanges to information ............................................................................................................ 10\n8.\nDeposit of beneficial ownership information ............................................................................. 11\n\nArrangement of Regulations\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 4\nRevised as at 23rd January 2026\nc\n\nPART 4 - RESTRICTIONS NOTICES\n9.\nContent of a restrictions notice................................................................................................. 11\n10.\nWithdrawal of a restrictions notice ........................................................................................... 11\nPART 5 - ADMINISTRATIVE FINES\n11.\nAdministrative fines.................................................................................................................. 12\n12.\nAdministrative fine notice ......................................................................................................... 12\n13.\nAppeal to the competent authority ........................................................................................... 13\n14.\nReview committee ................................................................................................................... 13\n15.\nDecision by the competent authority ........................................................................................ 14\n16.\nEvidentiary provisions .............................................................................................................. 14\n17.\nDuty to notify competent authority of discrepancies ................................................................. 15\nPART 6 - HOLDING AN INTEREST IN A LEGAL PERSON\nDIRECTLY OR INDIRECTLY\n18.\nApplication of Part 6................................................................................................................. 15\n19.\nHolding an interest in a legal person directly ............................................................................ 15\n20.\nHolding an interest in a legal person indirectly through a legal entity ........................................ 15\n21.\nShares or voting rights held indirectly ...................................................................................... 16\n22.\nRequired particulars of certain persons .................................................................................... 17\n23.\nContact details of licensed fund administrator .......................................................................... 17\nPART 7 - INTERPRETATION OF MISCELLANEOUS TERMS\nAND RULES RESPECTING THE HOLDING OF SHARES AND\nRIGHTS\n24.\nApplication of Part 7................................................................................................................. 18\n25.\nJoint interests and arrangements ............................................................................................. 18\n26.\nCalculating shareholdings ........................................................................................................ 18\n27\nRepealed ................................................................................................................................. 18\n28\nVoting rights in a legal person .................................................................................................. 18\n29\nRights treated as held by person who controls their exercise ................................................... 18\n30\nRights exercisable only in certain circumstances ..................................................................... 19\n31.\nRights attached to shares or interests held by way of security ................................................. 19\nPART 8 - MISCELLANEOUS\n32.\nFee .......................................................................................................................................... 19\n33.\nCriteria for the exercise of the competent authority\u2019s exemption powers .................................. 20\nSCHEDULE 1\n21\nBREACHES FOR WHICH AN ADMINISTRATIVE FINE MAY BE IMPOSED\n21\nSCHEDULE 2\n25\nApplication for an appeal to the competent authority\n25\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nArrangement of Regulations\n\nc\nRevised as at 23rd January 2026\nPage 5\n\nSCHEDULE 3\n27\nFee\n27\nENDNOTES\n29\nTable of Legislation history: ............................................................................................................... 29\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 1\n\nc\nRevised as at 23rd January 2026\nPage 7\n\nCAYMAN ISLANDS\n\nBeneficial Ownership Transparency Act\n(2026 Revision)\nBENEFICIAL OWNERSHIP TRANSPARENCY\nREGULATIONS\n(2026 Revision)\n\nPART 1 - PRELIMINARY\n1.\nCitation\n1.\nThese Regulations may be cited as the Beneficial Ownership Transparency\nRegulations (2026 Revision).\n2.\nDefinitions\n2.