Changes to the register of people with significant control (PSC) regime came into force on 26 June 2017. Whilst the changes had been expected for some time, they were not confirmed until 23 June 2017 when the relevant legislation and guidance was published.
The main change for companies and limited liability partnerships already operating under the regime is that PSC register information, which sets out beneficial ownership, must now be kept up to date and notified to Companies House throughout the year – rather than once a year as part of the Confirmation Statement. Specifically, companies have 14 days to record a change in their PSC register and a further 14 days to notify Companies House of any changes. Changes will be submitted using new Companies House forms PSC01-PSC09 (for companies) and LLPSC01-LLPSC09 (for LLPs). The format of the Confirmation Statement has also changed so that companies only have to confirm the PSC information they have filed since the last confirmation statement rather than setting out their PSC information in full.
Companies and LLPs in the UK should ensure that their processes are updated to conform with the new regulations.