Schedules Schedule 2 – Abolition of certain local registers Part 3 – Register of people with significant control
Paragraph 8 makes consequential amendments to section 790A (overview of Part) of the Companies Act 2006 to reflect the abolition of local registers.
	Paragraph 9 amends section 790C (key terms) of the Companies Act 2006 by omitting subsection 10, as companies are no longer required to keep their own PSC register.
	Paragraph 9A inserts new section 790CA (references to "confirmation" etc. of information) into the Companies At 2006. This defines what is meant by "a company obtaining confirmation of information", which is important, as a company which knows of a PSC is only under a duty to notify the Registrar about them under section 790LA if it has had "confirmation" from the person. A company has had confirmation if the person has supplied the following information:
Their status as a PSC,
Their required particulars, e.g. for an individual, their date of birth and usual residential address - see section 790K,
Any other information about them.
	Paragraph 10 omits section 790D (company's duty to investigate and obtain information) and section 790E (company’s duty to keep information up to date) of the Companies Act 2006 and inserts section 790CB (duty to find about persons with significant control), section 790D (company’s duty to give notices to persons with significant control), section 790DA (obtaining information from third parties), section 790E (company’s duty to find out about changes in PSC information), section 790EA (company’s duty to find out about persons ceasing to be PSCs), section 790EB (company’s duty to notify failure to comply with notices) and section 790EC (company’s duty to notify of late compliance with notices).
	The substituted and new sections contain similar provisions to those in existing sections 790D and 790E, as well as regulations 14 and 15 of the 2016 PSC regulations (S.I. 2016/339). Provisions in existing section 790D are split into new section 790D and 790DA and those in existing section 790E are split into new section 790E and 790EA. Powers to make further provision about the giving of notices, including provision about their form and content and the manner in which they must be given are provided under each section.
	The existing provisions are refashioned to reflect the fact that a company’s duty will be to update a register held centrally by the Registrar rather than a register it holds locally.
	New section 790CB states a company in scope of the PSC regime must take reasonable steps to find out if there is anyone who is a PSC in relation to the company and, if so, to identify them. This is a refashioning of existing section 790D(1).
	New section 790D sets out when a company is under a duty to give a notice to its PSCs. This is a refashioning of existing section 790D(2)-(4) and (8)-(9), but a company now has a deadline to send a notice, which aligns with the deadline in existing section 790E:
as soon as reasonably practicable after the company becomes subject to the duty to give a notice under this section, and
in any event before the end of the period of 14 days beginning with the day on which the company becomes so subject.
	New section 790DA partly refashions existing section 790D(5)-(9) which set out when a company may give notice to a third party to obtain information about its PSCs. It also sets out a new requirement that a company must send the same notice to a third party, if it:
knows or has cause to believe that a person is a suspected PSC,
is under a duty to give the suspected PSC a notice under section 790D but does not have the information that it needs in order to contact them,
knows or has cause to believe that the third party-
knows the identity of the suspected PSC, or
knows the identity of someone likely to have that knowledge.
	New sections 790E and 790EA refashion existing section 790E and require companies to find out about changes in PSC information and persons ceasing to be PSCs respectively. Companies are then required to then notify the Registrar of those changes:
as soon as reasonably practicable after the company becomes subject to the duty to give a notice under this section, and
in any event before the end of the period of 14 days beginning with the day on which the company becomes so subject.
	New sections s790EB and 790EC refashion regulations 14 and 15 of the 2016 PSC regs. Companies mut report failure to comply with notices and late compliance with notices, within 14 days.
	Paragraph 11 amends section 790F(1) (failure by company to comply with information duties) of the Companies Act 2006 so that an offence is committed for the failure to comply with the duties contained in the new section numbers as per paragraph 10.
	Paragraph 12 substitutes section 790G (duty to supply information) and section 790H (duty to update information) of the Companies Act 2006 for new section 790G (duty to notify company on becoming PSC), new section 790H (duty to notify company of changes in PSC information) and new section 790HA (duty to notify company of ceasing to be a PSC). These changes are made to reflect the fact that a person’s duties will be to supply and update information where it is absent from the register held centrally by the Registrar rather than from a register a company holds locally.
	Paragraph 12A updates the references to various section numbers in section 790L (enforcement of disclosure requirements), in line with the amendments made by paragraphs 10 and 12.
	Paragraph 12B inserts new section 790IA (power to impose further duties involving nominee shareholders) into the Companies Act 2006. New section 790IA allows the Secretary of State to make further provision for the purpose of enabling a company to find out about anyone who has become or ceased to be a PSC, where shares are held by a nominee. A nominee is a person who holds shares on behalf of another.
	To reflect the abolition of local PSC registers, paragraph 13 deletes reference to them from section 790J (power to make exemptions) of the Companies Act 2006 and replaces it with reference to provisions in the ECCT Act which facilitate the central register to be held by the Registrar. Paragraph 13 also updates the references to various section numbers in section 790J, in line with the amendments made by paragraphs 10 and 12.
	Paragraph 14 amends section 790K (required particulars) of the Companies Act 2006 to:
remove the requirement to state if, in relation to that company, restrictions on using or disclosing any of the individual's PSC particulars are in force under regulations under section 790ZG,
Substitute subsection (4) for a new subsection (4) and (4A), to align name requirements with amendments to name requirements, so that "name" in relation to an individual means the individual’s forename and surname. An individual usually known as a title will be able to provide that title rather than that individual’s forename and surname.
	Paragraph 15 amends section 790L of the Companies Act 2006 to replace the existing Secretary of State regulation making power with a new formulation which clarifies the range of persons and entities from whom additional or modified information may be required.
	Paragraph 16 inserts the following provisions after section 790L of the Companies Act 2006: