Register of persons with significant control
The requirements to keep a PSC register are set out in Part 21A of the Companies Act 2006 (the ‘Act’) (as inserted by SBEE and subsequent regulations) including:
- The Register of People with Significant Control Regulations 2016;
- The European Public Limited-Liability Company (Register of People with Significant Control) Regulations 2016;
- The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016;
- The Scottish Partnerships (Register of People with Significant Control) Regulations 2017; and
- The Information about People with Significant Control (Amendment) Regulations 2017.
With some exemptions (eg, companies with voting shares admitted to trading on a regulated market in the UK or European Economic Area or on certain other specified markets), all UK companies (including charitable companies and subsidiaries of exempted companies) and Limited Liability Partnerships (LLPs) and certain Scottish Partnerships are required to keep a PSC register, and people who control companies or other relevant entities will be subject to disclosure requirements.
Relevant companies and other entities must keep the registers and file relevant details with Companies House.
BEIS has issued statutory and non-statutory guidance and summary guidance, available from this link.
The summary guidance for companies (of 5 pages) outlines the main requirements including what information is required to be kept on the register and what information is public and gives an illustration of how the regime might work for a straightforward company.
The full non-statutory Guidance for registered and unregistered companies, SEs, LLPs, and eligible Scottish partnerships (‘Guidance for Companies’) is over 100 pages long and includes template forms of notices involved. We provide here only an outline of the regime and reference should be made to the full guidance and underlying laws for further information and legal advice sought where appropriate.