\n(1)  In these Regulations \u2014\n\u201cadministrative fine notice\u201d means an administrative fine notice issued by the\nRegistrar under regulation 12 to a person who breaches a provision that is\nspecified in Schedule 1;\n\u201capplicant\u201d means a person who appeals under regulation 13 against the\ndecision of the Registrar to impose an administrative fine;\n\u201carrangement\u201d includes \u2014\n(a)\na scheme, agreement or understanding whether or not it is legally\nenforceable; and\n(b) a convention, custom or practice of any kind,\n\nRegulation 3\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 8\nRevised as at 23rd January 2026\nc\n\nwhere there is at the very least a degree of stability (whether by its nature or\nterms, the time it has been in existence or otherwise);\n\u201cjoint arrangement\u201d means an arrangement between the holders of shares or\nrights that they will exercise all, or substantially all, of the rights conferred by\ntheir respective shares or rights jointly in a way that is pre-determined by the\narrangement;\n\u201clegal entity\u201d means \u2014\n(a)  a legal person; or\n(b)  an entity established overseas that is similar to a legal person, and includes\nany other entity established in the Islands or overseas that has separate\nlegal personality under the law by which it is governed;\n\u201coriginal decision\u201d means the decision of the Registrar to impose the\nadministrative fine set out in an administrative fine notice under regulation 12;\n\u201cprincipal Act\u201d means the Beneficial Ownership Transparency Act (2026\nRevision);\n\u201creview committee\u201d means a committee appointed by the competent authority\nunder regulation 13(3); and\n\u201cwithdrawal notice\u201d means a notice under section 19(3) of the principal Act\nthat withdraws a restrictions notice.\n(2)  In these Regulations \u2014\n(a)  a reference to the voting rights in a legal person is to be construed as the\nrights conferred on shareholders in respect of their shares (or, in the case\nof a legal person not having a share capital, on members) to vote at general\nmeetings of the legal person on all or substantially all matters; and\n(b)  in relation to a legal person that does not have general meetings at which\nmatters are decided by the exercise of voting rights, a reference to\nexercising voting rights in the legal person shall be read as a reference to\nexercising rights in relation to the legal person that are equivalent to those\nof a person entitled to exercise voting rights in a legal person.\nPART 2 - ADDITIONAL MATTERS FOR BENEFICIAL\nOWNERSHIP REGISTER\n3.\nDuty of a legal person to provide additional matters to corporate services\nprovider\n3.\n(1) A legal person shall provide in writing to a corporate services provider the\nadditional matters required to be noted by this Part.\n(2) Where a registrable beneficial owner, the senior managing official or a trustee\nidentified in accordance with section 4(3) of the principal Act is deceased and\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 4\n\nc\nRevised as at 23rd January 2026\nPage 9\n\nfor that reason has ceased to function in the respective role, the legal person\nshall provide the date of death in writing to its corporate services provider.\n(3) If a legal person becomes aware that any information in relation to the required\nparticulars has ceased to be current, the legal person shall provide, within thirty\ndays of becoming aware of that fact and, in consideration of the legal person\u2019s\nobligations under section 14 of the principal Act, the corporate services provider\nwith written confirmation of the amended particulars, updating the information\nand including any additional information required by these Regulations.\n4.\nAdditional matters where an identified registrable beneficial owner\u2019s\nparticulars are not confirmed\n4.\n(1) This regulation applies where \u2014\n(a)\na legal person has identified a registrable beneficial owner, the senior\nmanaging official or a trustee identified in accordance with section 4(3) of\nthe principal Act in relation to the legal person; and\n(b) all the required particulars of the registrable beneficial owners, the senior\nmanaging official or the trustees identified in accordance with section 4(3)\nof the principal Act of that legal person have not yet been identified or\nconfirmed by the legal person in accordance with section 6 of the principal\nAct, or verified by the corporate services provider in accordance with\nsection 11 of the principal Act.\n(2) The corporate services provider of the legal person shall note in the legal\nperson\u2019s beneficial ownership register the word \u201cpending\u201d to show that either \u2014\n(a)\nthe legal person is in the process of taking steps to identify all of the\nrequired particulars of the registrable beneficial owner in relation to the\nlegal person; or\n(b) the legal person has identified a registrable beneficial owner in relation to\nthe legal person but all the required particulars have not yet been confirmed\nby the legal person or verified by the corporate services provider.\n(3) If at any time between \u2014\n(a)\nthe date of a legal person\u2019s incorporation, establishment or registration by\nway of continuation under \u2014\n(i)\nthe Companies Act (2026 Revision);\n(ii) the Limited Liability Companies Act (2025 Revision);\n(iii) the Limited Liability Partnership Act (2025 Revision);\n(iv) the Exempted Limited Partnership Act (2025 Revision); or\n(v) the Partnership Act (2025 Revision); and\n(b) the date of the legal person\u2019s dissolution or removal from the register, or\nsimilar record, kept by the Registrar under \u2014\n\nRegulation 5\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 10\nRevised as at 23rd January 2026\nc\n\n(i)\nsection 26(3) of the Companies Act (2026 Revision);\n(ii) section 4(2) of the Limited Liability Companies Act (2025 Revision);\n(iii) section 44(2) of the Limited Liability Partnership Act (2025\nRevision);\n(iv) section 9(2) of the Exempted Limited Partnership Act (2025\nRevision); or\n(v) section 49(2) of the Partnership Act (2025 Revision),\nthe legal person\u2019s beneficial ownership register, or similar record, contains the\nnote \u201cpending\u201d for an uninterrupted period of three or more calendar months,\nthe legal person is presumed to be in breach of section 6 of the Act.