Persons with significant control (PSC) regime meaning

View or print a full size PDF version: This flowchart outlines the key stages a standard company follows to identify persons with significant control (PSCs) or relevant legal entities (RLEs), enabling necessary updates to the company’s PSC register and the submission of particulars to the Registrar of Companies for the central register...

People with significant control (PSC) regime The architecture of the people with significant control (PSC) regime, which first commenced on 6 April 2016, is contained in Part 21A of the Companies Act 2006 (CA 2006). Its purpose is to tackle worries about the lack of transparency in corporate ownership, where historically the register captured only the legal holder of shares, not always the beneficial owner. By requiring a PSC register, more precise and up‑to‑date details are available about who ultimately owns and directs companies and other bodies, and this information is made public via the central register at Companies House and remains accessible to the public. It assists prospective investors in their decision‑making. It likewise aids law enforcement bodies with money laundering enquiries. LLPs formed under the Limited Liability Partnerships Act 2000 must keep a record of persons with significant control over the LLP under the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016, SI 2016/340 (the LLP Regulations), as amended by the Information about People...

The framework of the people with significant control (PSC) regime Introduced on 6 April 2016, the people with significant control (PSC) regime is grounded in Part 21A of the Companies Act 2006 (CA 2006), as updated by sections 81–83 and Schedule 3 of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015), and by sections 44, 51 and Schedule 2 of the Economic Crime and Transparency Act 2023 (ECCTA 2023). It was devised to curb opacity in corporate ownership, where records often noted only the legal, not the beneficial, holder of shares. The PSC register provides accurate, up-to-date details on who ultimately owns or controls companies and other entities, and this information is publicly accessible on the central registry at Companies House. It informs investors weighing an investment and assists law enforcement during money laundering enquiries. Data on the UK PSC regime is available as a downloadable snapshot containing the full list of PSCs supplied to Companies House. ECCTA 2023 also amends CA 2006 to abolish the requirement...

This Practice Note addresses insolvent partnerships and limited partnerships in Scotland, by which is meant—for the purposes of this Practice Note—Scottish Partnerships comprising: ordinary partnerships with their main place of business in Scotland; and limited partnerships entered on the Companies House register in Scotland as a Scottish LP (SLP). This Practice Note does not extend to limited liability partnerships (LLPs) registered in Scotland, which are dealt with in the same manner as companies for corporate insolvency purposes. However, insolvencies of Scottish LLPs continue to be governed by the Insolvency (Scotland) Rules 1986, SI 1986/1915. Consequently, the relevant 1986 prescribed forms still apply when handling Scottish LLPs, rather than prescribed content under the applicable 2018 Scottish rules used for corporate insolvencies (for more information, see Practice Notes on Scottish compulsory liquidation: Scotland: compulsory liquidation, Scottish creditors' voluntary liquidation: Scotland: process to enter creditors’ voluntary liquidation (CVL)). For a glossary of commonly used Scottish insolvency expressions and terminology, see Practice Note: Glossary of Scottish insolvency...