People with Significant Control (Amendment) Regulations 2017
The Government enacted the legislation necessary to implement changes required by the Fourth Money Laundering Directive to the UK regime for the disclosure of people with significant control (PSCs). Two sets of amending regulations were made at the last minute, both of which came into force on 26 June 2017.
- the Information about People with Significant Control (Amendment) Regulations 2017 (SI 2017/693); and
- the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694).
Both sets of regulations were laid before Parliament on 23 June, just three days before they came into force.
Notification of changes to Companies House
S790VA requires a company to give notice to Companies House of any change made to its PSC register, and the date on which the change was made, before the end of the period of 14 days beginning with the day after it makes the change to its register.
This requirement applies whenever a company:
- enters required particulars in its PSC register;
- alters required particulars in its PSC register; or
- notes in its PSC register an additional matter required by the 2016 PSC Regulations.
Failure to comply is an offence on the part of the company and any officer in default.
Notification must be given on the following forms, all of which can be filed online:
- PSC01 – Notice of individual person with significant control (PSC);
- PSC02 – Notice of relevant legal entity (RLE) with significant control;
- PSC03 – Notice of other registrable person (ORP) with significant control;
- PSC04 – Change of details of individual person with significant control (PSC);
- PSC05 – Change of details of relevant legal entity (RLE) with significant control;
- PSC06 – Change of details of other registrable person (ORP) with significant control;
- PSC07 – Notice of ceasing to be an individual person with significant control (PSC), relevant legal entity (RLE), or other registrable person (ORP);
- PSC08 – Notification of PSC statements; and
- PSC09 – Update to PSC statements.