\n5.\nAdditional matters where a corporate services provider has issued a\nrestrictions notice\n5.\n(1) This regulation applies where a corporate services provider has issued a\nrestrictions notice under section 19 of the principal Act.\n(2) The corporate services provider shall note in the legal person\u2019s beneficial\nownership register the date of issuance of the restrictions notice.\n(3) Where the Grand Court makes an order under section 21 of the principal Act\ndirecting that a relevant interest in the legal person cease to be subject to\nrestrictions, the corporate services provider shall \u2014\n(a)\nnote in the legal person\u2019s beneficial ownership register the date that the\nrestrictions notice ceased; and\n(b) enter into the legal person\u2019s records a copy of the Grand Court\u2019s order.\n6.\nNationality\n6.\n(1) The required particulars for nationality in accordance with section 12(5)(e) of\nthe principal Act is a single nationality.\n(2) Notwithstanding paragraph (1), where an individual holds more than one\nnationality, it is required that this is indicated in the beneficial ownership\nregister.\nPART 3 - DUTIES OF THE CORPORATE SERVICES PROVIDER\n7.\nChanges to information\n7.\nA corporate services provider shall, on receipt of amended particulars provided by\nthe legal person under regulation 3(3), update the register.\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 8\n\nc\nRevised as at 23rd January 2026\nPage 11\n\n8.\nDeposit of beneficial ownership information\n8.\n(1) Corporate services providers shall deposit with the competent authority not less\nthan once in each month \u2014\n(a)\nthe beneficial ownership information required to be deposited under\nsection 13 of the principal Act; or\n(b) if the beneficial ownership information referred to in subparagraph (a) has\nnot changed since the prior deposit of the information, an indicator that\nthere has been no change to the information since that time.\n(2) The beneficial ownership information or indicator 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), and subject to section 14(2) of the principal Act,\nthe period for the deposit of the beneficial ownership information and indicator\nreferred to in that paragraph is \u2014\n(a)\nevery ninety days for a legal person that is in liquidation; and\n(b) every three hundred and sixty-five days for an ordinary resident company.\nPART 4 - RESTRICTIONS NOTICES\n9.\nContent of a restrictions notice\n9.\nA restrictions notice under section 19 of the principal Act shall \u2014\n(a)\nspecify the date on which it is issued;\n(b) if applicable, identify the interest in the legal person that is relevant to the\nrestrictions notice by reference to the shares or right in question;\n(c)\nexplain the effect of the notice;\n(d) state that, by virtue of the notice, certain acts or failures to act may\nconstitute an offence;\n(e)\nstate that an aggrieved person may apply to the Grand Court under section\n21(3) of the principal Act for an order directing that the relevant interest\ncease to be subject to restrictions; and\n(f)\nstate that where the relevant interest is subject to a pre-existing security\ninterest granted to a third party who is not affiliated with the legal person\nthe restrictions notice shall not take effect in accordance with section\n19(1)(c) of the principal Act.\n10.\nWithdrawal of a restrictions notice\n10. (1) Where a corporate services provider is required to withdraw a restrictions notice\nunder section 19 of the principal Act, the withdrawal notice shall \u2014\n\nRegulation 11\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 12\nRevised as at 23rd January 2026\nc\n\n(a)\nbe sent to the legal person within fourteen days after the day on which the\ncorporate services provider is required to withdraw the restrictions notice;\n(b) specify the date on which the withdrawal notice is sent;\n(c)\nif applicable, identify the interest in the legal person that is relevant to the\nrestrictions notice by reference to the shares or right in question; and\n(d) state that the relevant interest is no longer subject to restrictions.\n(2) Where a corporate services provider withdraws a restrictions notice under\nsection 19(3) of the principal Act, the corporate services provider shall \u2014\n(a)\nupdate the legal person\u2019s beneficial ownership register with the beneficial\nownership particulars and the date the restrictions notice ceased; and\n(b) note in the legal person\u2019s records the basis of the withdrawal of the\nrestrictions notice.\nPART 5 - ADMINISTRATIVE FINES\n11.\nAdministrative fines\n11. An administrative fine, where it is imposed on a corporate services provider, shall be\nin respect of each legal person to which the breach relates.\n12.\nAdministrative fine notice\n12. (1) The Registrar may impose an administrative fine for a breach of any of the\nprovisions of the principal Act or these Regulations that is specified in Schedule\n1 by issuing to a person an administrative fine notice in accordance with\nparagraphs (3) and (4).