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UK: changes to the people with significant control (PSC) regime

With effect from 26 June 2017, the UK Government has enacted legislation to amend its PSC regime. The changes were necessary due to the Fourth Money Laundering Directive. The 26 June deadline was imposed by the EU and meant that the final form of the legislation was only released a few days before its implementation.

Two sets of regulations were introduced:

Where there are changes to a company’s PSC information, the company will have 14 days to update its register from the date when the information is confirmed and a further 14 days to send the information to Companies House using the new forms PSC01 to PSC09.

Changes to exempt entities

The only companies not required to comply with the PSC regime are those with voting shares admitted to trading on:

  • • a regulated market in an EEA state
  • • specified markets in Switzerland, the USA, Japan and Israel
  •  

Companies with shares admitted to trading on AIM are no longer automatically exempt.

Scottish limited partnerships and Scottish general partnerships, which only have corporate bodies as members, are no longer automatically exempt from the regime.

Entities now caught by the legislation have until 24 July to create an internal PSC register and a further 14 days after that to send the PSC details to Companies House.

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