S.L. 386.19 Art. 8Companies formed and registered before the coming into force of these regulations. 

(1) Every company formed and registered before the coming into force of these regulations shall comply with the provisions of regulation 5 within six months from the date of the coming into force of these regulations.

(2) If default is made in complying with sub-regulation (1), the company and every officer, shareholder and beneficial owner of the company who is in default shall be jointly and severally liable to a penalty, and, for every day during which the default continues, to a further penalty:

Provided that an officer of the company shall not be liable if he had exercised all due diligence to comply with the provisions of this regulation and the default was not due to any act or omission or negligence on his part.

(3) Every company as is mentioned in sub-regulation (1) shall, on the first anniversary of its registration that falls due immediately after the expiry of six months from the coming into force of these regulations or when there is any change in the beneficial ownership of the company occurring after the expiry of six months from the coming into force of these regulations, whichever is the earlier, deliver to the Registrar, in accordance with sub-regulation (4), a declaration in the form set out in the First Schedule to these regulations containing the information mentioned in regulation 3 on all the beneficial owners of the company as at the date of such anniversary or change as the case may be.

(4) The declaration duly completed shall be signed by at least one director of the company or the company secretary and shall be delivered to the Registrar within forty two days of the anniversary date to which it is made up or within fourteen days after the date on which the change is recorded with the company as the case may be, and the Registrar shall enter the information contained therein in the register of beneficial owners.

(5) If default is made in complying with the provisions of sub-regulations (3) and (4) of this regulation, the company and every officer of the company who is in default shall be jointly and severally liable to a penalty, and, for every day during which the default continues, to a further penalty.