DBIS is consulting on a package of measures designed to improve corporate transparency and strengthen laws on director disqualification. The main elements of the paper relevant to transparency and financial services include:
- options for putting in place a central registry with information on companies’ beneficial ownership maintained by Companies House. The registry would hold information on individuals with more than 25 per cent of shares or voting rights in a company, or who otherwise control the way a company is run. The consultation asks which information in the registry should be made public, what information should be provided and how it would be updated;
- banning bearer shares;
- requiring nominee directors to disclose to Companies House their status and who they are acting for;
- banning corporate directors; and
- implementing the Parliamentary Commission on Banking Standards' recommendation and changing bank directors’ duties.
DBIS asks for comments by 16 September. (Source: DBIS Consults on Ownership Transparency)