PSC register for LLPs—steps to be taken and completion of the register
PSC register for LLPs—steps to be taken and completion of the register

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • PSC register for LLPs—steps to be taken and completion of the register
  • Reporting people with significant control (PSC) information from 26 June 2017
  • Law and guidance
  • Which legal entities must maintain a PSC register?
  • Which persons or entities should be recorded on a PSC register?
  • Who are 'people with significant control' of LLPs?
  • RLEs and group structures
  • Non-registrable entities and fund structures
  • Duty of LLP to investigate
  • Duty of LLP to update information
  • more

BREXIT IMPACT: The availability of the Societas Europaea (SE) in the UK will be affected by Brexit. For further details on the impact of Brexit, see Practice Note: Brexit—European entities.

Other legislation in relation to the PSC regime wiill be affected by Brexit under paragraphs 10 and 11 of Schedule 1 to The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/348), namely references to regulated markets in an EEA State.

Reporting people with significant control (PSC) information from 26 June 2017

The Information about People with Significant Control (Amendment) Regulations 2017, SI 2017/693 (2017 Regulations) modify and extend the existing national measures to complete the UK’s transposition of Council Directive 2015/849/EU (the Directive) on the prevention of money laundering and terrorist financing, in relation to companies, including unregistered companies, and limited liability partnerships (LLPs). They also make minor changes to and extend the scope of Part 21A of the Companies Act 2006 (CA 2006), which requires companies to keep a register of people with significant control over a company (PSC register), its application to LLPs, and the Register of People with Significant Control Regulations 2016, SI 2016/339 (the PSC Regulations), to bring the UK’s domestic regime into compliance with the Directive’s requirements (which came into force on 25 June 2015, and had to be