Amendments to Enhance Beneficial Ownership Transparency & the Regulatory Regime for Corporate Service Providers Introduced in Parliament

The following Bills were introduced in Parliament for their first reading on 7 May 2024:                             

• The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill, which seeks to enhance the transparency of beneficial ownership of companies and limited liability partnerships; and
• The Corporate Service Providers Bill, which seeks to enhance the regulatory regime for the Corporate Service Providers sector.

A public consultation on the draft Bills had earlier been conducted, for which a consultation response has now been issued. This Update highlights the key amendments introduced in the Bills and the clarifications on the amendments provided in the consultation response.