PSC Register—impact on lending and taking security
PSC Register—impact on lending and taking security

The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:

  • PSC Register—impact on lending and taking security
  • Overview of the PSC Register regime
  • Summary of risks and considerations for finance parties
  • When might a lender or secured party fall within the PSC Register regime?
  • Risks to secured party of restrictions notice and how to mitigate such risks
  • Developments

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. Several aspects of the PSC regime will be affected by Brexit, including:

  1. the availability of the Societas Europaea (SE) in the UK. For further details see Practice Note: Brexit—European entities

  2. references to regulated markets in the EEA in Part 21A of the Companies Act 2006, which will be amended in accordance with paragraphs 10 and 11 of Schedule 1 to The Companies, Limited Liability Partnerships and Partnerships (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/348) (the EU Exit Regulations)

  3. references to the EEA in Schedule 2 to The Companies (Disclosure of Address) Regulations 2009 and Schedule 4