Section 4

"Exempt from being registered"

8 For the purposes of paragraphs 2(1)(b) and 3(1)(c) a person who is a beneficial owner of an overseas entity is "exempt from being registered" if -

(a) the person does not hold any interest in the overseas entity other than through one or more legal entities (see paragraph 9),

(b) the person is a beneficial owner of every legal entity through which the person holds such an interest (see paragraph 9),

(ba) the person is not a beneficial owner of the overseas entity by virtue of being a trustee,

(c) as respects any shares or right in the overseas entity which the person holds indirectly as described in paragraph 9(3)(b)(i), the legal entity through which the shares or right are held is a beneficial owner of the overseas entity and is subject to its own disclosure requirements, and