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ARTICLE · 01 JULY 2015

Enhancing Transparency Or An Administrative Nuisance?

MacRoberts
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Significant changes to corporate law, which are aimed at enhancing the transparency of UK companies (amongst other things), are scheduled to take place in the coming months.

IrelandCorporate/Commercial Law
Alan Kelly
Alan Kelly
Neil Kennedy
Neil Kennedy
David Wylie
David Wylie
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Significant changes to corporate law, which are aimed at enhancing the transparency of UK companies (amongst other things), are scheduled to take place in the coming months.  Whilst the provisions of The Small Business, Enterprise and Employment Act 2015 do appear to go some way to enhancing transparency, there are many who think that they will add to the administrative burden already placed upon companies.  We focus on two changes which are likely to affect you.

PSC Register

By far, the most controversial of these changes concerns the Register of People with Significant Control ("PSC Register").  From January 2016, companies (except those which are publicly traded) will need to keep a register of people with "significant control" over the company.  This information will be available on the public register at Companies House from April 2016. 

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