ARTICLE
3 February 2020

BEIS Review Of The PSC Register

AO
A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On 30 October 2019, the BEIS published a report following its review of the "people with significant control" (PSC) register regime created under the Companies Act 2006...
United Kingdom Corporate/Commercial Law

On 30 October 2019, the BEIS published a report following its review of the "people with significant control" (PSC) register regime created under the Companies Act 2006 in 2016 and discussed in our client newsletters of March 2016 (found here) and July 2017 (found here). The Government's previous review of the PSC Register was covered in our Q3 2019 G&SL newsletter on page 15.

The new statutory regime aimed to improve corporate transparency by showing who ultimately owns and controls UK companies and certain other entities. The review aimed to establish whether the objectives of the new regime remain appropriate and have achieved their original goals, whether there is a less onerous regulatory way to achieve the objectives and whether the regime is still required and remains the best option for achieving the objectives.

The review found that the PSC regime has been effective in meeting the original objectives and the costs to businesses have been proportionate and in line with original estimates. It has helped stop companies being used for criminal activities, has a positive economic effect and is widely used. However, BEIS notes that the reliability of information contained on the public PSC register is unclear and needs to be analysed as part of a wider review of the corporate transparency and register reform.

The written statement announcing publication of the report can be found here and the full report can be found 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.

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