PSC register—the people with significant control regime

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

  • PSC register—the people with significant control regime
  • The impact of Brexit on the PSC regime
  • PSC regime—law and guidance
  • Application of rules to LLPs
  • Application of the rules to eligible Scottish partnerships
  • Application of rules to unregistered companies
  • Application of rules to UK Societas (previously SEs)
  • Statutory and non-statutory guidance
  • Which legal entities fall within the PSC regime?
  • Companies on prescribed markets
  • More...

PSC register—the people with significant control regime

Coronavirus (COVID-19) IMPACT: Certain aspects of the PSC regime are affected by temporary measures introduced to mitigate the consequences of the coronavirus pandemic (see Part 2 of the Companies etc (Filing Requirements) (Temporary Modifications) Regulations 2020), for example the deadline to notify the registrar of changes to the PSC register is increased from 14 to 42 days. The temporary provisions expired at the end of 5 April 2021. For further information see Practice Note: Coronavirus (COVID–19)—impact on company filing and administrative procedures.

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 limited liability partnerships (LLPs), 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 company. It also supports law

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