{"id":3096,"date":"2017-06-30T16:01:06","date_gmt":"2017-06-30T16:01:06","guid":{"rendered":"https:\/\/www.riaabarkergillette.com\/uk\/?p=3096"},"modified":"2025-12-12T13:03:48","modified_gmt":"2025-12-12T13:03:48","slug":"psc-regime-new-deadlines-for-changes","status":"publish","type":"post","link":"https:\/\/www.riaabarkergillette.com\/uk\/psc-regime-new-deadlines-for-changes\/","title":{"rendered":"PSC Regime: New deadlines for changes in company ownership"},"content":{"rendered":"\n

The move came into effect as part of the implementation of the EU Fourth Money Laundering Directive (4MLD<\/a>), which was implemented across the EU on 26 June 2017.<\/p>\n\n\n\n

Introduced last year as part of the Small Business, Enterprise and Employment Act 2015<\/a>, the regime requires unlisted UK companies and LLPs to identify \u201cPeople with Significant Control\u201d over them and record their details in a statutory register.<\/p>\n\n\n\n

Until recently, any changes to the PSC register could be notified annually using the company\u2019s annual CS01 confirmation statement.<\/p>\n\n\n\n

However, there is now a new process to notify changes, with 14 days to update the firm\u2019s PSC register and a further 14 days to send the information to Companies House<\/a>.<\/p>\n\n\n\n

Listed companies were exempt from the PSC regime as they already report under Chapter 5 of the FCA\u2019s Disclosure Rules and Transparency Rules (DTR5<\/a>), but the changes introduced by 4MLD may mean that AIM-listed companies lose their exemption.<\/p>\n\n\n\n

Head of corporate and commercial, Victoria Holland, said:<\/p>\n\n\n\n

\n

\u201cFor all companies within the PSC regime, the changes on reporting mean that companies must be more responsive in future.<\/p>\n\n\n\n

Previously the updates to Companies House needed to be done just once a year, as part of the standard annual confirmation procedure, but now companies must make sure they\u2019re hitting that 14-day deadline<\/strong> using the new forms PSC1 to PSC9.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The PSC regime was designed to combat corporate crime by making it easier to find out who is controlling a company as part of a global initiative to tackle the misuse of company structures.<\/p>\n\n\n\n

The requirements of 4MLD necessitate that member states hold a central register showing current corporate beneficial ownership.<\/p>\n\n\n\n

The PSC register provides the central register, but this change in notification procedures is essential to comply with the requirement that the register be \u2018current\u2019.<\/p>\n\n\n\n

Speak to Victoria Holland<\/a> today about the PSC regime.<\/strong><\/p>\n\n\n\n

Note: This article is not legal advice; it provides information of general interest about current legal issues.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Businesses have new deadlines to comply with regulations around transparency of ownership under the so-called \u2018PSC\u2019 regime. <\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[9],"tags":[21],"class_list":["post-3096","post","type-post","status-publish","format-standard","hentry","category-news-story","tag-company-commercial"],"acf":[],"yoast_head":"\nPSC Regime: New deadlines for changes in company ownership | RIAA Barker Gillette<\/title>\n<meta name=\"description\" content=\"Businesses have new deadlines to comply with regulations around transparency of ownership under the so-called PSC regime.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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