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Individual and Company

July 2018

With the introduction of the People with Significant Control (PSC) regime in 2016, the beneficial ownership of companies is a heavily regulated area. The PSC regime is extremely prescriptive, can be complex and importantly only covers beneficial ownership of more than 25% in a company.

We are increasingly finding customers may require a beneficial ownership declaration or confirmation that is simpler and less wide ranging than a PSC confirmation and covers beneficial shareholdings of less than 25%. This may be as part of share sale or simply to confirm to a lender or other third party, who the beneficial owners of a company are.

This month we have produced two new corporate beneficial ownership declarations. One from the beneficial owner(s), confirming their ultimate ownership in a company and one from a company, confirming (to the best of their knowledge) both the registered and beneficial owners of their shares.

These templates do not seek to replicate the more rigorous requirements of the PSC regime. Details of the PSC regime can be accessed here .

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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