New regime of recording and notifying changes to 'Persons with Significant Control'

11 August 2017

Since 26 June 2017, companies (including charitable companies) and Limited Liability Partnerships (LLPs) are subject to a new duty to update their PSC Register within 14 calendar days of receiving information about a change to any of their PSCs. 

In addition, companies and LLPs are required to notify the Registrar of Companies of the change within 14 calendar days of the update to the PSC Register. 

The PSC regime has also been expanded to cover almost all types of company. Additional rules have been imposed for eligible Scottish Partnerships, these being partnerships which are either a limited partnership registered in Scotland, or a general partnership constituted under the law of Scotland in which each member is either a limited company, or an unlimited company, or a Scottish partnership (each of whose members is a limited company).

In light of these changes we have now updated our factsheet which can be accessed here which reflects the new requirements.

If you believe that the expansion of the rules is relevant to your organisation (either because it affects your organisation’s PSCs or because your organisation is involved as a member with such an entity), we can provide additional information and advice specific to your organisation’s situation.