New compliance obligation for unlisted UK companies: new rules require public disclosure of ultimate owners

  • United Kingdom
  • 01/07/2016
  • Duane Morris LLP

From April 2016, UK-incorporated companies and limited liability partnerships will be required to maintain a register of persons having significant control over them, known as a ‘PSC register’. This register will need to be filed with the Registrar of Companies from the end of June 2016 and will be available to the public. Companies with shares listed on certain markets including AIM and the London Stock Exchange will be exempt, as information on their significant shareholders is already disclosed to the public under existing Transparency Rules. However, their subsidiaries will still need to comply.