Since April 2016 UK limited companies have been required to keep a register of people with significant control (PSC register). This captures information about who ultimately controls such companies or otherwise exercises significant influence over them. The information contained in a company’s PSC register must be made publicly available at Companies House when a company’s confirmation statement (formerly annual return) is filed.

The EU Fourth Money Laundering Directive (4MLD) which will be implemented in EU member states on 26 June 2017 introduces further reporting requirements. Brexit will not impact on the initial implementation of this Directive.

From 26 June, companies will need to inform Companies House on forms PSC01 to PSC09 whenever there’s a change to their PSC register. Companies will have 14 days to update the register and another 14 days to send this information to Companies House.

Changes to exemptions DTR5 companies are exempt from requirements to hold information about their PSC. From 26 June, these exemptions will change: companies traded on an EEA or Schedule 1 specified market remain exempt. Otherwise, PSC information will need to be submitted when changes take place.

Extension to Scottish Limited Partnerships (SLPs) and General Scottish Partnerships (SPs) From 24 July 2017, PSC information will be required when registering a new SLP and all active SLPs must register PSC information with Companies House.

SPs where all the partners are corporate bodies will also be required to register PSC information.

For more information on any aspect of corporate secretarial duties, please contact Carolyn at  carlett@fitzandlaw.com