M&A Weekly Update: public register of individuals with significant control over companies — details available; and more

Public register of individuals with significant control over companies — details now available
The Small Business, Enterprise and Employment Bill has now been published. The bill covers a number of company law changes, heralded in the government’s responses in April on transparency and trust and the red-tape challenge.

Details are now available on proposals to amend the Companies Act 2006 to require companies (other than those within DTR5) to keep a public register of individuals with ‘significant control’ over the company. The test for ‘significant control’ is met if an individual, either alone or with others, meets one or more conditions. The conditions broadly are that the individual: holds more than 25 per cent of a company’s shares or voting rights (either directly or indirectly); can appoint or remove the majority of the board; or has the right to, or does, exercise significant influence or control over the company. Equivalence provisions govern entities that do not have shares…

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