A summary of legal changes to corporate transparency and reporting requirements in Scotland and the UK

There have been a number of significant legal changes within the last year relating to both i) transparency of ownership, and ii) national security.

These new requirements are in addition to the transparency regimes already in place in the UK (such as the Register of People with Significant Control (“PSC”) regime) and are part of the wider landscape of increased corporate governance, transparency, tackling economic crime and protecting national security.

This note provides a brief high-level summary of each new and related regime:

• Register of Persons Holding a Controlled Interest in Lan (“RCI”) (applicable to land in Scotland only)
• Register of Overseas Entities (applicable UK-wide)
• Trust Registration Service (applicable UK-wide)
• Register of People with Significant Control (applicable UK-wide)
• DAC 6 (applicable UK-wide)
• National Security and Investment (applicable UK-wide)

The provisions of every regime are extensive and how the regimes interact is complex. Please get in touch if you require further information or want to discuss how these requirements might impact your business and/or assets. 

By Burness Paull LLP, Scotland, a Transatlantic Law International Affiliated Firm.  

For further information or for any assistance please contact ukscotland@transatlanticlaw.com

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