In what must rank as one of the fastest law enactments since the general election, the Information about People with Significant Control Regulations 2017 came into force on June 26.
Having only been published on 22 June and laid before Parliament on 23 June, the regulations largely reflect the government’s previous proposals and effectively require a company to update its own register of Persons of Significant Control (PSC) within 14 days of the change taking place, and inform Companies House of the change 14 days thereafter.
So any changes in PSCs will now show on the register far sooner than those which were previously contained in the annually filed confirmation statement. Note that the new requirements only apply to changes in PSCs; changes in minority shareholdings, which are not in themselves PSC’s and do not require registration for other purposes, will not trigger a filing requirement.
Compliance with the rules should not be overlooked since failure to provide accurate PSC information and to respond to notices requiring information are criminal offences carrying the possibility of fines and or a prison sentence of up to two years.
If you are in any doubt as to your obligations or need assistance with compliance relating to this latest legislation, do not hesitate to seek specialist advice from Pinney Talfourd’s commercial department.This article was written by Edward Garston, a company commercial solicitor at Pinney Talfourd LLP Solicitors. The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. Specific legal advice should be taken on each individual matter. This article is based on the law as of June 2017.