PSC Register

INTRODUCTION

The Small Business, Enterprise and Employment Act 2015 amends the Companies Act 2006, by inserting a new Part 21A, to require companies to keep a register of people with "significant control" over the company and to make that register public (the "PSC Register"). This requirement comes into effect on 6 April 2016.

The new Part 21A applies to all companies, including UK Societas Europaea, other than an issuer to which Chapter 5 of the Disclosure and Transparency Rules sourcebook applies (i.e. publicly traded companies). The Register of People with Significant Control Regulations 2016 also includes an exemption for companies that have voting shares admitted to trading on a regulated market in an EEA state other than the UK or on any of those markets in Israel, Japan, Switzerland or the U.S., as specified in Schedule 1 of those Regulations.