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New regulations surrounding changes to PSC registers

28 June 2017

Since 6 April 2016, companies and LLPs have needed to keep a register of individuals or legal entities that have significant control over them. This is known as a PSC register.

The rules were updated in June last year to impose further requirements on companies and LLPs, requiring them to deliver this information to the central public register at Companies House when making a confirmation statement, and to send a statement of initial significant control to Companies House, alongside the other documents needed when applying to incorporate.

New regulations have been published this month which will be relevant to companies and LLPs who are required to keep a PSC register.

As of 26 June 2017, if you have transferred shares or undertaken a transaction which has resulted in a change in relation to the people with significant control in your company (PSC), you will need to notify Companies House on forms PSC01 to PSC09.

You will have 14 days to update your register and another 14 days to send the information to Companies House. There are similar requirements for LLPs using forms LLPSC01-LLPSC09.

Legal 500-rated lawyer Sophie Martyn is an associate in our corporate & commercial department who has wide experience of mergers & acquisitions, business start-ups, reconstructions, joint ventures, corporate finance and corporate governance. She is praised by clients for delivering an “excellent service” and providing “good solid advice”. 

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