Commentary on Sections Schedule 3: Register of people with significant control Part 21A: Information about people with significant control Section 790K: Required particulars
425.Section 790K details the information that must be held by the company in respect of registrable persons (both individuals and entities treated as individuals under section 790C(12)) and RLEs. These are the “required particulars”.
426.Subsection (1) provides that in respect of individuals, with the exception of former name and business occupation (which are not thought relevant in the context of people with significant control), the personal information replicates that currently held on company directors (see section 163 of CA 2006, ‘Particulars of directors to be registered: individuals’):
427.This information should provide for the unique identification of individuals registered in the vast majority of cases.
428.Subsection (2) provides that in respect of entities to be treated as individuals for the purposes of Part 21A, the following information should be held:
429.Subsection (3) provides that in respect of registrable RLEs, the information about the entity replicates that currently held on corporate directors (see section 164 of CA 2006, ‘Particulars of directors to be registered: corporate directors and firms’):
430.Information in subsection (2) and (3) should enable the entity in question to be appropriately identified by users of the register.
431.The PSC register must also hold details of the date on which a person became a registrable person or RLE and the nature of that control (subsections (1)(g), (1)(h), (2)(d), (2)(e), (3)(e) and (3)(f), and see Schedule 1A). This will allow those searching the register to see how a person controls the company and the period over which this control has been exercised.
432.In the case of individuals, the PSC register must also state whether restrictions on using or disclosing the individual’s information are in force, following the making of an application under regulations made under section 790ZG (subsection (1)(i)). This will enable the register available for public inspection to indicate that information has been withheld from public disclosure.
433.The Secretary of State may make further provision by regulations about the way in which details of a registrable person or RLE’s control are to be recorded (subsection (5)). The intention is to ensure that given details of control are relevant, appropriate and proportionate.