DBIS consults on ownership register: DBIS has published a discussion paper on key aspects of its Register of People with Significant Control (PSC Register). This is the publicly accessible register of UK companies' beneficial owners or people with significant control over them that the Government is introducing in the Small Business, Enterprise and Employment Bill. The paper asks for views on:
- the guidance which will help companies and others to understand the requirements. This will explain who might be a PSC and will explain what information the Government expects to receive on PSCs, depending on the nature of their control;
- how a PSC's control is recorded in the register. The Government suggests a drop-down menu that could list the reason the person is a PSC or might ask for further information; and
- how to protect certain PSC data from public disclosure. The paper sets out matters that will not be publicly disclosed but could be available to certain authorities and credit reference agencies unless there is a good reason not to do so. The Government is also putting in place a regime to allow information to be protected if the individuals face a serious risk of harm if it is published.
DBIS asks for comments by 9 December. (Source: DBIS Consults on Ownership Register)