the register at Companies House, although it will be accessible by certain public bodies and (unless a PSC makes a specific application) credit reference agencies. The PSC’s date of birth will be publicly available on a company’s own PSC Register, but not on the register at Companies House (unless the company elects to hold its own PSC Register there). The PSC Regulations also permit PSCs to seek further protection of their personal information from public disclosure, provided that they can satisfy certain tests relating to there being a serious risk of harm. This protection regime is based on the existing UK protection regime for directors. WHAT’S NEXT? Companies and LLPs will need to put in place the necessary internal systems to deal with the new regime and should begin taking reasonable steps to identify PSCs and relevant legal entities and preparing their PSC Register to be ready for 6 April 2016, when the majority of the PSC Regulations and LLP Regulations take effect.

Similarly, PSCs who wish to limit the information relating to them that will be publicly available on the PSC Register should also begin preparing such applications. Further amendments to the PSC regime are likely in order to bring it fully into line with the requirements of the Fourth Money Laundering Directive, although such changes are unlikely until next year. CONTACTS If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers: London Iain Wright Ann-Marie Davies Copyright 2016 Morgan, Lewis & Bockius LLP | All rights reserved .