Consultation on extension of transparency of corporate ownership rules
The Department for Business, Energy and Industrial Strategy has launched a consultation on extending the UK's register of people with significant control regime to ensure that it satisfies the requirements of Article 30 of the EU Fourth Anti Money Laundering Directive.
The main changes to be made are:
- to extend the scope of the obligations to new forms of legal entity, such as Scottish limited partnerships and open-ended investment companies. UK-incorporated companies admitted to trading on AIM are currently exempt from the PSC regime (as they are subject to transparency obligations under DTR 5) but may need to be brought within scope in order to comply with the Directive.
- to ensure that PSC information available at Companies House is "current". Currently the information on PSCs filed at Companies House only has to be updated annually, in the check and confirm statement process. A six-monthly update requirement is proposed.
This consultation is in addition to an HM Treasury consultation on implementation of the Directive as a whole.
Click here for the consultation.