Guidance Note - Register of PSCs
From 6th April 2016, UK incorporated companies and UK LLPs have had to collect and keep information about people with significant control over them in a register – "Register of People with Significant Control".
This guidance note provides a broad overview of the key points of the regime for directors and secretaries of SME companies (and designated members of LLPs), including how to get a PSC register up and running and considering and implementing the legislation governing PSC registers.
This guidance includes the changes introduced by the Information about People with Significant Control (Amendment) Regulations 2017, which amongst other things, extended the scope of the PSC regime and tightened up the procedure and timescales for updating the PSC register and reporting these changes to Companies House.
This guidance has been most recently updated to incorporate the Fifth Anti-Money Laundering Directive (5MLD) (January 2020) requiring regulated entities to report on any discrepancies it finds between the information on the publicly available PSC register and obtains through its own due diligence about the beneficial ownership of a company or LLP.
These notes are designed to complement rather than replace the Government’s guidance. The Government’s guidance is freely available at www.gov.uk and is extremely comprehensive. Companies (& LLPs) with complex structures may also need to consider seeking independent legal advice.
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