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ARTICLE · 20 MAY 2016

Operating Under The PSC Regime

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Last year the new Part 21A was introduced into the Companies Act 2006, creating a new regime for almost all companies incorporated in any part of the UK to create and maintain a register of people with significant control.

United KingdomCorporate/Commercial Law
Edward Craft
Edward Craft

Operating under the PSC Regime

Last year the new Part 21A was introduced into the Companies Act 2006, creating a new regime for almost all companies incorporated in any part of the UK to create and maintain a register of people with significant control (the PSC register regime).

The first two important PSC register regime deadlines have now passed:

6 April 2016

companies within scope needed to ensure that they put in place a register of persons with significant control, even if incomplete

6 May 2016

all persons who believe themselves to be people with significant control had one month to declare themselves to the relevant companies

Those registrable persons who have not yet declared themselves need to do so before 5 June 2016, lest they commit a criminal offence. If a legal entity is registrable, the officers will also commit a criminal offence.

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