\n(2) Repealed by regulation 4 of the Beneficial Ownership Transparency\n(Amendment) Regulations, 2026 [SL 1 of 2026].\n(3) An administrative fine notice referred to in paragraph (1) shall specify \u2014\n(a)\nthe date on which the notice was issued;\n(b) the breach for which the administrative fine is imposed and the relevant\nprovision under the principal Act or these Regulations;\n(c)\ndetails of the breach;\n(d) the amount of the administrative fine;\n(e)\nhow payment should be made;\n(f)\nthe date by which the administrative fine should be paid;\n(g) the effects of non-payment;\n(h) the process for appealing against the decision of the Registrar to impose\nthe administrative fine; and\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 13\n\nc\nRevised as at 23rd January 2026\nPage 13\n\n(i)\nreasons for the decision.\n(4) The Registrar may issue an administrative fine notice under paragraph (1) \u2014\n(a)\nto an individual, by sending the notice to the most recent email address\nprovided to the Registrar;\n(b) to a legal person, by sending the notice to the most recent email address\nprovided to the Registrar for \u2014\n(i)\na director or senior officer of the legal person; or\n(ii) its corporate services provider; or\n(c)\nto a corporate services provider, by sending the notice to the most recent\nemail address provided to the Registrar.\n13.\nAppeal to the competent authority\n13. (1) A person who receives an administrative fine notice may, by application under\nparagraph (2), appeal to the competent authority against the decision of the\nRegistrar to impose the administrative fine.\n(2) An application under paragraph (1) shall be made in the form set out in Schedule\n2 within thirty days after the date of receipt of the administrative fine notice.\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).\n(4) The applicant shall not be required to pay the administrative fine specified in\nthe administrative fine notice until a decision is made by the competent authority\nunder regulation 15 which affirms the Registrar\u2019s decision to impose the\nadministrative fine.\n14.\nReview committee\n14. (1) The review committee shall comprise the following officers of the ministry with\nresponsibility for financial services or any of the ministry\u2019s departments or\nagencies \u2014\n(a)\ntwo 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 the Registrar\u2019s decision to impose an\nadministrative 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 13(1) and the grounds on which the applicant relies.\n\nRegulation 15\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 14\nRevised as at 23rd January 2026\nc\n\n(5) On being notified by the review committee under paragraph (4), the Registrar\nmay make written representations to the review committee concerning the\napplication but shall not otherwise participate in any discussion, decision,\ndebate or vote of the review committee concerning the application.\n(6) The competent authority may, by notice in writing, require an applicant to\nprovide documents, statements or any other information as it may reasonably\nrequire in the exercise of its functions.\n(7) An applicant who receives a notice under paragraph (6) shall comply with that\nnotice within the period and in the manner specified in the notice.\n(8) The review committee shall, on completing the inquiry, report its findings and\nrecommendations to the competent authority.\n15.\nDecision by the competent authority\n15. (1) The competent authority shall, upon receipt of the report of the review\ncommittee, consider and determine the application under regulation 13(1) and\nmay affirm, set aside or vary the amount of the administrative fine imposed in\nthe original decision the variation being no more than the administrative fine\nimposed by the Registrar.\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 thirty days of receipt of an application\nunder regulation 13(1), give the applicant notice of its decision.\n(4) The notice of the decision on the application shall state \u2014\n(a)\nthe date of the decision;\n(b) the reasons for the decision;\n(c)\nif applicable, the reasons for the variation to the administrative fine; and\n(d) that the applicant may apply to the Grand Court for judicial review of the\ndecision.\n(5) Where the competent authority affirms the original decision or varies the\namount of the administrative fine, the person on whom the administrative fine\nwas imposed by the original decision shall pay the administrative fine within\nfifteen days after the date of the notice of the decision.\n(6) Where the competent authority sets aside the original decision, the original\ndecision is deemed never to have been made.\n16.\nEvidentiary provisions\n16. (1) The date stated on an administrative fine notice is the date on which the\nadministrative fine is considered imposed for the purposes of section 26 of the\nprincipal Act.\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 17\n\nc\nRevised as at 23rd January 2026\nPage 15\n\n(2) For the purposes of regulation 13(2), where the administrative fine notice is sent\nto a person by email, the date on which the email is sent is the date of receipt.\n17.\nDuty to notify competent authority of discrepancies\n17. (1) Every person referred to in section 22(2) of the principal Act, who, by virtue of\nsection 22 of the principal Act has access to beneficial ownership information,\nshall notify the competent authority of any discrepancy in the information as\nsoon as reasonably practicable, that being no later than five days after the\ndiscrepancy was discovered.