A Collection is a selection of features, articles, comments and opinions on any given theme or topic. It allows you to stay up‑to‑date with what interests you most.
Login here to access your saved articles and followed authors.
We have sent you an email so you can reset your password.
Sorry, we had a problem.
Tags related to this article
Published 17 marzo 2016
From 6 April 2016, the vast majority of companies incorporated in the UK will have to maintain a register of persons with "significant control" over them (a "PSC Register"). The expectation is that each such company will have a PSC Register in place on 6 April with one of the prescribed statements in it. Failure to do so will be a criminal offence and may result in a fine/or a prison sentence of up to 2 years. Similar rules apply to LLPs. This is our third alert about the new regime.
The Government has just published its guidance for people with significant control ("PSCs"). A link to the guidance can be found here.
This guidance is quite lengthy (47 pages), but helpful to anyone grappling with the new regime and its practical implications for persons with significant control and directors of registrable legal entities.
In particular, the guidance explains what information PSCs must provide to UK companies and how to respond to notices from them.
Companies and LLPs should carefully review the guidance now available and consider who are the person(s) with "significant control" over them. From 6 April 2016, all UK companies will need to have appropriate entries in their PSC Registers. Companies with complicated ownership structures, for example involving overseas shareholders, will be particularly affected.
London - Walbrook
+44 (0)20 7894 6308
David Manifould, Michelle Jones, Clive Garston, John Dunlop, Andrew Boulton
Nick Gibbon, Clive Garston, Bridget Salaman
David Manifould, Clive Garston, Andrew Boulton, Michelle Jones
Matt Spencer, Michael McCormack
Michael McCormack, Matt Spencer