Q&As

Are legal advisors obliged to respond to people with significant control information request notices under section 790D(5) of the Companies Act 2006?

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Published by a ÑÇÖÞÉ«ÇéÍø Corporate expert
Published on: 16 March 2016
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The PSC regime applies to UK incorporated companies limited by shares or guarantee (including community interest companies), LLPs, unlimited companies, unregistered companies, SEs and (as a result of the Scottish Partnerships (register of people with significant control) Regulations 2017, SI 2017/694 (Scottish Regulations)) eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships).

These entities are required to update their own registers within 14 days, and to update the information held on the central register at companies house within a further 14 days (except eligible Scottish partnerships which are not required to keep a PSC register but are only required to deliver PSC information to Companies House within 14 days).

The framework of the new regime is set out in the new Part 21A of the Companies Act 2006 (CA 2006), as inserted by Schedule 3 to the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015).

For full details on the PSC regime, see Practice Note: PSC register—the

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United Kingdom
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Key definition:
Shares definition
What does Shares mean?

The CA 2006 merely provides that a share is a share in the company's share capital. A company's share capital comprises the number of shares issued by it to investors either on or after incorporation. Those investors then become the shareholders in the company. A shareholder’s shares are their personal property. By contrast, the assets of a company are owned by the company itself. Owning shares does not entitle a shareholder to any property rights in the company's assets.

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