PSC changes in allowed rules / validation for selecting multiple 'nature of control' options

Person with Significant Control
1

Hello,

The last couple of days we came across the following reject reason for PSCs during incorporation

“You cannot select the nature of control condition, significant influence or control, if ownership of shares, ownership of voting rights or the right to appoint or remove directors is also selected.”

Is anyone aware if there have been any changes in the allowed rules/validations for selecting multiple ‘nature of control’ options?

Thanks in advance

Kind Regards,
Panos

2

Hello Panos,

Yes there has been a change - please accept our apologies for the lack of notice and abrupt nature of the change.

As a result of a legislation influenced policy decision, the validation on the CS01 has had to be slightly altered.

The change is as follows:
Software filed CS01:Validation to prevent users selecting the PSC nature of control 4th condition, if they’ve selected ownership of shares, ownership of voting rights, or ownership of right to appoint/remove director.

I can confirm that NO schema change is necessary.

SDN

1 Like
3

Thanks a lot for the information