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Changes to the PSC Regime: AIM Companies Take Note

In our post of 22 May, we warned that the Fourth Money Laundering Directive (which the UK had to implement by 26 June 2017) could bring AIM companies within the scope of the “PSC regime”, so as to require the identification and registration of people with significant control. At the time we said that clarification on this question was required.

Guidance issued by the Department for Business, Energy & Industrial Strategy (BEIS) on Friday, 23 June, confirmed that AIM companies are, from today, now required to create and maintain a PSC register, and must file PSC information with the central public register at Companies House, as a result of the coming into force of  The Information about People with Significant Control (Amendment) Regulations 2017.

Until now AIM companies have been exempt from the need to create and maintain a PSC register.   This new compliance requirement for AIM companies applies in addition to the existing disclosure obligations in Rule 17 of the Aim Rules and DTR 5.

iStock_000020654006_SmallCompanies whose voting shares are admitted to trading on the London Stock Exchange’s main market, or any other regulated market in the UK or EEA (and certain other specified markets) are not affected by the changes and continue to be exempt from the PSC regime (but subject to other transparency rules).

For AIM companies and other companies affected by the PSC regime BEIS has issued updated Summary Guidance and Detailed Guidance.

© Copyright 2019 Squire Patton Boggs (US) LLP


About this Author

Edward J. Dawes, Squire Patton, UK Equity lawyer, corporate attorney

Edward Dawes is a partner in the Corporate Group in Birmingham. Described in the 2017 edition of Chambers UK as “very proactive” and “good at providing creative alternatives” and by The Legal 500 UK as “exceptionally bright, very responsive and practical,” Ed has more than 25 years of experience helping companies to plan and execute corporate transactions with particular focus on corporate acquisitions and disposals, recommended and hostile takeovers, UK equity market fundraisings and regulatory compliance

Ed has been consistently ranked since...