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What are the new reporting deadlines under the PSC regime?

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Published on LexisPSL on 04/07/2017

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  • What are the new reporting deadlines under the PSC regime?

What are the new reporting deadlines under the PSC regime?

As a result of the Information about People with Significant Control (Amendment) Regulations 2017, SI 2017/693 (2017 Regulations) coming into force on 26 June 2017 the PSC regime now applies to UK incorporated companies limited by shares or guarantee (including community interest companies), limited liability partnerships (LLPs), unlimited companies, unregistered companies, societas europaea (SEs) and (as a result of the Scottish Partnerships (Register of People with Significant Control) Regulations 2017, SI 2017/694 (Scottish Regulations)) eligible Scottish partnerships (Scottish limited partnerships (SLPs) and Scottish qualifying general partnerships (SQPs)).

All UK companies are covered by the regime other than those admitted to trading on a regulated market in the UK or an EEA state (other than the UK) or on specified markets as listed in Schedule 1 to the Register of People with Significant Control Regulations 2016, SI 2016/339 (PSC Regulations). This is an enhancement from the previous position whereby companies that are subject to the FCA’s Disclosure Guidance and Transparency Rule 5 (DTR 5) did not need to keep a register, on the basis that they already provided information about their beneficial owners and controllers via public announcements. However the provisions of DTR 5 and the PSC regime differ in a number of respects, for example that a person who can appoint and remove a majority

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