Law Society and City of London Law Society Q&As on the PSC Register

Of interest to those working in any affected companies

On 8 November 2019, the Law Society and the City of London Law Society published some Questions and Answers which give their joint view on technical points of the requirements for companies to maintain a register of people with significant control (the PSC Register) which they believe are not already clear from either the legislation creating these requirements or the associated guidance, which the Institute helped the Department for Business, Energy and Industrial Strategy (BEIS) develop.

Importantly, although the document has been reviewed by BEIS and it 'has advised that it does not disagree with any of the statements made', it has been equally clear that 'the interpretation of the law as to the PSC Register, and compliance with it, is ultimately for the Courts'.

The document is divided into five sections:

  • holding shares/votes/board appointment rights;
  • indirect interests/majority stake;
  • trusts and funds; reasonable steps,
  • restrictions and warning notices; and
  • the position on incorporation.

There are a number of technical issues considered under each heading. 

Read the joint Law Society and City of London Law Society Q&A document.

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