- PSC register—impact on lenders
- What impact is the PSC register regime likely to have on existing loan documentation?
- What additional steps do you envisage lenders and their advisers having to take when carrying out due diligence prior to entering into any new loan transactions?
- What changes do you expect the PSC register regime will bring to future standard form loan and security documents and other condition precedent documentation?
- What are the risks of the terms of loan documentation leading to the lender being a PSC themselves?
- Will security taken by a lender (particularly any share charge) lead to the lender being considered a PSC?
Banking & Finance analysis: New rules on keeping a register of persons with significant control (PSC) came into force on 6 April 2016. Joanna Belmonte, senior associate and professional support lawyer in the banking and finance team at Gateley Plc, considers its potential impact upon lenders.
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