\n(2) On receipt of a notification under paragraph (1), the competent authority shall\ntake action as the competent authority considers reasonably appropriate to verify\nthe discrepancy in the beneficial ownership information in a timely manner.\nPART 6 - HOLDING AN INTEREST IN A LEGAL PERSON\nDIRECTLY OR INDIRECTLY\n18.\nApplication of Part 6\n18. For the purposes of determining whether a person meets the specified conditions for\nbeneficial ownership under section 4 of the principal Act or is a registrable beneficial\nowner under section 7 of the principal Act, this Part specifies the circumstances in\nwhich \u2014\n(a)\na person (\u201cA\u201d) is to be regarded as directly holding an interest in a legal\nperson (\u201cB\u201d); and\n(b) an interest held by a person (\u201cA\u201d) in a legal person (\u201cB\u201d) is to be regarded\nas held indirectly through a legal entity other than B.\n19.\nHolding an interest in a legal person directly\n19. (1) A holds, directly, interests or voting rights in B; or\u2014\n(a)\nA holds shares in B directly;\n(b) A holds, directly, or represented by partnership interest, voting rights in B;\nor\n(c)\nA otherwise exercises ultimate effective control over the management of\nB.\n(2) Where paragraph (1)(a), (b) and (c) are not met by A, A holds an interest where\nA exercises control of B through other means in accordance with section 4(1)(c)\nof the principal Act.\n20.\nHolding an interest in a legal person indirectly through a legal entity\n20. (1) This regulation applies where A \u2014\n\nRegulation 21\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 16\nRevised as at 23rd January 2026\nc\n\n(a)  holds an interest in B by virtue of indirectly holding shares or voting rights;\nand\n(b)  holds an interest in B by virtue of having a majority stake as described in\nregulation 21 in \u2014\n(i)  a legal entity (\u201cL\u201d) which holds the shares or voting rights directly in\nB; or\n(ii)  a legal entity that is part of a chain of legal entities such as is\ndescribed in regulation 21(1)(b) or (2)(b) that includes L.\n(2) Where this regulation applies, A holds the interest in B \u2014\n(a)\nthrough L; and\n(b) through each other legal entity in the chain mentioned in paragraph\n(1)(b)(ii).\n21.\nShares or voting rights held indirectly\n21. (1) A holds a share indirectly in B if A has a majority stake in a legal entity and that\nlegal entity \u2014\n(a)  holds the share in B; or\n(b)  is part of a chain of legal entities \u2014\n(i)  each of which, other than the last, has a majority stake in the legal\nentity immediately below it in the chain; and\n(ii)  the last of which holds the share in B.\n\n(2) A holds voting rights indirectly in B if A has a majority stake in a legal entity\nand that legal entity \u2014\n(a)  holds those voting rights; or\n(b)  is part of a chain of legal entities \u2014\n(i)  each of which, other than the last, has a majority stake in the legal\nentity immediately below it in the chain; and\n(ii)  the last of which holds those voting rights in B.\n\n(3) For the purposes of paragraphs (1)(b)(i) and (2)(b)(i), A has a majority stake in\nB if \u2014\n(a)\nA holds a majority of the voting rights in B;\n(b) A exercises ultimate effective control over the management of B;\n(c)\nA is a member of B and controls alone a majority of the voting rights in B\npursuant to a joint agreement with other shareholders or members; or\n(d) A has the right to exercise, or actually exercises, dominant direct influence\nor control over B.\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 22\n\nc\nRevised as at 23rd January 2026\nPage 17\n\n(4) For the purposes of this regulation, the reference to majority stake means\n\u201cholding more than 50 per cent\u201d.\n22.\nRequired particulars of certain persons\n22. (1) The required particulars of the senior managing official identified in accordance\nwith section 4(4) of the principal Act shall be entered in the beneficial ownership\nregister in accordance with section 12(5) of the principal Act.\n(2) The required particulars of the trustee identified in accordance with section 4(3)\nof the principal Act, unless the trustee meets the definition of a reportable legal\nentity,  are \u2014\n(a)\nthe required particulars of an individual as set out in section 12(5) of the\nprincipal Act; or\n(b) where the trustee is a corporate trustee, the required particulars set out in\nsection 12(6) of the principal Act, the name of the individual to be\ncontacted, the individual\u2019s email address and telephone number.\n(3) The required particulars of persons considered as individuals under section 2(2)\nof the principal Act are \u2014\n(a)\nthe required particulars set out in section 12(6) of the principal Act; and\n(b)  the name of the individual to be contacted, the individual\u2019s email address\nand telephone number.\n23.\nContact details of licensed fund administrator\n23. The contact details of a licensed fund administrator (or another contact person\nlicensed or registered under a regulatory law) for the provision of beneficial\nownership information in accordance with section 12(4)(c) of the principal Act shall\ninclude \u2014\n(a)\nthe name of the licensed fund administrator (or the other contact person\nlicensed or registered under a regulatory law); and\n(b) the address, telephone number and email address of the licensed fund\nadministrator (or the other contact person licensed or registered under a\nregulatory law).