On 21 March 2016, the Register of People with Significant Control ("PSC") Regulations were published.
The PSC regulations have been amended from the draft published in June 2015 to include:
- a provision that companies who have voting shares admitted to trading on various markets in Israel, Japan, Switzerland and the US are not required to keep a PSC register;
- a more extensive list of legal entities that are deemed subject to their own disclosure requirements in order to cover companies with voting shares admitted to trading on certain markets in Israel, Japan, Switzerland and the US;
- a new Schedule which sets out the amendments that are necessary to be made to the Companies (Disclosure of Address) Regulations 2009 in order to align the 2009 regulations' regime for the protection of director's addresses from disclosure with the regime in the PSC regulations protecting a person with significant control's usual residential address;
- a provision stating that the fee for requesting a copy of a company's PSC register (or any part of it) will be fixed at £12; and
- an extension of the time limits in connection with applications to prevent disclosure of the usual residential addresses or other secured information in relation to the PSC register.
The Register of People with Significant Control Regulations 2016 can be accessed here:
http://www.legislation.gov.uk/uksi/2016/339/pdfs/uksi_20160339_en.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.
