July 3, 2017

Summary of PSC Register Changes From 26th June

PSC register amendments

It is confirmed that the Government have enacted the legislation necessary to implement changes required by the Fourth Money Laundering Directive to the UK regime for the disclosure of people with significant control (PSCs) for the 26th June deadline imposed by the EU.

Two sets of amending regulations were made:

  • The Information about People with Significant Control (Amendment) Regulations 2017 (SI 2017/693); and
  • The Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694).

Event Driven Filing

Companies that have changes in PSC information will have 14 days to update their 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.

Since the new regulations came into force on the 26th June any changes to PSCs since a company's last confirmation statement but before the 26th June need to be notified to Companies House before 10th July, the end of the period of 14 days beginning with 26 June 2017 (Schedule, para. 3). There is unlikely to be a prosecution for failure to comply but it will be considered an offence on the part of the company and any officer in default.

Contacts

Jon Round

Managing Director

0113 224 5488

jon.round@yorkplace.com


Nicola Cowburn

Formations Manager

0113 224 5456

nicola.cowburn@yorkplace.com


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Exemption Changes - 24th July

Some companies previously exempt from the register, are no longer exempt and have to comply from the 24th July;

  • Scottish Limited Partnerships (SLP)
  • Companies traded on AIM and other junior markets

The companies affected have until the 24th July to gather the information and complete their PSC register. The companies then have to file their register with companies house by 7th August at the latest to comply with the 14 day filing regulation. If the companies either have no PSC or are still investigating they may file a statutory statement.

PSC Information Availability and Disclosure

Companies House are now permitted to make PSC information available on request to financial and credit institutions in accordance with the Directive.

Companies are now permitted to disclose PSC information where necessary in order to comply with reg. 43 (corporate bodies: obligations) of the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

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