“(1) Within six months of the day on which this Act is passed, the Secretary of State must publish a report on the authorisation of foreign corporate service providers.

(2) The report in subsection (1) must include but is not limited to—

(a) the number of authorised corporate service providers with a head office based in a territory outside the United Kingdom,

(b) the number of foreign corporate service providers authorised as set out in section 1098I(1) of the Companies Act 2006, and

(c) the number of foreign corporate service providers identified in subsection (2)(b) by territory.”—(Seema Malhotra.)

This new clause creates an obligation for the Secretary of State to publish a report into the number of Authorised Corporate Service Providers with a head office based outside the United Kingdom and the number of foreign corporate service providers authorised by the regulations set out in new section 1098I(1) of the Companies Act 2006.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The House divided: Ayes 234, Noes 291.

Question accordingly negatived.