Part 1: Registration of Overseas Entities Transitional provision Section 43: Section 42: supplementary
Subsection (1) states that section 12 identifying registrable beneficial owners has effect as if:
Section 12(1) included a reference to an overseas entity being under a duty to comply with the requirements of section 12 before delivering statements and information under section 42(1)(c)(i).
Subsection (2) of section 12 included a reference to obtaining information for the purposes of section 42(1)(c)(i). This means an overseas entity must follow the steps set out in section 12 – it must take reasonable steps to identify registrable beneficial owners, to obtain the required information about them and to give information notices as needed.
	Subsection (2) allows the Secretary of State to make further provisions by regulations in connection with: (a) the provision of information under section 42(1)(c), (b) the verification of that information, or (c) the processing of that information by the registrar. The regulations may make provision modifying any provision made by or under Part 1 or applying any provision made by or under Part 1 with modifications. Regulations made under this section are subject to the negative procedure (subsection (3)).