6 July 2017

Further expansion of the 'People with Significant Control' regime confirmed

In May we advised on the changes to the UK's existing 'People with Significant Control' (PSC) regime.

The Information about People with Significant Control (Amendment) Regulations 2017 and The Scottish Partnerships (Register of People with Significant Control) Regulations 2017 now confirm the provisional stance taken by the Department for Business, Energy & Industrial Strategy following its consultation on the expansion of the need to maintain a central register of beneficial ownership information.

The PSC regime now extends to:

  • Scottish Limited Partnerships
  • Scottish Partnerships (each of whose members is a limited company or an unlimited company, or a Scottish partnership, each of whose members or general partners is a limited company)
  • Unregistered companies subject to the Unregistered Companies Regulations 2009 (this includes some Royal Chartered bodies, City of London Livery Companies, Guilds and other learned societies and professional bodies but not universities or overseas based bodies)
  • Companies with voting shares admitted to trading on prescribed markets, including AIM companies and those on the NEX Exchange Growth Market

The expanded PSC regime came into force on 26 June 2017 and the companies and partnerships listed above are subject to the obligation to create and maintain a PSC register from 24 July 2017. The PSC information maintained by the companies and partnerships must be filed with Companies House and the new regime is event-driven, meaning that officers of the companies and partnerships must update the information on their own PSC register when it changes within 14 days and update the information at Companies House within a further 14 days.

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