As of 6 April 2016, nearly all UK companies and LLPs (with some limited exceptions) were required to create and maintain a register of persons who have significant influence or control (PSCs) under the Small Enterprise and Employment Act 2015. It is a criminal offence for companies not to maintain a PSC Register.
Between 30 June 2016 and 26 June 2017, companies updated the public register with any new PSCs or PSC changes via the Confirmation Statement. However, as a result of the implementation of the Fourth Money Laundering Directive on 26 June 2017, the timing and the method of the updates changed.
The legislation covers companies but also affects trusts, partnerships, limited partnerships, limited liability partnerships and many charitable entities.
This course will tell you what you need to know about the PSC regime (examining the legislation, the statutory guidance, the non-statutory guidance and the Companies House approach to enforcement) enabling you to advise your corporate clients and other clients who may be PSCs.
In addition, you will receive a comprehensive update on what changed on 26 June 2017, including the new entities in scope, the new filing requirements and the changes to the guidance, plus we will take a look at what may lie ahead (A Fifth Money Laundering Directive? Beneficial ownership registers for foreign companies owning UK property?).