Little over a year has passed since the introduction of the
register of people with significant control (the PSC Regime), which
was designed by the Government to increase transparency as to the
ultimate beneficial ownership of corporate entities.
New legislation has now come into force (although most of the
changes will not take effect until 24 July 2017) to ensure the PSC
Regime complies with the EU Fourth Money Laundering Directive.
What has changed?
As well as an expansion of the PSC Regime to cover unregistered
companies and certain listed companies, the following important
changes have also come into force.
Notifying Companies House
Limited companies and Limited Liability Partnerships (LLPs) are
now required to update their PSC register within 14
days of any change, and then file the change with
Companies House within a further 14 days. A change
will include, for example, a change to a PSC's residential
address, or where a person or relevant legal
