0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

Forgotten your password?

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.

Focus on...

Legal updates

Contract termination in Covid-19 times

The ‘new normal’ has brought with it a variety of different challenges and it has had an impact on nearly all facets of our lives, including the termination of contracts during these Covid-19 times.

View

Legal updates

Recovering monies from an individual? Don’t forget about the Pre-Action Protocol for Debt Claims

The PAPDC does not apply to business to business debt only if the debtor is a sole trader. Much more information is required under the PAPDC within a letter of claim and debtors should be given more time to respond along with an opportunity to make payment proposals throughout the pre-action process.

View

Brexit resources

REACH Registration post-Brexit

Although the UK’s departure from the EU means that the EU REACH regulation no longer applies, UK REACH has stepped in to fill the gap, and UK-based companies exporting to the EU are now facing two chemicals regulation frameworks to deal with when before there was just one. Is your company ready for the challenge?

View brexit resources

COP 26 - what is it and why is it important?

COP 26 is the global United Nations climate change Summit, which will take place in Scotland in November. It comes at a time when climate change, and how to reduce greenhouse gas emissions, is at the top of the political agenda.

View

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.

Mailing list sign up

Select which mailings you would like to receive from us.

Sign up