Since 6 April 2016, UK incorporated companies and LLPs have been required to maintain a ‘Person of Significant Control’ Register (PSC Register). The PSC Register is a statutory register of individuals with significant control over a company or LLP.
We have covered the PSC Register in detail here and our Pensions team have looked at the implications for corporate trustees on UK pension boards here. The introduction of the requirement to maintain a PSC Register also impacts on banking transactions where a lender is taking security over shares in a Scottish incorporated company.
Read our briefing paper here