UK Offence Report

The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024

UK Statutory Instrument 2024 No. 445 — creates 1 criminal offence.

1offences created
0recorded in force
0revoked
Made
26 March 2024
In force from
2 May 2024
Extent
Not stated
Subject
Corporate, financial services, company law, employment, charity, electoral and tax
Made under
Companies Act 2006, Economic Crime (Transparency and Enforcement) Act 2022, In accordance with sections 1132A(7) and 1290 of the Companies Act 2006, No. 445 Companies The Economic Crime and Corporate Transparency Act 2023

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations make provision relating to companies on the register kept by the registrar of companies (“the registrar”) in accordance with the Companies Act 2006 (c. 46). The provisions relate to financial penalties, appeals and enforcement. The Regulations also amend the Register of Overseas Entities (Penalties and Northern Ireland Dispositions) Regulations 2023 in relation to the circumstances in which a financial penalty may not be imposed. Part 2 confers power on the registrar to impose a financial penalty on a person if satisfied beyond reasonable doubt that the person has engaged in conduct amounting to a relevant offence, as defined in section 1132A of the Companies Act 2006. Regulations 4 and 5 set out the process by which the registrar may issue warning and penalty notices, as well as the necessary content of such notices, and the time periods for issuing such notices. Regulation 6 allows the registrar to vary or revoke a penalty notice, as they consider appropriate, subject to regulation 7. Regulation 7 sets out the maximum financial penalty that may be imposed under these Regulations and the rules for imposing and calculating penalties under a penalty notice. Regulation 8 describes the process by which a person who has received a penalty notice may appeal and the time limits for applying for such an appeal. Regulation 9 allows the registrar to recover the financial penalty (with any accrued interest) after the expiry of the period stated in the penalty notice, if no appeal has been brought or if an appeal has been determined or withdrawn. It also describes how the financial penalty is treated for recovery purposes in England and Wales, Northern Ireland and Scotland. Part 5 makes amendments to the Register of Overseas Entities (Penalties and Northern Ireland Dispositions) Regulations 2023. Regulation 11 substitutes a new regulation 3(2), which clarifies the circumstances in which a financial penalty may not be imposed and aligns with the amendments made to the Economic Crime (Transparency and Enforcement) Act 2022 by the Economic Crime and Corporate Transparency Act 2023. Regulations 12 to 20 make minor amendments to clarify the process for issuing a financial penalty and the calculation of such a penalty. A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

Offences created by this instrument

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

How Parliament handled it

Parliament's Statutory Instruments service has no record of this instrument, although it covers the period. Nothing is inferred from that.

Check the source