Corporate weekly highlights—29 June 2017

Corporate weekly highlights—29 June 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 22 June 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: analysis examining the newly enhanced PSC regime; Information about People with Significant Control (Amendment) Regulations 2017; The Scottish Partnerships (Register of People with Significant Control) Regulations 2017; Companies House guidance on the PSC regime; revised FCA money laundering guidance issued for consultation; Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017; the European Commission’s guidelines on disclosure of non-financial information; and the news that the Recast Insolvency Regulation has come in force.

Headlines (News updates & analysis)

PSC register

Beneficial ownership—enhancement of the PSC regime

This analysis examines the newly enhanced beneficial ownership regime. On 26 June 2017 the regime for investigating and recording information about people with significant control (PSC) over companies and other entities was extended and enhanced. Reporting entities are now required to update their own registers within 14 days, and to update the information held on the central register at Companies House within a further 14 days. This is a significant change from the previous position where centrally-held PSC information was updated via the annual confirmation statement. In addition, the scope of the regime has been extended to cover unregistered companies, companies listed on prescribed markets such as AIM or the NEX Exchange Growth Market, and eligible Scottish partnerships.

For details see News Analysis: Beneficial ownership—enhancement of the PSC regime.

Information about People with Significant Control (Amendment) Regulations 2017

The Information about People with Significant Control (Amendment) Regulations 2017, SI 2017/693 came into force on 26 June 2017 (the 2017 Regulations).

These Regulations implement aspects of Article 30 (requiring a central register of beneficial ownership information for corporate and other legal entities) of Council Directive 2015/849/EU (the Directive) on the prevention of money

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