Modern slavery, in its various forms, affects around 21 million people worldwide and is a multi-billion pound industry. It is surprising that slavery even exists in the 21st century, but it does. In 2015, then-Home Secretary Theresa May introduced the Modern Slavery Act to try to prevent UK businesses from becoming part of the problem.
The UK electorate’s decision to leave the European Union has triggered a period of uncertainty for the nation until Article 50 is triggered at some point next year. Jobs, economic growth and freedom of movement are sure to be big issues for the public, but perhaps one area that is likely to see especially great, albeit largely unforeseen change as a result of the vote is corporate governance. Continue reading
The EU Market Abuse Regulation (MAR) came into force on 3rd July 2016, entirely replacing the outgoing Market Abuse Directive, with the intention of expanding and developing the existing market abuse regulations and establishing a more uniform regime across all member states to reduce complexity while maximising legal certainty. Continue reading
Regardless of the size of organisation, good governance is essential – it helps to hold key decision makers to account, ensure that records are kept correctly and accurately and enhance transparency. Ultimately, good governance should be seen as a means of making a business’s procedures more efficient, not as a layer of red tape through which to break. Continue reading
The European Commission has recently moved to strengthen and improve data protection laws in the European Union, with the introduction of the General Data Protection Regulation (GDPR).
The GDPR comes into force in May 2018 and operates similarly to the Data Protection Act that it replaces. Although the current legislation applies to all “personal data” that is received by organisations, following advancements in technology, the new legislation offers a broader definition of “personal data”, with online identifiers – such as IP addresses – receiving greater protection than previously. Continue reading
The Small Business, Enterprise and Employment Act 2015 made changes to the Companies Act 2006, creating a requirement that companies keep a new register detailing the individuals or legal entities that have control over them, known as a People with Significant Control Register or a PSC Register.
The requirement to keep a PCS Register was introduced as part of the government’s commitment to improve the transparency of companies to state publicly who owns and controls UK businesses. Previously, it was only listed companies who had to publish this information.
Since 6 April 2016, the majority of UK companies and LLPs have been required to maintain a PSC register, which must be filed at Companies House as part of the first annual confirmation statement, which will replace the annual return from 30 June 2016.
The details of any individuals who meet the criteria of having significant control need to be entered in to the register. The PSC register can also contain details of corporate entities that have control if they are classed as Registerable Legal Entities (‘RLEs’) under the legislation. The definition of a RLE includes UK companies as well as overseas incorporated companies that are listed on certain specified, regulated markets. Where a non-UK company has control but does not meet the definition of a RLE, it is necessary to identify the individuals behind that company.
We have produced a short guide which details the tests used to decide whether a person or legal entity has significant control over your company and explains the definition of a RLE.
London Registrars offers a range of corporate governance, risk and compliance services. As part of our basic company secretarial support service we would hold and maintain your company’s statutory registers, including the PSC register, securely at our central London office, file changes with Companies House, and prepare and file your company’s annual return or confirmation statement. For an informal, no obligations discussion on how we can assist you, please contact us.
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The findings of a study from the Financial Reporting Council (FRC) have been released, bringing fresh insight into the relationship between corporate culture and business success in the UK. Continue reading
The recent administration of British Home Stores was an excellent example of what can happen when the duties of a director are overlooked. As well as Sir Philip Green, then-current director Dominic Chappell has been facing criticism for buying the firm in a ‘get rich quick’ deal to benefit only his own bank balance, without giving due care to the needs of shareholders and employees. Continue reading
Introduced in 2008, the Corporate Manslaughter and Corporate Homicide Act 2007 (CMCHA) is designed to set out what happens when ‘corporate manslaughter’ is committed. This crime is committed if the death of a human being is due to serious management failures, and places the entity as accountable for the death rather than any particular individual. Continue reading
An academy trust could lose its funding from the Education Funding Agency (EFA) after concerns over its governance were raised.
The Durand Academy Trust (DAT) has been issued with a pre-termination warning by the EFA, which has also expressed concerns over the trust’s use of public money. Continue reading