On 17 December 2015, BIS published the government's response to its consultation paper seeking views on the draft Register of People with Significant Control Regulations 2015.
The response included:
- A statement that companies with voting shares admitted to trading on a regulated market in an EEA state and companies listed on certain markets in Japan, the US, Switzerland and Israel will be exempt from the PSC requirements;
- A note that the government intends to put in place the application process proposed in the consultation paper for protecting secured information. The response also states that the registrar will be able to seek advice on the nature or extent of the risk of violence or intimidation from any authority as it deems fit;
- A section setting out proposals for the conditions to be satisfied for a person to be treated as having significant control of a LLP; and
- A statement that participants in foreign arrangements similar to limited partners in an English limited partnership, who do not take part in the management of that arrangement, will not meet the first three conditions mentioned above for significant control just by virtue of being in a position similar to that of a limited partner.
The government response can be found here:
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