Changes to Companies Act legislation

Changes to Companies Act legislation

Recent changes took place to Companies Act legislation on 26 June 2017, in connection with the disclosure of information for Persons of significant control and Relevant legal entities.

This relates to PSC and RLE registers that need to be kept up to date on the company’s records and also filed at Companies House.

The information is no longer part of the annual Confirmation statement; and instead nine new forms are now required to be filed when share transfers or new allotments take place, making changes to voting rights and ownership.  These new forms are PSC01 through to PSC09.

The new procedure will be that the company will have 14 days to make any changes in their own PSC register and then a further 14 days to file the appropriate forms at Companies House to bring the records up to date.

We have recently been informed by Companies House that previous share transactions and updates, that have not yet been recorded at Companies House, (if they took place after the last filed confirmation statement), are now required to be filed on the new forms; and ideally within 14 days of the new legislation that was introduced on 26 June 2017.

It is a requirement to keep the persons of significant control up-to-date with the Registrar.