Corporate solicitor, Jordan Thomas, explains the new rules recently announced by Companies House.
Companies House has recently announced new rules relating to the regime governing “persons with significant control” (PSCs). The changes, which will take effect from 26 June 2017, are being brought about as a result of the EU’s Fourth Anti-Money Laundering Directive (the Directive), which came into force on the 25 June 2015.
One of the aims of the Directive is to increase transparency, ensuring each corporate entity discloses the people who own and control that entity. The introduction of the PSC register in June of last year was a step towards meeting this objective. However, Companies House has issued a press release to say that, from 26 June 2017, companies won’t make updates to their PSCs when filing the annual confirmation statement, but will instead be required to file certain forms to notify the registrar of any changes (forms PSC01 to PSC09). Companies will be required to update their registers within 14 days of any changes and will need to update Companies House within 28 days of any variations to the company’s PSCs.
We previously covered the changes to company reporting requirements introduced by the PSC regime and how we may be able to help.