In our sixth SBEEA Alert circulated in February, our briefing on the persons with significant control (PSC) regime noted that guidance for PSCs themselves (as opposed to the guidance for companies, limited liability partnerships (LLPs) and Societates Europaeae (SEs)) was still awaited from BIS.
That guidance has now been published (23 March 2016) and is available from the guidance webpage at Companies House.
The Guidance for PSCs is directed at:
- Individuals who have influence or control in relation to a company, LLP or SE and so could be a PSC;
- Directors and employees of a legal entity that is in a position of influence or control in relation to a company, LLP or SE and so could be classed as a relevant legal entity (RLE);
- Advisers or anyone involved with a person or legal entity which may have information about a PSC or RLE's
- Engagement with the company, LLP or SE.
Whilst the Guidance for PSCs covers much of the same ground as the non-statutory guidance for companies, LLPs and SEs, it also concentrates on the obligations placed on PSCs and RLEs and is written with that reader in mind. To that end, it includes guidance on:
- Who is a PSC or an RLE and when they may be registrable;
- The obligations that PSCs and RLEs are under as regards providing information. This covers both responding to notices and when information needs to be volunteered by the PSC or RLE and the importance of keeping that information up to date. Failure to comply with these obligations could be a criminal offence;
- Details of the information that must be provided; and
- Details of the regime for suppressing PSC information in exceptional circumstances.