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People of Significant Control (PSC) Update

Incorporation Order Form

PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions. The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/ Continue reading

PSC Registers Inserts

PSC Registers

We have added to our online shop inserts for Combined Company Registers purchased before April 2016 to cater for the new legislation for registers of Persons With Significant Control (PSC).

These come complete with a divider designed for the Ring binder styled combined registers. The section is divided into two parts, the first being for the information which is be disclosed when requested, the second part for the information that must not be disclosed. Included is guidance on the official wording for entries on the PSC registers

Failure to keep the Company’s PSC is a criminal offence.

 

Date of Implementation of Persons of Significant Control Registers (PSC)

Companies House had a target date of 6 April 2016 for the launch of these public registers (PSC), to achieve this they have been busily rewriting the coding which many would have noticed the slowing down in the times it takes to process various forms. We had become used to the 3 to 4 hour average which has now become closer to the 24 hour target time Companies House set themselves.

Due the volume of work to be undertaken and the various pieces of secondary legislation having to be passed through Parliament the implementation date has been put back to 1 July 2016.

Our programme providers who are still awaiting some of the schematics for the rewriting of our software Are confident that our software will be running and recording information into our registers which are PSC compliant before the official implementation date.

Fourth Anti-Money Laundering Directive

Fourth Anti-Money Laundering Directive

Over the coming weeks I will be posting a number of articles concerning the Fourth Anti-Money Laundering Directive (4th AMLD) which came into force on 26 June 2015. The United Kingdom and all other EU Member States have 2 years within which to enact its content domestically.

The UK has already started to implement some of the requirements through the roll out of the Small Business, Enterprise and Employment Act, which has now implemented two of its five roll outs.

In this first article I look at the new terminology being used for regulated business, financial thresholds and lawyers’ client accounts. These all may have an impact of the accounting professional, for example, many clients of accountants may be high value dealers or potential high value dealers who need informing of the new thresholds.

To read the article click on this link.

Companies House Service Update

Suspension on service 9 October

We have been advised by Companies House that submissions to them should cease at midday on Friday 9 October 2015 whilst they carry out updates to their system, and that they will also cease processing Same Day company formation requests after 10am on the same Friday. this Companies House service update is to allow for the changes to the systems which enable part two of the roll out of the Small Business, Enterprise and Employment Act which takes effect on the 10th October 2015. Continue reading

Changes to company registrations and officer appointments

The next roll out of the Small Business, Enterprise and Employment Act, which is phase two of the five stage roll out will take place on the 10th October 2015. The implementation is for partial date of birth suppression, the accelerated strike off time frame and consent to act requirements for company officers.  This makes changes to the current forms used in company registrations and officer appointments  Continue reading

The EU Fourth Money Laundering Directive adopted in June 2015

The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015.

One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017. The UK has been ahead of other Member States in creating its own central register. The directive draws heavily on the UK model although there are some minor differences between the two regimes. Continue reading

Changes to the Names Regulations

Changes to the Names Regulations

Changes have been made to the names regulations for improving and simplifying them. It changes have resulted after consultation which also considered the need to maintain the current regulations which, primarily, set out rules regarding ‘same as’ names and ‘sensitive’ words and expressions.

When the changes apply

The regulations came into force on 31 January 2015.

The regulations concerned are:

  • The Company, Limited Liability Partnership and Business (Sensitive Words and Expressions) Regulations 2014, and
  • The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2014 Continue reading

Beneficial Owners Legislative Changes

Latest news Issued By Companies House concerning changes to the Companies Act for preparation of new Money Laundering Regulations requiring a public register of any beneficial owner and helping to restore trust and transparency in UK companies.

The measures include abolition of bearer shares and the restriction of corporate directors. better use of the statement of capital and a certificate of no change could see the end of the annual return for many

What?

The Small Business, Enterprise and Employment Bill is currently making its way through Parliament and contains a number of measures which together represent significant change for customers.

Why the changes?

The measures aim to

  • reduce red tape whilst increasing the quality of information on the public register
  • enhance transparency and ensure the UK is seen as a trusted and fair place to do business

 

Impact to customers?

All companies will be affected by at least some changes as the measures will change legal requirements on companies, including what they file.

In order to deliver the measures by their proposed dates, the changes will be made to existing Companies House systems and processes.  Continue reading

Transparency and Trust Discussion Paper

Transparency and Trust Discussion Paper to aid Money Laundering Regulations Compliance 

Scope of the Paper

On 15 July, Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced the launch of the Transparency & Trust discussion paper. This sets out a number of proposals aimed at addressing opaque ownership structures and improving the accountability of company directors, to comply with the Money Laundering Regulations.
Continue reading