Download the full outcome
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
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.