Part 1: Registration of Overseas Entities Schedule 2: Registrable beneficial owners Part 4: Beneficial owners exempt from registration "Exempt from being registered"
Part 4 of Schedule 2 sets out the circumstances in which a beneficial owner is exempt from registration. A beneficial owner is exempt if:
such person does not hold any interest in the overseas entity other than through one or more legal entities;
such person is a beneficial owner of every legal entity through which the person holds such an interest;
the person has any shares or rights which are held indirectly (as described in paragraph 9(3)(b)(i) of the Schedule), and the legal entity through which the shares or rights are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements; and
the person holds shares or rights indirectly as described in paragraph 9(3)(b)(ii) and at least one of the legal entities in the chain is a beneficial owner of the overseas entity and is subject to its own disclosure requirements.