In April 2016 a major new piece of UK company law will come into force introducing new rules requiring UK companies to maintain registers of people with significant control (PSCs) and relevant legal entities (RLEs).
This article examines the new PSC/RLE register rules, what they will entail and how they will apply where there are chains of companies ultimately controlled by one or more owners at the top. It is important to understand now how the new rules will work; when they come into force they will require personal information (name, nationality and other personal information) relating to controlling shareholders to be made publicly available. This will create an administrative burden and may prove problematic if there is a desire to keep such information confidential. The detail in the article will put you in a good position to better understand your organisation’s needs and concerns arising from this legislation.
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If you require further information on anything covered in this briefing please contact Anthony Turner (anthony.turner @farrer.co.uk; 020 3375 7460), Tim Follett ([email protected]; 020 3375 7175), or your usual contact 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, February 2016