PSC register—offences for non-compliance
PSC register—offences for non-compliance

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

  • PSC register—offences for non-compliance
  • PSC regime—law and guidance
  • Maintaining a PSC register
  • Offences within the PSC regime
  • Offences committed by the investigating company or LLP
  • Offences in relation to the election by private companies to keep information on the central register instead of maintaining their own PSC register
  • Offences committed by those seeking information from a PSC register
  • Offences committed by actual or potential PSCs
  • Offences committed in relation to eligible Scottish partnerships

BREXIT IMPACT: 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 to The Register of People with Significant Control Regulations 2016, which will be amended in accordance with paragraphs 9, 10, 13 and 14 of Schedule 2 to the EU Exit Regulations

  4. references to regulated markets and the EEA in regulations 2 and 3, and in Schedule 5 to The Scottish Partnerships (Register of People with Significant Control) Regulations 2017, which will be amended in accordance with paragraphs 15–18 of Schedule 2 to the EU Exit Regulations

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