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