Changes to the register of people with significant control (PSC) regime came into force on 26 June 2017. The changes were expected for some time, but not confirmed until late on Friday 23 June 2017 when the relevant legislation and guidance was published.
For UK companies and LLPs already under the regime, the main change is that PSC register information must now be kept up to date and notified to Companies House throughout the year – rather than once a year as part of the Confirmation Statement. Specifically, companies have 14 days to record a change in their PSC register and a further 14 days to notify Companies House using new Companies House forms PSC01-PSC09 (for companies) and LLPSC01-LLPSC09 (for LLPs). The format of the Confirmation Statement has also changed so that companies only have to confirm the PSC information they have filed since the last confirmation statement rather than setting out their PSC information in full. UK companies and LLPs already under the PSC regime should update their processes now.
The PSC register regime has also been extended in scope to apply to UK AIM companies, Scottish limited partnerships, qualifying Scottish partnerships and unregistered companies (which are rare).
For further information on the PSC register, see our insights page here.