The Information about People with Significant Control (Amendment) Regulations 2017 (the Regulations) came into force on 26 June 2017. The Regulations make minor changes to and extend the scope of the legislation requiring companies to keep a register of People with Significant Control (PSCs) and file information about their PSCs with Companies House. The good news for Charitable Incorporated Organisations (CIOs) is that despite initial proposals to include CIOs within the scope of the PSC regime as amended by these Regulations, it was ultimately decided that CIOs should remain outside of these rules.
If you are not familiar with the PSC regime, please see my article , published last spring. This offers an overview of the system and explains some of the terms used below.
The key change for charitable companies (and trading subsidiaries) is the introduction of new time limits for updating the PSC register and PSC information held at Companies House, as explained in the bullet points below. A company must now:
- notify a person or entity listed in its PSC register within 14 days (and as soon as reasonably practicable) if anything indicates the current entry is incorrect (or ought to be removed);
- add an individual to its PSC register within 14 days of confirming his or her particulars with that individual;
- add an entity to its PSC register within 14 days of obtaining all the necessary details of the entity;
- update the PSC register within 14 days of (1) any changes to an existing entry being confirmed, in the case of an individual, or (b) obtaining all the relevant information, in the case of an entity;
- notify Companies House within 14 days of making any changes (under any of the previous bullet points) to its PSC register.
The Government has updated its guidance on keeping PSC registers to reflect the changes.
If you require further information on anything covered in this briefing please contact or Elizabeth Jones at the firm on 020 3375 7000.
This publication is a general summary of the law. It should not replace legal advice tailored to your specific circumstances.
© Farrer & Co LLP, October 2017