News & Analysis as of

Person with Significant Control (PSC Register)

PSC Regime – issues when taking Scottish share security

by Dentons on

The UK persons with significant control regime (the PSC Regime) continues to cause uncertainty for lenders seeking to take security over shares in Scottish companies. The main concern is whether the security could cause the...more

Factors to take into account when dealing with a request to inspect a company's register of members

by Dentons on

The Court of Appeal has considered two issues regarding a request to inspect a company's register of members. First, whether a request is valid if it does not contain all the information required by the Companies Act 2006...more

Governance & Securities Law Focus: Asia Edition - October 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see...more

Financial crime and investigations update for UK corporates

by Allen & Overy LLP on

The law and practice relating to financial crime and investigations is evolving fast. In the past 18 months we have seen two new Acts aimed at combatting financial crime (including the creation of two new corporate criminal...more

Anti-money laundering bulletin - Autumn 2017

by DLA Piper on

DLA Piper’s Financial Services Regulatory team welcomes you to the Autumn 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments in the UK and internationally,...more

For your DC trustee agenda: current legal issues

by Allen & Overy LLP on

Prepare for GDPR compliance UPDATED! - New data protection rules will apply from 25 May 2018 under the General Data Protection Regulation. GDPR preparation will be a significant issue, requiring a wide-ranging review of...more

Joint DB and DC trustee agenda update: current legal issues

by Allen & Overy LLP on

Welcome to our monthly update on current legal issues for trustees of DB and hybrid pension schemes, designed to help you stay up to date with key developments between trustee meetings, and to support the legal update item on...more

Scottish limited partnerships and pension scheme funding: action needed by trustees and employers?

by Hogan Lovells on

From 24 July 2017, Scottish limited partnerships are required to register details of "persons with significant control" (PSCs) over the partnership and "relevant legal entities" (RLEs) with Companies House. For this...more

Governance & Securities Law Focus: Latin America Edition - August 2017

by Shearman & Sterling LLP on

This newsletter provides a snapshot of the principal US and selected international governance and securities law developments during the second quarter of 2017 that may be of interest to Latin American corporations. Please...more

Extension of the PSC regime to Scottish Limited Partnerships – are you ready?

by Hogan Lovells on

The PSC regime is not new, having created obligations on UK limited companies and UK LLPs (LLP) to maintain a register of persons with significant control (PSC) since June 2016. What is new, and is of significance to private...more

The Extended UK PSC Regime

by Shearman & Sterling LLP on

The UK’s beneficial ownership disclosure rules for persons with significant control (PSCs) over certain UK entities, introduced in April 2016, have been extended as part of the UK’s implementation of the EU’s Fourth Anti...more

For your DC trustee agenda: current legal issues

by Allen & Overy LLP on

Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings, and to support the legal update item on your next...more

UK beneficial ownership registers – how recent developments affect finance transactions

by Dentons on

This year the UK government has introduced, updated and consulted on various measures to make the identity of those investing in the UK more transparent. Some, but not all, of these have been introduced to comply with the EU...more

Recent Changes to the Beneficial Ownership Register Regime in the UK

by Morrison & Foerster LLP on

Important reforms designed to increase the transparency of the ownership and control of UK companies and English law LLPs were introduced in the UK on 6 April 2016. Among the most significant of these was a requirement for UK...more

People with significant control regime: expanded scope and more regular reporting

by Dentons on

Changes to the UK's regime for the disclosure by companies of their significant controllers (the PSC regime) took effect on 26 June 2017. The changes ensure that UK legislation is compliant with the EU's Fourth Anti-Money...more

The PSC register

by Hogan Lovells on

From 6 April 2016, UK companies have been required to maintain a register of persons with significant control over them (a “PSC register”). This requirement is intended to increase the transparency of corporate ownership, by...more

Registration of Beneficial Owners – Changes to the UK PSC Regime

by Reed Smith on

The UK government has published legislation to implement changes to the UK ‘people with significant control’ (PSC) regime to bring it into line with the Fourth Money Laundering Directive ((EU) 2015/849). The new law came into...more

Corporate News - July 2017

by Hogan Lovells on

FCA bans firms' use of restrictive contractual clauses for future primary market services - On 27 June 2017, the Financial Conduct Authority (FCA) published its Policy Statement PS17/13 'Investment and corporate banking:...more

AIM companies and Scottish partnerships to be brought within the scope of the PSC register regime

by Dechert LLP on

From 24 July 2017, UK companies whose shares are admitted to trade on the London Stock Exchange’s AIM market, and other companies listed on prescribed markets, will no longer be exempt from the requirements to keep and...more

Changes to UK's PSC regime

by DLA Piper on

New timing requirements for updating and filing PSC information and extension of the regime. On 26 June 2017, changes were made to the PSC regime to ensure full compliance by the UK with the requirements of the EU Fourth...more

UK Implements Changes to Beneficial Ownership Register Regime

by K&L Gates LLP on

On 26 June 2017 the Information about People with Significant Control (Amendment) Regulations 2017 (the "2017 Regulations") were brought into force. Key changes brought about by the 2017 Regulations include the...more

Changes to the UK ‘Persons with Significant Control’ Regime and Potential Impact on UK Fund Structures

by Proskauer Rose LLP on

This week, the Fourth Anti-Money Laundering Directive came into force in the UK. Among the changes arising from the transposition of the Directive in the UK has been to broaden the "persons with significant control" (PSC)...more

Reporting Burden Increased for UK’s People With Significant Control Regime

On June 26, 2017, The Information about People with Significant Control (Amendment) Regulations 2017 (PSC Amendment Regulations) and The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...more

Changes to the UK PSC Regime

by Seyfarth Shaw LLP on

In April last year, the UK Government introduced changes to the Companies Act 2006 requiring most companies and LLPs to produce, keep and maintain a register of any people or relevant legal entities that have significant...more

New rules on significant controllers target AIM

by Dentons on

UK incorporated AIM companies are now within scope of the "people with significant control" regime in Part 21A of the Companies Act 2006 (the PSC regime). Under the terms of the implementing statutory instrument they will,...more

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