PSC register for LLPs—who are people with significant control?
PSC register for LLPs—who are people with significant control?

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

  • PSC register for LLPs—who are people with significant control?
  • PSC regime—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
  • Understanding the Conditions in greater detail
  • Condition 1—an individual is a PSC if they hold, directly or indirectly, rights over more than 25% of the surplus assets on winding up
  • Condition 2—an individual is a PSC if they hold, directly or indirectly, more than 25% of the voting rights in the LLP
  • 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 will 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.

PSC regime—law and guidance

The framework of the people with significant control (PSC) regime, which originally took effect on 6 April 2016, is set out in Part 21A of the Companies Act 2006 (CA 2006) , as originally inserted by Schedule 3 of SBEEA 2015 (and as further amended by the Information about People with Significant Control (Amendment) Regulations 2017, SI 2017/693 (2017 Regulations)).

The primary legislation is supported, for companies, by The Register of People with Significant Control Regulations 2016, SI 2016/339 (the PSC Regulations), as amended by the 2017 Regulations. LLPs incorporated under the Limited Liability Partnerships Act 2000 are also required to maintain a register of people with significant control over the LLP under the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016, SI 2016/340 (the LLP Regulations), as amended by the 2017 Regulations. The PSC regime also applies to SEs as it applies to public limited companies incorporated in

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