Legislating for effective beneficial ownership transparency reforms in the extractive sector

Summary

This guidance aims to support those designing, drafting, advocating for and reviewing legislation to understand the various components that make up effective legislation, providing the foundation for a BO register. Legislation refers to the body of laws – including primary and secondary, or delegated, legislation – rules, policies and guidance emanating from parliament, the executive or other regulatory or lawmaking authority. It focuses on the technical characteristics of a good legislative framework for beneficial ownership rather than the external political, social, economic and cultural factors that are known to influence implementation and impact.

The process of creating an enabling framework for the effective collection, storage and sharing of BO information can be challenging, as it may involve new and technical concepts. Additionally, due to the differences in legal systems and contexts, there is no single best method. Consequently, this guidance focuses on identifying the minimum components for effective legislation. Those who seek to deepen their understanding of the full range of considerations when legislating for BO registers may consult Open Ownership’s legislative guidance, on which this technical guidance draws, and which includes examples of legislation.