On 12 April 2016, the Department for Business, Innovation and Skills ("BIS") published updated versions of both its non-statutory guidance for companies, SEs and LLPs and its non-statutory guidance for people with significant control.
The revised guidance is broadly the same as previous guidance, however amendments include:
- clarifying that a person's direct and indirect interests must be aggregated for the purpose of choosing the appropriate statement to include in a PSC register;
- deleting an option to acquire shares from the examples of rights exercisable only in certain circumstances. The guidance for companies also includes a new paragraph stating that weighted voting rights on particular matters are unlikely to meet the voting rights test in the second specified conditions; and
- correcting the official wording for inclusion in the PSC register of an LLP.
For a summary of the previous BIS non-statutory guidance, please see our Q1 2016 Governance and Securities newsletter available here:
The updated versions of the non-statutory guidance can be accessed here:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
