AIM Companies – is your PSC Register complete?
AIM and NEX Exchange listed companies became obliged to maintain a register of people with significant control (PSC Register) when changes to the regime came into effect on 24 July 2017.
Prior to these changes, there was an exemption for those companies that were already subject to DTR5 of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules which included UK companies listed on the main market of the London Stock Exchange together with those admitted to trading on a prescribed market such as AIM and the NEX.
Many companies initially went with a permitted “holding” statement on their registers that they were taking steps to identify their PSCs. Those companies should ensure that their registers are now completed.
AIM companies should also ensure that they have systems in place to identify changes in any relevant PSC information, as the register maintained by the company must be updated within 14 days of the change and Companies House must be notified within 14 days of the company updating its own register.
For more information on the PSC regime please click here.