PSC Registers Update

29 Jun 2017

For a little over a year now most companies and LLPs have been obliged to maintain a PSC register of those people who own or have “significant control” over the company/LLP. Within the PSC register you are required to highlight all individuals and relevant legal entities who have significant control and who are ‘registrable’.

New requirements

Certain parts of the EU Fourth Money Laundering Directive (the Directive) came into force on 26 June 2017. From that date, companies and LLPs who satisfy the requirement to prepare and maintain a PSC register will now be required to notify Companies House whenever the content of that register changes. Changes must be recorded in the PSC register within 14 days of the change and filed at Companies House within another 14 days. Prior to 26 June 2017, any change to a company’s or LLP’s PSC register was notified to Companies House only once per year by way of the annual confirmation statement (the document which replaced the annual return).

Those companies and LLPs who have not yet filed their first confirmation statement will be required to notify details of any PSCs to Companies House before submitting their confirmation statement, in order to comply with these new requirements.

For further information please get in touch with a member of our corporate team.