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Beneficial ownership—enhancement of the PSC regime

Beneficial ownership—enhancement of the PSC regime
Published on: 28 June 2017
Published by: LexisPSL
  • Beneficial ownership—enhancement of the PSC regime
  • Original news
  • What are the practical implications of this legislation?
  • Who should consider the provisions of the PSC regime?
  • Which additional companies are now covered by the regime?
  • What has happened in relation to eligible Scottish partnerships?
  • New reporting deadlines
  • The protection regime
  • Is there any new or amended guidance in relation to the regime?
  • Action to be taken

Article summary

Corporate analysis: On 26 June 2017 the regime for investigating and recording information about people with significant control (PSC) over companies and other entities was extended and enhanced. Reporting entities are now required to update their own registers within 14 days, and to update the information held on the central register at Companies House within a further 14 days. This is a significant change from the previous position where centrally-held PSC information was updated via the annual confirmation statement. In addition, the scope of the regime has been extended to cover unregistered companies, companies listed on prescribed markets such as AIM or the NEX Exchange Growth Market, and eligible Scottish partnerships. or take a trial to read the full analysis.

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