Part 1: Registration of Overseas Entities Obtaining, updating and verifying information Section 12: Identifying registrable beneficial owners
Section 12 provides that before making an application to register under section 4, complying with the updating duty under section 7 or applying for removal under section 9, an overseas entity must take reasonable steps to find out who its registrable beneficial owners are and to obtain the relevant information (set out in Schedule 1) about them. The entity must take reasonable steps (i) to identify any beneficial owner that may be "registrable" in relation to the entity and (ii) to obtain the information about the beneficial owner (subsection (2))
	As a minimum, an entity must, as part of its reasonable steps, send an information notice to any person that it knows or has reasonable cause to believe is a "registrable beneficial owner" subsection (3)). A person who receives an information notice is required to reply to it within a month (subsection (5)), and where relevant (i.e. where they are the beneficial owner) confirm, correct or provide the required information set out in Part 3 of Schedule 1 to the overseas entity.