Section 19Part 3 — Beneficial Ownership RegisterAmended
Issue of restrictions notice by corporate services provider
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Amended by Supplement No. 1, Gazette No. 1 of 2026 on 14 Jan 2026 — commenced 1 Dec 2025 (Supplement No. 1, Gazette No. 1 of 2026)
The corporate services provider of a legal person to which this Act a pplies shall send a restrictions notice to the legal person concerning a relevant interest in that legal person if —
by the end of the period of thirty days beginning with the date of receipt of the notice issued to the legal person under section 18( 1) —
a notice under section 8 or 14 was not served by the legal person and the legal person has not provided the corporate services provider with a valid reason sufficient to justify the legal person’s failure to serve the notice under section 8 or 1 4; or
the legal person has failed to provide a justification and a correction respecting any statement identified as being false or misleading in the notice under section 18(1); or
a notice under section 8 or 14 was served by the legal person and the legal person has not received compliance with the notice served under section 8 or 14;
In deciding whether to send a restrictions notice, the corporate services provider shall have regard to the effect of the notice on the rights of persons in respect of the relevant interest, including third parties, persons with a security interest over the relevant interest, registered shareholders and other beneficial owners. (2A) Where the relevant interest is subject to a pre - existing security interest gra nted to a third party who is not affiliated with the legal person, the restrictions notice shall not take effect.
A corporate services provider that issues a restrictions notice to a legal person shall, by notice, withdraw the restrictions notice if —
it is satisfied that there is a valid reason to justify the person’s failure to comply with the notice served under section 8 or 1 4 ;
the notice served under section 8 or 1 4 is complied with; or
the corporate services provider discovers that the rights of a third party in respect of the relevant interest are being unfairly affected by the restrictions notice.
A legal person to whom a restrictions notice is issued under this section may apply to the Grand Court to set aside any restriction imp osed by the notice. c Revised as at 14th January, 2026 Page 21