Part 1: Registration of Overseas Entities Land ownership and transactions Section 33: Land ownership and transactions
Schedules 3, 4 and 5 of the Act contain amendments to land registration legislation in England and Wales, Scotland and Northern Ireland respectively. In summary, the amendments provide that an overseas entity must have registered in the overseas entity register (and be in compliance with the update duty in section 7) in order to register title to land and/or to make certain dispositions in respect of land.
	Subsection (2)(b) refers to a power in Schedule 4 for the Secretary of State to make affirmative regulations which make further or alternative provision for the purpose of requiring or encouraging an overseas entity that owns or holds a right or interest in or over land in Scotland, or enters into land transactions in Scotland, to register as an overseas entity. No regulations may be made after the end of the period of six months beginning with the day on which the Act is passed. Such regulations may amend, repeal or revoke provision made by Schedule 4, or any provision made by or under any other Act, or an Act of the Scottish Parliament, made (a) before the Act, or (b) later in the same session of Parliament as the Act. This power provides a secondary legislation mechanism to make changes that might transpire to be necessary after the Act is enacted.
	Subsection (4) provides a power by which the Secretary of State can amend, by regulations, Schedule 8A to the Land Registration (Northern Ireland) Act 1970 (inserted by Schedule 5 to this Act) in order to ensure that provisions correspond to those contained within paragraphs 3(2)(e), 4(2)(e) and 5 of Schedule 4A to the Land Registration Act 2002 (inserted by Schedule 3 to this Act), including the provision to make subordinate legislation. Regulations made under subsection (4) are subject to the affirmative resolution procedure (subsection (7)).
	Subsection (5) states that the provision which may be made by regulations under subsection (4) by virtue of section 67(3) includes provision amending other provisions of the Land Registration (Northern Ireland) Act 1970.
	Subsection (6) states that the Secretary of State must consult the Department of Finance in Northern Ireland before making regulations under subsection (4).