News

UK: Register of People with Significant Control Regulations 2016

Effective this Wednesday, 6 April 2016, a majority  of UK companies will be required to hold, maintain and have available for inspection a register of “people with significant control” (a “PSC Register”) with reporting requirements, via the Companies House Annual Confirmation process, coming into effect in June 2016. In addition to the obligations on companies in relation to the PSC Register, People with Significant Control (“PSC”) and Relevant Legal Entities (“RLE”) are obliged to notify the Company (if they are not on the PSC Register) and update the Company if their information changes.

Although the PSC Regulations apply to UK incorporated companies only if you have an interest in a UK company you should check to see if the Regulations apply to this company and whether you have obligations as a PSC or as an officer of an RLE.  The Department of Business Innovation and Skills in the UK has published various guidance to assist companies and their stakeholders in understanding the requirements.

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