News: Scotland - key changes in the register of beneficial owners

Basic principles allowing to effectively identify the controlling person/persons in the SLP (Scottish limited partnership) are published and particularized in the special manual of the UK government.

The process of registering a new Scottish partnership requires the information regarding controlling persons who meet all the necessary PSC criteria to be indicated.

PSC (Person with significant control) must be established by each active SLP, and then the foregoing information is transferred to Companies House. The term for submitting information is limited to 14 days.

What is necessary to know about PSC?

If a person indirectly or directly meets the conditions listed below - it is considered as the PSC:

• Actual holding of more than 25 percent in distribution of assets by this person;
• Possession of more than 25 percent of voting rights by this person;
• The person has significant influence on management of the trust;
• The person has significant impact on management of the partnership;
• Possession of the right to appoint/dismiss persons involved in the management.
   

The changes that have occurred regarding the protection regulations preventing the disclosure of data under certain circumstances, should also be mentioned.

Information concerning data protection regulations

Special data protection regulations, which makes it possible to suppress all information about controlling persons from public access, is applied with regard to the above persons in specified and exceptional situations.

The regulations is applied once there is a serious threat of blackmailing offenses, violence and repressive tactics or other actions that may cause actual and potential harm to the controlling person.

Person/company is entitled to submit specific application for granting protection to his/its data, but protection will be provided only if it is proved that there really is a threat to the PSC himself or the people living with him.

Who can submit application?

- A person who actively participates in the defense industry;
- A company attacked by activists;
- A person who is a member of a religious community that conducts activities on behalf of the company that are contrary to the principles of religion;
- A person who works in the security department, the internal affairs body, the intelligence service or in the government department of communication and information.

All of the above cases require confirmation of the presence of threat or violence and intimidation in regards to the controlling person.

Requirement to submit Confirmation Statement

Moreover, SLPs are obliged to submit an annual administrative report called Confirmation statement. The SLPs registered after June 26, 2017submit the first administrative report not later than after twelve months from the date of registration.

Please, contact the lawyers of Law&Trust International for additional information. Remote consultations are available.