Consultation outcome

Company ownership and control: register implementation

• From: Department for Business, Innovation & Skills
• Published: 19 June 2015
• Last updated: 17 December 2015 — See all updates

This was published under the 2015 to 2016 Cameron Conservative government

This consultation has concluded

Read the full outcome

Register of people with significant control: government response, December 2015

Ref: BIS/15/622

PDF, 482 KB, 25 pages

Impact assessment: costs and benefits of making a company’s own PSC register publicly available

Ref: BIS/15/622/IA

PDF, 1.61 MB, 69 pages

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Impact assessment: protection regime

Ref: BIS/15/622/IA

PDF, 557 KB, 70 pages

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Detail of outcome

We are introducing regulations to implement some detailed aspects of the people with significant control (PSC) register. Companies, limited liability partnerships and Societas Europaea will be required to hold a PSC register from 6 April 2016. We intend to lay these regulations before Parliament in January 2016.

Detail of feedback received

We received 44 responses to the consultation paper. The majority came from:

• a range of representative bodies
• non-governmental organisations (NGOs)
• private businesses including law firms, credit reference agencies and company service providers

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Original consultation

Summary

We're seeking views on draft legislation detailing how the register of people with significant control over a company should work.

This consultation ran from
9:30am on 19 June 2015 to 11:45pm on 17 July 2015

Consultation description

Our consultation in October 2014 asked for views on how the register of people with significant control (the ‘PSC register’) would work in practice. We used responses to that consultation to inform development of the regulations included in this further consultation.

We’re now asking for views on the draft secondary regulations needed to set up the register. This includes:

• the companies required to keep a register
• how to classify people’s different levels of control of a company
• the fees a company may charge for providing a copy of its own PSC register
• how to protect PSC information about people if they are at serious risk of physical harm
• warning and restrictions notices to people or entities that don’t respond to the initial notice requesting information for the register

We’ve drafted the regulations so that the register is as simple as possible for companies to comply with, without creating unnecessary burdens. We want the register to operate effectively, without opening loopholes that can be exploited. We’ll use the responses received to help finalise the draft regulations to be laid before Parliament in autumn 2015.

Documents

The register of people with significant control: scope, nature and extent of control, fees, the protection regime and warning and restrictions notices

Ref: BIS/15/315

PDF, 975 KB, 65 pages

Transparency and trust: enhanced transparency of company beneficial ownership - enactment impact assessment

Ref: BIS/15/320

PDF, 937 KB, 83 pages

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Costs and benefits of making a company’s own people with significant control register publicly available: impact assessment

Ref: BIS/15/353

PDF, 541 KB, 57 pages

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Register of people with significant control over a company - protection regime consultation: impact assessment

Ref: BIS/15/354

PDF, 748 KB, 64 pages

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Published 19 June 2015
Last updated 17 December 2015 + show all updates

1. 17 December 2015

   Updated with final outcome.

2. 25 June 2015

   Added impact assessments.

3. 23 June 2015

   Updated page 10 of consultation document. We have taken the decision not to implement the ban on appointing corporate directors in October 2015, as originally announced, but a decision has not yet been made on when this will now come into force.

4. 19 June 2015

   First published.