Following our recent briefing on the proposed changes to the requirements for companies to keep a register of "people with significant control" ("PSC Register"), the regulations implementing these changes were published on Friday 23 June, and came into force yesterday, 26 June.
The Information about People with Significant Control (Amendment) Regulations 2017 (the "Regulations") conform the UK PSC regime to
the requirements of the EU Fourth Money Laundering Directive ("MLD4"). The Scottish Partnerships (Register of People with Significant Control) Regulations 2017 also came into force yesterday, and extend the PSC regime to Scottish Limited Partnerships and Scottish general
partnerships in which the partners are all corporate bodies ("eligible Scottish partnerships").
Since 6 April 2016, unlisted UK companies have been required to identify individuals who have significant control over them (broadly through holding over 25% of shares or voting rights, or otherwise having the right to exercise significant control) and to publicly disclose their details in a PSC register details of which are filed at Companies House. LLPs are subject to similar requirements. Please click here for our previous client briefing on the UK PSC regime.