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ARTICLE · 15 AUGUST 2017

Changes To The People With Significant Control (PSC) Regime

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With effect from 26 June 2017, the UK Government has enacted legislation to amend its PSC regime. The changes were necessary due to the Fourth Money Laundering Directive.

United KingdomCorporate/Commercial Law
Philip Jacques
Philip Jacques
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With effect from 26 June 2017, the UK Government has enacted legislation to amend its PSC regime. The changes were necessary due to the Fourth Money Laundering Directive. The 26 June deadline was imposed by the EU and meant that the final form of the legislation was only released a few days before its implementation.

Two sets of regulations were introduced:

Filing

Where there are changes to a company's PSC information, the company will have 14 days to update its register from the date when the information is confirmed and a further 14 days to send the information to Companies House using the new forms PSC01 to PSC09.

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