On January 25, the UK Government published two regulations in relation to new requirements for UK-incorporated companies and UK-formed limited liability partnerships (LLPs) to keep a register of people with significant control (PSC Register). The two regulations are the Register of People With Significant Control Regulations 2016 (Company Regulations) and the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 (LLP Regulations) (collectively, Regulations).
The Regulations are in relation to the new PSC Register requirements introduced by the Small Business, Enterprise and Employment Act. Beginning April 6, all UK-incorporated companies and UK-formed LLPs will be required to keep a PSC Register and will be required to file that information with Companies House beginning June 30.
Both Regulations confirm key requirements for UK companies and LLPs, including what a person with “significant control” means and that a fixed fee of £12 will apply for all requests for copies of a company or LLP’s PSC Register, regardless of how many parts are required to be copied. The Company Regulations exempt certain companies from the PSC Register requirements, specifically where such companies have voting shares admitted to trading on specific markets in Israel, Japan, Switzerland and the United States (listed in Schedule 1 of the Company Regulations). These companies will not be required to keep a PSC Register. The LLP Regulations also insert a requirement for LLPs to file a statement of initial significant control to the registrar on incorporation.
For further background information on the PSC Register requirements, see the Corporate & Financial Weekly Digest edition of August 14, 2015.
The draft Company Regulations can be found here.
The draft LLP Regulations can be found here.