Economic Crime and Corporate Transparency Act – changes for LLPs

The Economic Crime and Corporate Transparency Act (ECCTA) received Royal Assent on 26 October 2023. The  changes have been coming into force in stages and the implementation process is not expected to complete before the end of 2026. The ECCTA introduces a wide range of reforms and is a key part of the Government's ongoing legislative strategy to tackle economic and financial crime. This summary focuses on the changes to company law (as they affect LLPs) that form part of the ECCTA. You can read more on the changes to company law (as they affect companies) here. You can listen to more detail on the changes to corporate criminal law in our webinar and podcast series. 

The ECCTA introduces fundamental reforms to the role of the Registrar of Companies including four new objectives for the Registrar designed to promote the integrity of the register. This includes:

• Objective 1 - to ensure that any person who is required to deliver a document to the registrar does so (and that the requirements for proper delivery are complied with).
• Objective 2 - to ensure that information contained in the register is accurate and that the register contains everything it ought to contain.
• Objective 3 - to ensure that records kept by the registrar do not create a false or misleading impression to members of the public.
• Objective 4 - to prevent LLPs, companies and others from:
  • carrying out unlawful activities; or
  • facilitating the carrying out by others of unlawful activities.

These new objectives for the Registrar of Companies represent a more active role for the Registrar and underpin the reforms to company law. The table below sets out a summary of the key changes affecting LLPs, the implications for you and your business, and when we currently expect the relevant provisions will come into force.

This summary is an introductory overview. We will update it as and when the relevant statutory instruments and guidance are published.