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ARTICLE · 04 APRIL 2016

The PSC Regime

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From 6 April 2016, the main provisions of Part 21A of the Companies Act 2006 take effect and most companies registered in the UK must keep a register of all persons who have significant control over them.

United KingdomCorporate/Commercial Law
Orrick
Orrick
Jinal Shah
Jinal Shah
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What is the PSC regime?

From 6 April 2016, the main provisions of Part 21A of the Companies Act 2006 take effect and most companies registered in the UK must keep a register of all persons who have significant control over them (their "PSCs"). The purpose of the PSC register is to allow the public to check who ultimately owns or controls a company. This note deals with companies. LLPs will also be subject to the regime, but it will apply slightly differently to them.

The PSC register is different from a company's register of members, which shows only the registered shareholders. Unlike a register of members, the PSC register will show who controls the company, even if that person does not directly hold shares. This includes if the person holds control through a trust, partnership, nominee arrangement or holding/offshore company.

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