Note to Directors – Summary of key Issues under ECCTA

The Economic Crime & Corporate Transparency Act 2023 (ECCTA) is a significant piece of legislation and those responsible for corporate governance will need to develop a thorough understanding of how the changes will affect their organisation. This is most likely to be directors in a SME private company.

This is a template summary note to the directors from a company secretary or company administrator outlining the headline points. It is intended as a summary rather than a detailed note to make the directors aware of the key points of the ECCTA that will affect them and the company and the action that needs to be taken in response to these changes. The note focuses on the practical implications of the ECCTA. It is intended as a short, go to summary note.

The first phase of implementation of the ECCTA occurred in March 2024 and is reflected in this note. This template has been further updated in October 2024 particularly in relation to identity verification requirements. This follows information issued by Companies House on its intended implementation timetable for much of the rest of the ECCTA on 16th October 2024. The identity verification regime is expected to commence in Spring 2025 and be completed by the end of 2026.

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