The following Corporate guidance note provides comprehensive and up to date legal information covering:
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 referred to below 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.
The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015), which received Royal Assent on 26 March 2015, introduced a number of measures intended to improve transparency and trust in companies and other entities such as LLPs and European public limited liability companies (or societas europaea) (SEs), most notably the requirement for a register of people with significant control over the relevant entity (PSC register).
The PSC register aims to address concerns about the opaque nature of business ownership, whereby traditionally only the legal and not necessarily the beneficial owner of an entity’s shares was recorded. The PSC register gives more accurate and current information on who ultimately owns and controls companies and other entities and the information is publicly available on the central registry held at Companies House. It helps inform investors when they are considering investing in a
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