Changes to the Persons of Significant Control (PSC)
26th June, 2017 is the deadline to bring the Fourth Money Laundering Directive (MLD4) into UK law. Although in practical terms this has been largely already implemented through the introductions of PSC’s, further changes are required for a company to disclose their beneficial owners. Currently, any changes to PCS’s must be notified via the confirmation statement. The additional headache has been if there have been multiple changes to the PSC’s (through share transfers for instance) these must be notified on individual confirmation statements.
Companies House have announced that from 26th June, 2017 any changes to the PSC’s on a company must be recorded within the PSC register and notified on a new set of forms (PSC01 – PSC09).
- Changes must be recorded within the companies PSC register within 14 days of the change
- The change must be filed with Companies House within another 14 days
If you are using 3rd party software to file your confirmation statements you must ensure they have fully updated their software so your companies remain legally compliant, as well as being able to file changes to PSC’s via the new forms being introduced.
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Our secretarial system – FirstOrder will be updated in time to allow your company portfolio to remain fully compliant.
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Categorised in: Company Law
This post was written by Adrian Smart