C1F1PART 21AInformation about people with significant control
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))
F2CHAPTER 4Alternative method of record-keeping
Pt. 21A Ch. 4 omitted (26.10.2023 for specified purposes, 4.3.2024 for specified purposes) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 2 para. 19; S.I. 2024/269, reg. 2(z10)
C2790ZEffect of election on obligations under Chapter 3
1
The effect of an election under section 790X on a company's obligations under Chapter 3 is as follows.
2
The company's obligation to maintain a PSC register does not apply with respect to the period when the election is in force.
3
This means that, during that period—
a
the company must continue to keep a PSC register in accordance with Chapter 3 (a “historic” register) containing all the information that was required to be stated in that register as at the time immediately before the election took effect, but
b
the company does not have to update that register to reflect any changes that occur after that time.
4
The provisions of Chapter 3 (including the rights to inspect or require copies of the PSC register) continue to apply to the historic register during the period when the election is in force.
5
The company must place a note in its historic register—
a
stating that an election under section 790X is in force,
b
recording when that election took effect, and
c
indicating that up-to-date information about people with significant control over the company is available for public inspection on the central register.
6
Subsections (12) and (13) of section 790M apply if a company makes default in complying with subsection (5) as they apply if a company makes default in complying with that section.
7
The obligations under this section with respect to a historic register do not apply in a case where the election was made by subscribers wishing to form a private company.
Pt. 21A inserted (26.5.2015 for specified purposes, 6.4.2016 except for the insertion of ss. 790M(9)(c), 790W-790ZE and 30.6.2016 so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 3 para. 1; S.I. 2015/1329, reg. 3(a); S.I. 2015/2029, regs. 4(a), 5(a)