is it possible for a company that is required to submit a Confirmation Statement to be exempt from keeping a PSC register, and therefore not be required to submit PSC information on the CS01 form, but not select the options for PSCExemptAsTradingOnRegulatedMarket or PSCExemptAsSharesAdmittedOnMarket?
@paddy_ohara Apologies, I don’t know the answer to this. I’ve passed it on to one of our policy advisors.
thanks for passing on the query. We were hoping to get an answer on this soon.
sorry to chase but has there been any update on this from the policy advisors?
Hi Nigel, I have another query I am hoping you can clarify.
The “Guidance on the register of people with significant control” states the following in relation to PSC exemption:
“Companies with voting shares admitted to trading on a regulated market in the UK or European Economic Area (other than the UK) or on specified markets in Switzerland, the USA, Japan and Israel”.
The guidance Notes on the CS01 Form state the following:
“The company is exempt from the requirement to obtain information and keep a register of its PSC because the company has voting shares admitted to trading on a regulated market in an EEA State other than the United Kingdom”
Can you please clarify for this exemption whether markets in the UK are included?
@paddy_ohara Please see below answer to your original question
@marie_mccarville I’ve forwarded on your query to a policy advisor.
A company is exempt from Part 21A of the Companies Act (duty to keep a PSC register) if it is a DTR5 issuer, it has shares admitted to trading on a regulated market in an EEA state other than the UK, or on a market listed in Schedule 1 of the People with Significant Control Regulations 2016.
All other companies must keep a PSC register and deliver the information to CH on a Confirmation Statement.
@marie_mccarville Please see response below
Companies which are DTR5 issuers are exempt from PSC requirements – this will cover the markets inside the UK referred to in BIS guidance.
So if on a confirmation statement a company ticks that they are a DTR5 issuer, they will not be required to provide PSC information.
@npreece Thanks for the reply.
My query was relating to companies who are not DTR5 issuers but are trading on a market. In this scenario, are Companies listed on a UK Market exempt or not?
If the company is not DTR5 or fall under either of the two PSC exemptions then a company is required to give PSC details. Companies will need to decide or seek legal advice as to whether they fall under any of the exemption categories.
Hope that helps
is the newest element added to the Confirmation Statement schema (v1-1-rc1), namely PSCExemptAsTradingOnUKRegulatedMarket, a new PSC exemption category specifically added for this scenario where the company is not DTR5 issuer but are trading on a UK market?
The newest element added to the Confirmation Statement schema (v1-1-rc1) is, as you correct advise, PSCExemptAsTradingOnUKRegulatedMarket. This is a new PSC exemption category specifically added for DTR5 companies that are still exempt from filing PSC information. DTR5 companies that are not eligible for this exemption will need to file PSC information from 26th June 2017.”