On 21 March 2016 the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 were published. The Regulations will come into force on 6 April 2016 (other than paragraph 6 of Schedule 5, which comes into force on 30 June 2016).
The Regulations require all Limited Liability Partnerships (LLPs) to keep a register of people with significant control over the LLP, known as a PSC register. The PSC register is in addition to the register of members that an LLP is already required to keep by law.
The aim of the PSC register is to ensure that corporate entities, including companies and LLPs, obtain and hold information regarding their beneficial ownership. The PSC register will be a central, publicly accessible registry of company and LLP beneficial ownership information which will be maintained by the registrar of companies.
Detailed statutory and non-statutory guidance on the meaning of “significant influence or control” in the context of the PSC register will be released in due course.