DBIS has published the outcome of its consultation on introducing the people with significant control (PSC) register. Companies, limited liability partnerships and Societas Europaea will be required to hold a PSC register from 6 April 2016. Covered entities will need to send the information to Companies House with their confirmation statement (which replaces the annual return) or on incorporation from 30 June 2016 onwards. The registrar will maintain the PSC information in a central public register. This will mean that the central register will contain a full set of data on all UK companies in scope by July 2017. Companies House will make PSC information publicly available for free in a central PSC register. Treasury has now made Regulations that it intends to lay before Parliament in January 2016, and at that time also to publish guidance. The regulations will cover exemptions from the requirement to register, ownership information required, fees for registration, penalties and protection and disclosure of information. The government accepts it will need to refine the PSC register further to comply with the requirements of the fourth Money Laundering Directive. (Source: DBIS Finalises PSC Regulations)
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DBIS finalises PSC Regulations
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