From April 6, 2016, all unlisted companies and limited liability partnerships incorporated in the U.K. will be required to maintain a register of individuals and entities with significant control. The register will be publicly accessible via the U.K. Registrar of Companies, and filed each year as part of the new-style annual return from June 2016 onwards. These obligations will be compulsory for each affected entity, and the register will include both personal/corporate information of the individual or entity with significant control and details of the nature of the control exercised by that person. Weil has prepared a short briefing note on the new requirements, which includes further information on the criteria for disclosure and some examples of how this might affect various types of ownership structures (including a typical private equity ownership structure). Please contact one of your usual Weil contacts if you would like to discuss the new requirements and how they might affect you.
Legal Update: Disclosure of Significant Influence or Control Over U.K. Companies
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