On 26 January 2016, the House of Lords issued a written statement on the draft Register of People with Significant Control Regulations 2016. The written statement makes clear that the Secretary of State will not use the power to make general exemptions to new information and registration requirements, unless using the exemption would be in the interests of national security, the economic well-being of the UK or the support of the prevention or detection of a serious crime. The Secretary of State will also only grant this exemption if it is clear that the company or LLP is not being run for the personal benefit of any individual and that the exemption was necessary for the person seeking it to achieve their lawful objectives.

The written statement can be accessed here: