The Department for Business Innovation and Skills (BIS) published further guidance on the register of people with significant control (PSC Register) on 23 March 2016. From 6 April 2016, every legal entity within scope will be required to create and maintain a PSC register.
The guidance from BIS is aimed at:
- Individuals in a position of influence or control in relation to a company, Societates Europaeae (SE) or LLP and could be a person with significant control (PSC)
- Directors or employees of a legal entity that is in a position of influence or control in relation to a company, SE or LLP and that might need to be entered as a registrable legal entity on its PSC register
- Persons involved with an individual or legal entity in a position of influence or control, professionally or otherwise, and have information about their engagement with a company, SE or LLP.
The publication includes guidance on the information obligations placed on PSCs, including the type of information they will be required to provide. Further guidance on the PSC register in relation to the incorporation and filing process and the protection regime for supressing PSC information in exceptional circumstances, will be provided by BIS shortly.