\n\nRegulation 24\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 18\nRevised as at 23rd January 2026\nc\n\nPART 7 - INTERPRETATION OF MISCELLANEOUS TERMS\nAND RULES RESPECTING THE HOLDING OF SHARES AND\nRIGHTS\n24.\nApplication of Part 7\n24. This Part applies for the purposes of determining whether a person meets the specified\nconditions for beneficial ownership under section 4 of the principal Act or holds a\nrelevant interest for the purposes of the provisions respecting restrictions notices\nunder the principal Act.\n25.\nJoint interests and arrangements\n25. (1) If two or more persons each holds a share or right jointly, each of them is treated\nas holding that share or right.\n(2) If shares or rights held by a person and shares or rights held by another person\nare the subject of a joint arrangement between those persons, each of them is\ntreated as holding the combined shares or rights of both of them.\n26.\nCalculating shareholdings\n26. In relation to a legal person\u2014\n(a)\na reference to holding shares in that legal person is to be construed as\nholding a right to share in the capital or, as applicable, profits of that legal\nperson; and\n(b) a reference to holding twenty-five per cent or more of the shares in that\nlegal person is to be construed as holding a right or rights to share in\ntwenty-five per cent or more of the capital or, as applicable, profits of that\nlegal person.\n27\nRepealed\n27. Repealed by regulation 9 of the Beneficial Ownership Transparency (Amendment)\nRegulations, 2026 [SL 1 of 2026].\n28\nVoting rights in a legal person\n28. In applying this Part, the voting rights in a legal person shall be reduced by any rights\nheld by the legal person itself.\n29\nRights treated as held by person who controls their exercise\n29. (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\nBeneficial Ownership Transparency Regulations (2026 Revision)\nRegulation 30\n\nc\nRevised as at 23rd January 2026\nPage 19\n\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 having 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)\nby that person;\n(b) in accordance with that person\u2019s directions or instructions; or\n(c)\nwith that person\u2019s consent or concurrence.\n30\nRights exercisable only in certain circumstances\n30. (1) Rights that are exercisable only in certain circumstances shall be taken into\naccount only \u2014\n(a)\nwhen 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(2) Notwithstanding paragraph (1), rights that are exercisable by an administrator\nor by creditors while a legal person is in insolvency proceedings shall not be\ntaken into account even while the legal person is in those proceedings.\n(3) Rights that are normally exercisable but are temporarily incapable of being\nexercised shall continue to be taken into account.\n31.\nRights attached to shares or interests held by way of security\n31. Rights attached to shares or interests held by way of security shall be treated as held\nby the person providing the security \u2014\n(a)\nwhere apart from the right to exercise them for the purpose of preserving\nthe value of the security, or of realizing it, the rights are exercisable only\nin accordance with that person\u2019s instructions; and\n(b) where the shares or 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\nrealizing it, the rights are exercisable only in that person\u2019s interests.\nPART 8 - MISCELLANEOUS\n32.\nFee\n32. The prescribed fee for the purposes of the principal Act and these Regulations for\naccessing information on the search platform by a licensed financial institution or a\ndesignated non-financial business or profession is specified in Schedule 3.\n\nRegulation 33\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 20\nRevised as at 23rd January 2026\nc\n\n33.\nCriteria for the exercise of the competent authority\u2019s exemption powers\n33. The competent authority may, by giving written notice to an individual or a legal\nperson, exempt an individual or a legal person from compliance with a notice or duty\nunder section 10 of the principal Act \u2014\n(a)\nif it is in the interest of national security; or\n(b) for the prevention and detection of crime.\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 23rd January 2026\nPage 21\n\n SCHEDULE 1\n(regulation 12(1))\nBREACHES FOR WHICH AN ADMINISTRATIVE FINE MAY BE\nIMPOSED\n\nItem number Relevant\nProvision\nDescription of breach\n1.\nSection 6(2)\nFailure of the legal person to identify every individual that\nis a beneficial owner of the legal person, every reportable\nlegal entity or the trustees of a trust referred to in section\n4(3) of the principal Act.\n\n2.\nSection 6(3)\nFailure of a legal person to provide in writing to its\ncorporate services provider the current and valid required\nparticulars of registrable beneficial owners in respect of\nthe legal person.\n3.\nSection 8\nFailure of a legal person to give notice in writing to\nbeneficial owners and reportable legal entities identified by\nthe legal person under section 6 of the principal Act\n\n4.\nSection 9\nFailure of a registrable beneficial owner to supply\ninformation under section 9(1) of the principal Act within\nthe timeframe specified in section 9(3) of the principal Act.\n\n5.