Monday 22 June 2015

UK: PSC Register - draft legislation published

The Department for Business, Innovation and Skills (BIS) has published a consultation paper, including draft legislation (the Register of People with Significant Control Regulations 2015), which sets out how the new People with Significant Control Register will operate: see here (pdf). The Regulations cover: the scope of the register; how the nature of control is recorded on the register; the fees that companies can charge in making available information on the register; the circumstances in which certain information can be withheld from the public register; and how companies can compel others to provide information.

Update (23 June 2015): an updated consultation paper was published today. The update contained this announcement from BIS: there will be a delay in the introduction of the ban on appointing corporate directors, originally scheduled for October 2015. According to the consultation paper, it will now come into force in April 2016.

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