On 26 June 2017, new requirements came into force relating to
the register of people with significant control (the
"PSC Register"). In this bulletin, we
describe those changes and provide some general reminders about
keeping company registers.
The term "relevant entity" is used in this briefing to
refer to any legal entity that is required to keep a PSC
Register.
PSC REGISTER: New entities are required to report, and everyone
must report faster.
The key changes to the PSC Regime are as follows:
- Changes to the PSC Register must be recorded within 14
days and notified to Companies House within a further 14
days.
The previous requirement to update a PSC Register as soon as
reasonably practicable following a change to information held about
a person with significant control (a "PSC") or a relevant
legal entity (an "RLE") has been supplemented with a
requirement to complete such an update within 14 days. Once the PSC
Register has been updated, the change
