The Information about People with Significant Control (Amendment) Regulations 2017 came into force on 26 June 2017 and forms part of the UK’s implementation of the Fourth Money Laundering Directive. Important changes include new deadlines for when, how and where PSC information must be filed and the widening of the regime to include additional entities.
PSC registers in company books must be updated within 14 days of a change and relevant information filed at Companies House within 28 days of the change. Failure to meet these deadlines could incur potential criminal liability for both the company and its officers.
PSC information must be filed at Companies House on one of the new forms PSC01 to PSC09.
PSC information is no longer required on the confirmation statement, but PSC registers must still be kept and PSC information must still be filed at Companies House.
All companies now fall within the ambit of the PSC regime except for those with voting shares admitted to trading on (i) certain specified markets in the US, Japan, Israel and Switzerland, or (ii) a regulated market situated in an EEA state.