As reported in the In Brief section of our April edition, here, the UK regime for registration of security created by companies and limited liability partnerships is to be revised. Draft regulations were to be published this UK summer but instead, the Department for Business, Innovation and Skills has published further proposals giving more details of the revised scheme and how it will work in practice. The key features remain:
- all security created by UK companies and LLPs will be registrable, subject to limited exceptions;
- no security created by non-UK companies and LLPs will be registrable;
- registration will be done electronically and will comprise brief particulars of the security and a copy of the security instrument.
It is now expected that regulations will be published in early 2012 for implementation in October 2012, although the change in relation to non-registration of security given by foreign companies is being implemented from 1 October 2011.