\nSection 11(1) Failure of a corporate services provider to take reasonable\nmeasures to verify the identity of a beneficial owner.\n\n6.\nSection 12(1) Failure of a corporate services provider to provide the\ncompetent authority with written confirmation as to the\ncategory of that legal person.\n\n6A\nSection 12(8) Failure of the legal person to provide requested beneficial\nownership information.\n7.\nSection 13(1) Failure of a corporate services provider engaged for the\nprovision of registered office services to establish and\nmaintain adequate, accurate and current beneficial\nownership information in relation to the legal person in the\nform of required particulars.\n\nSCHEDULE 1\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 22\nRevised as at 23rd January 2026\nc\n\nItem number Relevant\nProvision\nDescription of breach\n\n8.\nSection 13\nRegulation 7\nFailure of a corporate services provider to update the\nregister on receipt of the amended particulars provided by\nthe legal person under regulation 3(3)\n9.\nSection 13(3);\nRegulation 8\nFailure of a corporate services provider to deposit the\nbeneficial ownership information required to be deposited\nunder section 13 of the principal Act in accordance with\nregulation 8(1)(a) or failure to file an indicator that there is\nno change where the beneficial ownership information has\nnot changed since the prior deposit of information in\naccordance with regulation 8(1)(b)\n10.\nSection 14(1) Failure of a legal person to give notice requesting\nconfirmation of a relevant change to a registrable\nbeneficial owner as soon as reasonably practicable (that\nbeing no later than thirty days after it learns of the change\nor had reasonable cause to believe that the change had\noccurred)\n11.\nSection 14(2) Failure of a legal person that receives confirmation of a\nrelevant change to record the details of the change and to\ninstruct the corporate services provider to enter in the legal\nperson\u2019s beneficial ownership register, in the prescribed\nform and manner, the information specified in section\n14(2) of the principal Act.\n\n12.\nSection 14\nRegulation\n3(2)\nFailure of the legal person to provide in writing to its\ncorporate services provider the date on which a deceased\nregistrable beneficial owner ceased to be a registrable\nbeneficial owner.\n13.\nSection 14\nRegulation\n3(3)\nFailure of the legal person to notify a corporate services\nprovider to update its beneficial ownership register within\nthirty days of becoming aware of the additional matters\nceasing to be accurate.\n14.\nSection 15\nFailure of a person to whom section 15 of the principal Act\napplies \u2014\n(a)\nto notify the legal person of a relevant change;\n(b) to state the date on which the relevant change\noccurred; or\n(c) to give the legal person the information needed to\nupdate the legal person\u2019s beneficial ownership\nregister,\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 23rd January 2026\nPage 23\n\nItem number Relevant\nProvision\nDescription of breach\nwithin the timeframe specified in section 15(3) of the\nprincipal Act.\n\n15.\nSection 16\nFailure of a corporate services provider engaged by the\nlegal person to \u2014\n(a) remove the entry relating to an individual or\nreportable legal entity from the legal person\u2019s\nbeneficial ownership register; or\n(b) retain the record relating to an individual or\nreportable legal entity for five years after the date\non which the individual or reportable legal entity\nceased to be a registrable beneficial owner in\nrelation to the legal person.\n16.\nSection 18(1) Failure of a legal person\u2019s corporate services provider who\nis of the opinion that the legal person \u2014\n(a) has failed to comply with section 8 or 14 of the\nprincipal Act without reasonable excuse; or\n(b) has made a statement regarding matters\nrelevant to the principal Act to the corporate\nservices provider that is false or misleading,\nto give notice of this to the legal person.\n\n17.\nSection 18(2) Failure of a legal person on receipt of a notice under\nsection 18(1) of the principal Act to provide the corporate\nservices provider with \u2014\n(a) the missing particulars required under section 12\nof the principal Act pertaining to registrable\nbeneficial owners; or\n(b) a justification or correction respecting any\nstatement identified as being false or misleading\nin the notice .\n\n18.\nSection 18(3) Failure of a corporate services provider to \u2014\n(a) issue a restrictions notice to a legal person; or\n(b) send a copy of the restrictions notice to the\ncompetent authority within fourteen days of\nissuing it,\nwhere the legal person does not comply with the\nobligations under section 18(3) of the principal Act.\n\n19.\nSection 24(2) Failure of a legal person or a corporate services provider\n\nSCHEDULE 1\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 24\nRevised as at 23rd January 2026\nc\n\nItem number Relevant\nProvision\nDescription of breach\nto respond to a request for information under section 24(1)\nof the principal Act within the period and in the manner\nspecified in the notice of request.\n\n20.\nSection 25\nFailure of a corporate services provider to forward the\ncorrespondence or documentation to the legal person or\nindividual to whom it is addressed without delay.