PSC Amendment Regulations 2017: Entities Brought Within The PSC Regime

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The Information about People with Significant Control (Amendment) Regulations 2017 ("PSC Amendment Regulations 2017") brought new entities within the scope of the PSC regime...

United Kingdom Corporate/Commercial Law

The Information about People with Significant Control (Amendment) Regulations 2017 ("PSC Amendment Regulations 2017") brought new entities within the scope of the PSC regime, including companies with voting shares admitted to trading on AIM and the NEX Exchange Growth market, as well as unregistered companies. We discussed the PSC Amendment Regulations 2017 in G&SL July 2017 edition.

From 24 July 2017, entities within the scope of the PSC regime are subject to the obligations under Chapters 3 and 4 Part 21A Companies Act 2006 – including the duty to keep a PSC register. Guidance from the PSC Register for Registered and Unregistered Companies, SEs, LLPs and Eligible Scottish Partnerships ("PSC Register Guidance") confirms that, by 7 August 2017, newly in-scope entities must have entered information on their PSC registers.

The PSC Amendment Regulations 2017 can be accessed in full here:

https://www.legislation.gov.uk/uksi/2017/693/contents/made

The PSC Register Guidance can be accessed here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/621571/170623_NONSTAT_GU.pdf

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.