From Wednesday 6 April, most UK companies will need to keep a new register disclosing any individuals with "significant influence or control" over them. Aimed at making public the individuals who really control a UK company, this makes a reality the initiatives for transparency of ultimate control on which I have been blogging. Going forward, any individual holding significant shareholdings of over 25% - whether directly, behind certain types of trust, or other corporate entities or structures in the UK or abroad - or exercising other means of significant influence or control, may all be required to be registered on the new "People with Significant Control" (PSC) Registers. Criminal offences attach to companies and their officers who fail to comply with obligations to maintain a register and identify their PSCs. The PSCs themselves can also commit offences and may in some circumstances also lose rights attaching to their interests if they fail to comply.
Read the full article here.