\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nSCHEDULE 2\n\nc\nRevised as at 23rd January 2026\nPage 25\n\nSCHEDULE 2\n(regulation 13(2))\nApplication for an appeal to the competent authority\n\nTo: The competent authority\nAt:____________________________________________________________\n(The physical address of the competent authority)\nOR\nWhere the competent authority accepts electronic applications via email:\n_______________________________________________________________\n(The email address of the competent authority)\n\nTAKE NOTICE that, under regulation 13, the following person applies to the\ncompetent authority to appeal against the decision of the Registrar to impose\nthe administrative fine by 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 administrative fine(s) in the administrative fine\nnotice(s) which are the subject of the appeal.)\n\nApplicant\u2019s full name:_____________________________________________\n\nThe applicant\u2019s physical address is: __________________________________\n_______________________________________________________________\n\nThe applicant\u2019s email address for notices from the competent authority to the\nperson is:\n_______________________________________________________________\n\nParticulars about the application are as follows:\n\nSCHEDULE 2\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 26\nRevised as at 23rd January 2026\nc\n\nThe relevant provision set out in the administrative fine notice is:\n_______________________________________________________________\n\nThe grounds of appeal on which the person relies are:\n_______________________________________________________________\n_____________________________________________________\n\nThe facts and circumstances that the person relies on for the grounds\nof appeal are:\n______________________________________________________________________\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.)\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned by the applicant where applicant is an individual\/\nSigned on behalf of the applicant where the applicant is not an individual\n\n______________________________________________________\nPosition with the applicant where the applicant is not an individual\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nSCHEDULE 3\n\nc\nRevised as at 23rd January 2026\nPage 27\n\nSCHEDULE 3\n(regulation 32)\nFee\n\nSection or\nRegulation\nDescription of Fee\nFee\nSection\n22(3)\nAnnual fee for accessing information on the\nsearch platform by a licensed financial\ninstitution or a designated non-financial\nbusiness or profession under regulation 55A\nof the Anti-Money Laundering Regulations\n(2025 Revision).\n\n$1500 per user\n\nPublication in consolidated and revised form authorised by the Cabinet this 28th\nday of January 2026.\nKim Bullings\nClerk of the Cabinet\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nENDNOTES\n\nc\nRevised as at 23rd January 2026\nPage 29\n\nENDNOTES\nTable of Legislation history:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n1\/2026\n\nBeneficial Ownership Transparency (Amendment)\nRegulations, 2026\n23-Jan-2026\nLG3\/2026\/s1\n16\/2025\n\nBeneficial Ownership Transparency (Amendment)\nRegulations, 2025\n25-Feb-2025\nLG17\/2025\/s3\n26\/2024\n\nBeneficial Ownership Transparency Regulations, 2024\n31-Jul-2024 LG26\/2024\/s11\n\nENDNOTES\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 30\nRevised as at 23rd January 2026\nc\n\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nENDNOTES\n\nc\nRevised as at 23rd January 2026\nPage 31\n\nENDNOTES\nBeneficial Ownership Transparency Regulations (2026 Revision)\n\nPage 32\nRevised as at 23rd January 2026\nc\n\n(Price: $6.40)","akn_extracted_at":"2026-06-22 15:39:58.985328+00","cms_id":"2024-0026","law_type":"subordinate","year":"2024","number":"26","title":"Public Transport Act","status":"in_force"},"provenance":{"files":[{"file_id":"20238","expr_id":"8863","kind":"akn_xml","filename":"2024-0026_2026 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2024\/2024-0026\/2024-0026_2026 Revision.akn.xml","content_md5":"a4d748790f3d529a6271d51e2d6a0a31","byte_size":"45584","http_last_modified":null,"fetched_at":"2026-06-22 15:39:59.065263+00"},{"file_id":"20039","expr_id":"8863","kind":"pristine_pdf","filename":"2024-0026_2026 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2024\/2024-0026\/2024-0026_2026 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2024\/2024-0026\/2024-0026_2026 Revision.pdf","content_md5":"131f764280bddd68fd12f0820d7efad5","byte_size":"503808","http_last_modified":"2026-02-04 17:20:52+00","fetched_at":"2026-06-21 23:14:05.183903+00"},{"file_id":"20040","expr_id":"8863","kind":"working_pdf","filename":"2024-0026_2026 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2024\/2024-0026\/2024-0026_2026 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2024\/2024-0026\/2024-0026_2026 Revision.pdf","content_md5":"131f764280bddd68fd12f0820d7efad5","byte_size":"503808","http_last_modified":"2026-02-04 17:20:52+00","fetched_at":"2026-06-21 23:14:05.183903+00"}],"paragraph_count":25,"latest_history":null},"quality":{"expr_id":"8863","doc_id":"2042","quality_state":"known_issue","quality_score":"51","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{title_mismatch,other}","repair_actions":"{collapse_duplicate_text,manual_review,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Metadata title does not match extracted content; minor extraneous text present.","assessed_at":"2026-06-22 15:29:46.056011+00","updated_at":"2026-06-22 15:29:46.056011+00"}}