This blog outlines what is required of certain entities following the recent changes to the PSC regime. There have been changes to which entities are now caught by the regime, as well as the Companies House notification requirements. The table below highlights who is affected, what steps they are required to take and when they should take those steps.
|AIM and NEX Exchange Growth Market companies.||These entities are now required to maintain a PSC register. They must investigate their PSCs and file 'confirmed' PSC information with Companies House using the prescribed forms PSC01-09. AIM and NEX Exchange Growth Market companies are already subject to specific disclosure requirements and so most of the information should be relatively easy to access.||They must investigate PSCs from 26 June 2017. They must maintain a PSC register from 24 July 2017.PSC information must be recorded in the internal PSC register within 14 days of having confirmed information. This information must then be filed at Companies House within a further 14 days. So any confirmed information included on 24 July 2017 must be filed by 7
|Companies/LLPs who have not yet filed their first confirmation statement (CS01).||Any changes to PSC information since incorporation should have been noted in the internal PSC register. These must now be notified to Companies House using the prescribed forms.||The relevant form must be filed within 14 days of 26 June 2017 (ie by 9 July 2017).|
|Companies/LLPs where there has been a change to PSC information before 26 June 2017 which has been recorded in the register.||The change in the company's internal register must be notified to Companies House using the prescribed forms.||The relevant form must be filed within 14 days of 26 June 2017 (ie by 9 July 2017).|
|Eligible Scottish partnerships (ESP) - all Scottish limited partnerships and those general Scottish partnerships with all corporate partners.||ESPs are subject to an adapted version of the PSC regime. They are not required to maintain their own PSC register internally, however they will have to inform Companies House of their PSC information and keep them updated if any changes occur.||They should begin to identify their PSCs from 26 June 2017 and must inform Companies House of their initial PSC information within 14 days of 24 July 2017 (ie by 7 August 2017).They will then be required to notify Companies House of any further changes to the filed information within 14 days of having confirmed information about the change.|
|Entities that know or suspect that there has been a change to PSC information, but are yet to send a notice requesting confirmation.||They must ensure that the information contained in their PSC register is up to date by serving a notice to confirm the relevant details.The notice must be served when they know, or have reasonable cause to believe, that a change has occurred.||Notice must now be served within 14 days of a change being suspected.Any entities currently under this obligation will have 14 days from 26 June 2017 to serve the required notice (ie by 9 July 2017).|
|Entities with an ESP in their chain of ownership.||As a result of their inclusion in the PSC regime, an ESP is now capable of being a registrable relevant legal entity of another entity.When considering an entity's chain of ownership, an ESP should no longer be 'looked through' and it should be included on the PSC register as a relevant legal entity.||If an entity has an ESP in its chain of ownership the internal register must be updated within 14 days of 26 June 2017 (ie by 9 July 2017), and Companies House must be informed within a further 14 days.|