The register of people with significant control (‘PSC register’) is now subject to a further consultation. This was introduced by the Small Business, Enterprise and Employment Act 2015 which included measures to make it easier to see who owns or controls companies in order to increase accountability. The initial consultation back in October 2014 asked for views on how such a register would work in practice. Views are now being canvased on the draft secondary regulations needed to set up the register. To enable the register to operate effectively, the regulations have been drafted so that the register is as simple as possible for companies to comply with, without creating unnecessary burdens. The consultation covers issues on:
the companies required to keep a register;
how to classify people’s different levels of control of a company;
the fees a company may charge for providing a copy of its own PSC register;
how to protect PSC information about people if they are at serious risk of physical harm; and
warning and restrictions notices to people or entities that don’t respond to the initial notice requesting information for the register.
It is intended that companies will hold their own PSC register from January 2016 and that Companies House will hold PSC information for all the UK’s companies in scope by April 2017, which will be available for free in one central, searchable register.
Comments are invited by 17 July 2015. It is anticipated that the responses received will be used to help finalise the draft regulations to be laid before Parliament in autumn 2015. See www.bit.ly/1JnmXmM.
The register of people with significant control (‘PSC register’) is now subject to a further consultation. This was introduced by the Small Business, Enterprise and Employment Act 2015 which included measures to make it easier to see who owns or controls companies in order to increase accountability. The initial consultation back in October 2014 asked for views on how such a register would work in practice. Views are now being canvased on the draft secondary regulations needed to set up the register. To enable the register to operate effectively, the regulations have been drafted so that the register is as simple as possible for companies to comply with, without creating unnecessary burdens. The consultation covers issues on:
the companies required to keep a register;
how to classify people’s different levels of control of a company;
the fees a company may charge for providing a copy of its own PSC register;
how to protect PSC information about people if they are at serious risk of physical harm; and
warning and restrictions notices to people or entities that don’t respond to the initial notice requesting information for the register.
It is intended that companies will hold their own PSC register from January 2016 and that Companies House will hold PSC information for all the UK’s companies in scope by April 2017, which will be available for free in one central, searchable register.
Comments are invited by 17 July 2015. It is anticipated that the responses received will be used to help finalise the draft regulations to be laid before Parliament in autumn 2015. See www.bit.ly/1JnmXmM.
