The Information about People with Significant Control (Amendment) Regulations 2017

Amendment of the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016

30.—(1) Paragraph 3, in the modification of regulations 7 to 47 of the PSC Regulations, is amended as follows.

(2) In regulation 34 (circumstances where the registrar must not use or disclose secured information)(1)—

(a) in paragraph (3)—

(i) omit “and” after sub-paragraph (a), and

(ii) after sub-paragraph (b) insert—

“; and

(c) disclose such of the secured information as is specified in paragraph (3A) to a credit institution or a financial institution which satisfies the conditions specified in Part 2A of Schedule 4 to the PSC Regulations.”

(b) After paragraph (3) insert—

“(3A) The information specified for disclosure under paragraph (3)(c) is:

(a) name,

(b) a service address,

(c) the country or state (or part of the United Kingdom) in which the individual is usually resident,

(d) nationality,

(e) month and year of birth,

(f) the date on which the individual became a registrable person(2) in relation to the LLP in question, and

(g) the nature of his or her control over that LLP (see Schedule 1A to the Act and regulation 7 of, and Schedule 2 to, the PSC Regulations).

(3B) The registrar may rely on a statement delivered to the registrar by a credit institution or a financial institution under Part 2A of Schedule 4 to the PSC Regulations as sufficient evidence of the matters stated in it.”

(3) After regulation 35 (fee payable for the disclosure by the registrar of secured information) insert—

“Fee payable for the disclosure by the registrar of information to a credit institution or a financial institution

35A.— (1) On the disclosure of information under regulation 34(3)(c) the credit institution or the financial institution to which the information is disclosed must pay a fee to the registrar for the disclosure of the information.

(2) The fee payable under paragraph (1) is—

(a) where the request for information is made by reference to an individual, £5.00 per individual specified in the request; or

(b) where the request for information is made by reference to an LLP, £5.00 per LLP specified in the request.”

(4) In regulation 45 (protection by an LLP of secured information), in paragraph (2)—

(a) in sub-paragraph (b) after “registrar” omit “or”, and

(b) after sub-paragraph (c) insert—

“; or

(d) to the extent necessary in order to comply with regulation 43 (corporate bodies: obligations) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”

(1)

See regulation 2 of the PSC Regulations (as applied and modified by paragraph 1 of Schedule 2 to the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 (S.I. 2016/340)) for the meaning of “secured information”.

(2)

See section 790C(4) (as applied by regulation 31B of the 2009 LLP Regulations) for the meaning of “registrable person”.