Skip to main content

News story

June 30, 2017

PSC Regime: New deadlines for changes in company ownership

Businesses have new deadlines to comply with regulations around transparency of ownership under the so-called ‘PSC’ regime.

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

Introduced last year as part of the Small Business, Enterprise and Employment Act 2015, the regime requires unlisted UK companies and LLPs to identify “People with Significant Control” over them and record their details in a statutory register.

Until recently, any changes to the PSC register could be notified annually using the company’s annual CS01 confirmation statement.

However, there is now a new process to notify changes, with 14 days to update the firm’s PSC register and a further 14 days to send the information to Companies House.

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

Former head of corporate and commercial, Veronica Hartley, said:

“For all companies within the PSC regime, the changes on reporting mean that companies must be more responsive in future.

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’re hitting that 14-day deadline using the new forms PSC1 to PSC9.”

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.

The requirements of 4MLD necessitate that member states hold a central register showing current corporate beneficial ownership.

The PSC register provides the central register, but this change in notification procedures is essential to comply with the requirement that the register be ‘current’.

Speak to Veronica Hartley today about the PSC regime.

Note: This article is not legal advice; it provides information of general interest about current legal issues.

Stay in touch

Subscribe to our newsletter

Stay in touch

By completing your details and submitting this form you confirm you are happy for us to send you marketing communications and that you agree to our Website Privacy Policy and Legal Notice and to us using Mailchimp to process your data.


Sending

News/Insight

  • Why is clear contract drafting important?
    How simple contract clauses can protect your business.


    Read more
  • Ensuring equality: A legal guide to responsibilities and compliance
    Understanding equal opportunities in the workplace


    Read more
  • Navigating the Economic Crime and Corporate Transparency Act 2023: What it means for your business
    The Economic Crime and Corporate Transparency Act 2023 (the Act) represents a significant shift in the UK's approach to combating economic crime, improving corporate transparency, and anti-mo


    Read more
  • Blowing kisses, not boundaries
    Tribunal clears air on workplace etiquette.


    Read more
  • Estate planning: How not to make mincemeat of it!
    The High Court has confirmed that a will handwritten on the back of two cardboard food packages is legally binding.


    Read more

What they say...

  • Leann Paris, March 2025
    “From the beginning to the end, the support we have received throughout the case with all the staff members has been far more than we expected, we got kept up to date with every single matter, I have had stressful few years but Charlotte and he

  • C Smith, March 2025
    “As executor of a will it was a relief for a solicitor to act on my behalf as though no disputes it was still a lengthy and complex process. It was dealt with mostly by Charlotte B. who kept me informed at all times. She explained the process c

  • Marc, March 2025
    “RIAA Barker Gillette were engaged to handle a real estate transaction with unusual circumstances. As a non-UK resident unfamiliar with English conveyancing procedures, I felt completely satisfied with the depth of the information and explanati

  • Leigh, March 2025
    “Instructed Martin on my first property purchase. He was a delight to work with, kept me informed and updated regularly. It was an incredibly smooth and quick process. Couldn’t be happier.”

  • Ms Brownell, March 2025
    “Patrick was amazing from start to finish. He made the process so easy, and explained each step in detail ahead of time so I’d understand what would happen and when. He was incredibly organized and noted every detail, calling out things t

Read more
Send this to a friend