The provisions are now in force!
As of 6th April 2016, all UK companies (with some very limited exceptions) were required to create and maintain a register of persons who have significant influence or control (PSCs) under the Small Enterprise and Employment Act 2015. In simple corporate structures, these persons will be those holding more than 25% of the shares. However, indirect interests held through more complex corporate structures are also included in the new regime, together with generically other persons of significant influence or control. The legislation covers companies but also affects trusts, partnerships, limited partnerships, limited liability partnerships and many charitable entities.
From 30th June 2016, companies were required to make their PSC Registers public at Companies House when their Confirmation Statement is due (the replacement for the Annual Return). It is a criminal offence for companies not to maintain a PSC Register.
Persons with significant influence or control over a UK company can be from any jurisdiction and be investigated through any foreign entity. PSCs were themselves under an obligation to supply UK companies with their details by 5th June 2016 if they have not received a notice from the company. It is a criminal offence not to supply their details and in addition, PSCs may ultimately be prevented from selling their shares or receiving any dividends if they fail to comply with these new provisions.
This course will tell you what you need to know about this new regime (examining the legislation, the statutory guidance and the non-statutory guidance) enabling you to advise your corporate clients and other clients who may be PSCs. The course will also briefly cover the impact that the Fourth Money Laundering Directive may have in this area and other key corporate aspects of the Small Business Enterprise and Employment Act 2015