Due to legal advice that has come to our attention we are required to make some changes to the June 30th 2016 incorporation schema that we have previously made available to you. We will have the new schema available for you early next week with the relevant updates made and an explanation of the changes made.
There is another change to the INC schema due in the next release, which is to add a new element, a boolean that all individual (people not corporate) PSCs, confirm they are a PSC for this company.
There are business rules that are capturing this, so SIC codes as of 2007 are 5 digits, so on an incorporation it must be 5 digits. We need to support 4 digits for companies filing an annual return still using a 4 digit code.
Nature of control again is captured by a business rule, the law does not permit you have more than 1 in the groupings of shares, for example the same person as a PSC cant say they hold 25-50% of shares and also say they hold 50-75% of shares, you need to give the total of shares they hold.
We will look to publish these business rules in the next few days to hopefully make it easier for developers
I have actually 3 questions about the new incorporation schema.
On a previous comment you said: We will look to publish these business rules in the next few days to hopefully make it easier for developers.
I wonder if these rules have been published yet?
Also, just to double check my understanding of the PSC guide, you said:
Nature of control again is captured by a business rule, the law does not permit you have more than 1 in the groupings of shares, for example the same person as a PSC cant say they hold 25-50% of shares and also say they hold 50-75% of shares, you need to give the total of shares they hold.
But a subscriber can still fit into 2+ conditions right?
For example, the same subscriber hold 25-50% of shares and they may also hold the right to appoint or remove the majority of the directors.
HI
Yes we are going to publish the business rules and I’m hoping that will be today, we have held off as we were waiting for the final version of the INC schema.
Nature of control - PSCs can have multiple conditions but what they cant have is multiple within the same grouping of shares. For example a PSC cant say they have 25-50% of shares and also say they have 50-75%, they need to give the total % of shares so only choose one option.
Registers should be the only element, which is used to say which register you would like to elect to hold at CH. LLPRegisters and CompanyRegisters elements should not be there, they will be removed from next release which will be this week.