The requirement for companies to keep "persons with significant influence or control" (PSC) register comes into force on 6 April this year. This will apply to all companies incorporated in the UK (other than publicly traded companies) and LLPs. Notwithstanding the guidance issued, the definition of PSCs is wide in scope and it already creates problems in practice. Another point to note is that this will inevitably affect companies with nominee shareholders and other similar confidentiality arrangements. Although draft secondary legislation seeks to deal with such confidentiality issues, will secured information be adequately protected?
Major changes to UK company law