Since 6 April 2016, companies and Limited Liability Partnerships have been required to keep a register of ‘persons with significant control’ (PSC) over the company. They are also currently required to provide this information to Companies House as part of the company’s annual confirmation statement.
On 26 June 2017, as part of wider changes being introduced in order to implement the requirements of the EU Fourth Anti-Money Laundering Directive, changes will be introduced to this regime.
It has been announced that the two main changes will be:
- Companies will be required to update their PSC register and notify Companies House of any change within 14 days of that change occurring instead of waiting for the annual confirmation statement; and
- Whilst companies subject to the transparency directive review (DTR5) regime have previously been exempt from the requirement to keep a PSC register, some DTR5 companies (most notably AIM companies) will become subject to the PSC requirements and will be required to keep a register and make the appropriate filings at Companies House.
The regulations have not yet been published and so the full details of these changes have not yet been confirmed. We will provide a further update once the full extent of these changes is known.
Edwin Coe LLP is a Limited Liability Partnership, registered in England & Wales (No.OC326366). The Firm is authorised and regulated by the Solicitors Regulation Authority. A list of members of the LLP is available for inspection at our registered office address: 2 Stone Buildings, Lincoln’s Inn, London, WC2A 3TH. “Partner” denotes a member of the LLP or an employee or consultant with the equivalent standing.