The Government has published draft legislation setting out the requirements for the registers of people with significant control (PSC) in relation to both companies and Limited Liability Partnerships (LLP). The legislation:
- sets out the information that is required in several scenarios;
- prescribes the fee companies can charge for providing a copy of the information;
- mandates notices companies must issue;
- contains the rules on protection of certain details.
The Regulations are due to take effect, with a few provisions only delayed, from 6 April 2016. See also our separate article on the new requirements. In addition, DBIS has issued separate draft statutory guidance for companies and LLPs respectively on how to comply with the PSC Register requirements. It clarifies the meaning of “significant influence or control” for the purposes of the legislation. (Source: The Register of PSC Regulations 2016, The LLP (Register of PSC) Regulations 2016 and DBIS PSC Guidance)