UK open registry of company beneficial ownership turns out to be the company’s private register of people with significant control
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UK open registry of company beneficial ownership turns out to be the company’s private register of people with significant control

UK government introduced to Parliament a draft Bill to set up a registry of the real owners of companies and trusts.

It should be noted that the original target of 'beneficial ownership' transparency does not appear in the legislation. Instead, the bill introduced the notion 'people with significant control' or PSCs defined as those who have 'significant influence or control' over the company.

Moreover, it turns out that companies will not be obliged to file their PSC details with a central registry. Under the draft bill they can keep private records and release them only upon request supported by a court order.

The bill also prohibits the issue of bearer shares and the use of corporate directors.

The measures are be discussed in Parliament in the autumn. 

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