Consultation outcome

Company ownership and control: register implementation

This consultation has concluded

Download the full outcome

Impact assessment: costs and benefits of making a company’s own PSC register publicly available

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Impact assessment: protection regime

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Detail of outcome

We are introducing regulations to implement some detailed aspects of the people with significant control (PSC) register. Companies, limited liability partnerships and Societas Europaea will be required to hold a PSC register from 6 April 2016. We intend to lay these regulations before Parliament in January 2016.

Detail of feedback received

We received 44 responses to the consultation paper. The majority came from:

  • a range of representative bodies
  • non-governmental organisations (NGOs)
  • private businesses including law firms, credit reference agencies and company service providers

Original consultation

This consultation ran from to

Summary

We're seeking views on draft legislation detailing how the register of people with significant control over a company should work.

Documents

Transparency and trust: enhanced transparency of company beneficial ownership - enactment impact assessment

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Costs and benefits of making a company’s own people with significant control register publicly available: impact assessment

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Register of people with significant control over a company - protection regime consultation: impact assessment

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Consultation description

Our consultation in October 2014 asked for views on how the register of people with significant control (the ‘PSC register’) would work in practice. We used responses to that consultation to inform development of the regulations included in this further consultation.

We’re now asking for views on the draft secondary regulations needed to set up the register. This includes:

  • the companies required to keep a register
  • how to classify people’s different levels of control of a company
  • the fees a company may charge for providing a copy of its own PSC register
  • how to protect PSC information about people if they are at serious risk of physical harm
  • warning and restrictions notices to people or entities that don’t respond to the initial notice requesting information for the register

We’ve drafted the regulations so that the register is as simple as possible for companies to comply with, without creating unnecessary burdens. We want the register to operate effectively, without opening loopholes that can be exploited. We’ll use the responses received to help finalise the draft regulations to be laid before Parliament in autumn 2015.