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Changes to the PSC regime

5 October 2017

The PSC (people with significant control) register is a statutory register which must be maintained by certain UK companies and records information about the individuals who have significant control over the company, i.e. those who own or control more than 25% of the company’s shares or voting rights, those who can appoint or remove the majority of the board, or those who exercise significant control or influence over the company.

Previously, main market and AIM listed companies were exempt from the requirement to hold a PSC register.

However, with effect from 24 July 2017, UK AIM listed companies became subject to Part 21A of the Companies Act 2006 and are now therefore required to hold a PSC register. If such companies were not able to gather the relevant information by 24 July 2017, the register should still have been completed using the appropriate prescribed statement (to reflect the current status of the company’s PSC investigations) and the relevant PSC form filed at Companies House. Every change to the company’s PSC register should be recorded in the company’s statutory registers within 14 days of a change and notified to Companies House (using the relevant form) within a further 14 days.

The PSC register should never be blank and it is important that if the appropriate actions have not been taken in order to comply, both the company and its directors may commit a criminal offence.

Training and events

5Oct

Private Sector Development Club Nottingham office

Our next Private Sector Development Club will be a breakfast seminar taking place on Wednesday 5 October 2022.

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5Oct

Automotive webinar - EV Charging Points: Contractual and Liability issues to be aware of ON24 Webinar

This webinar will look at some practical contractual and liability issues involved in installing, owning, operating, and maintaining electric vehicle charge points.

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The content on this page is provided for the purposes of general interest and information. It contains only brief summaries of aspects of the subject matter and does not provide comprehensive statements of the law. It does not constitute legal advice and does not provide a substitute for it.

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