Requirement to maintain a register of people with significant control
Draft legislation has been published regarding the requirement for companies to keep a publically available register of people with significant control (a "PSC register") from January 2016.
Information published with draft regulations on 19 June confirmed that the requirement to maintain a PSC register will also apply to LLPs but the detail on this is to follow.
In practice, companies (and LLPs, subject to the detail as of yet unpublished) will need to collate information about people who exercise significant control over them, maintain that information in a register (from January 2016) and provide the information to Companies House (from April 2016). There will be limited circumstances in which information can be withheld from a PSC register and where applications to access a PSC register can be refused. Guidance on the draft legislation and in particular on the interpretation of "significant control", (which will have statutory force), is expected in October.
For more information, contact Cathy Goodman.