Session 2014 - 15
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Other Bills before Parliament


 
 

Public Bill Committee:                               

246

 

, continued

 
 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  142,  line  9,  leave out “jointly with others” and insert “as one of a

 

number of joint holders of the share or right in question”

 

Member’s explanatory statement

 

This amendment clarifies that where a share or right is jointly held by two or more individuals,

 

each individual must be registered as a person with significant control if one or more of the

 

specified conditions is met.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  142,  line  38,  at end insert—

 

“(9A)    

A relevant legal entity is either “registrable” or “non-registrable” in relation to a

 

company—

 

(a)    

it is “non-registrable” if subsection (8)(a) applies in respect of it by virtue

 

only of it having significant control over some other legal entity that is

 

also a relevant legal entity in relation to the company;

 

(b)    

otherwise, it is “registrable”,

 

    

and references to a “registrable relevant legal entity” in relation to a company are

 

to a relevant legal entity which is registrable in relation to that company.”

 

Member’s explanatory statement

 

This amendment provides that a relevant legal entity (RLE) is non-registrable in relation to a

 

company if it is only an RLE because it has significant control over another entity that is an RLE.

 

See also amendment 108.

 

Mr Iain Wright

 

Ian Murray

 

Toby Perkins

 

Schedule  3,  page  143,  line  2,  after “subsection”, insert “which would otherwise

 

meet the objectives of this Part”

 

Mr Iain Wright

 

Ian Murray

 

Toby Perkins

 

Schedule  3,  page  143,  line  16,  after “procedure”, insert “except for regulations

 

made under paragraph (d) of subsection (9) which are subject to the affirmative resolution

 

procedure”

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  143,  line  22,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.


 
 

Public Bill Committee:                               

247

 

, continued

 
 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  143,  line  27,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  143,  line  37,  after “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  1,  leave out from “who” to “, or” in line 2 and insert

 

“falls within subsection (5A)”

 

Member’s explanatory statement

 

This amendment and amendments 85 and 86 enable a company to serve notice in order to obtain

 

information on a wider range of persons for the purposes of the PSC register by including legal

 

entities that would be relevant legal entities were they subject to their own disclosure

 

requirements.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  3,  at end insert—

 

“(5A)    

The persons who fall within this subsection are—

 

(a)    

any registrable person in relation to the company;

 

(b)    

any relevant legal entity in relation to the company;

 

(c)    

any entity which would be a relevant legal entity in relation to the

 

company but for the fact that section 790C(8)(b) does not apply in respect

 

of it.”

 

Member’s explanatory statement

 

See the explanatory statement to amendment 84.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  leave out lines 6 and 7 and insert—

 

“(i)    

any person who falls within subsection (5A), or”

 

Member’s explanatory statement

 

See the explanatory statement to amendment 84.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  13,  leave out from “must” to end of line 16 and insert

 

“state that the addressee is to comply with the notice by no later than the end of the period

 

of one month beginning with the date of the notice.”

 

Member’s explanatory statement

 

This amendment provides that addressees of a notice from the company under section 790D must


 
 

Public Bill Committee:                               

248

 

, continued

 
 

respond within one month from the date of the notice, rather than within a period (not exceeding

 

three months) specified in the notice as previously.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  24,  after “or” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  27,  after “or” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  31,  at end insert—

 

“( )    

A person to whom a notice under subsection (5) is given is not required by that

 

notice to disclose any information in respect of which a claim to legal

 

professional privilege (in Scotland, to confidentiality of communications) could

 

be maintained in legal proceedings.”

 

Member’s explanatory statement

 

This amendment makes clear that in responding to a request for information under section

 

790D(5), a lawyer is not required to provide information that is subject to legal professional

 

privilege.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  37,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  144,  line  42,  after “or” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  145,  line  6,  after first “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.


 
 

Public Bill Committee:                               

249

 

, continued

 
 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  145,  line  7,  after “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  145,  leave out lines 22 to 24

 

Member’s explanatory statement

 

This amendment is consequential on amendment 96.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  145,  line  25,  leave out “(8) and” and insert “(7) to”

 

Member’s explanatory statement

 

This amendment applies section 790D(7) to notices under section 790E. This will require

 

responses to such notices within one month from the date of the notice, rather than within a period

 

(not exceeding three months) specified in the notice as previously.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  146,  line  7,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  146,  line  16,  leave out “28 days” and insert “one month”

 

Member’s explanatory statement

 

This amendment provides that a person must supply information to the company under section

 

790G if the circumstances specified in subsection (1)(a) to (d) of that section have continued for

 

at least one month, rather than 28 days as previously.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  146,  line  19,  after “or” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  146,  line  24,  leave out “14 days” and insert “one month”

 

Member’s explanatory statement

 

This amendment provides that a person must comply with the duty to supply information under

 

section 790G(2) within one month from the date on which all the conditions in subsection (1) were

 

first met, rather than 14 days as previously.


 
 

Public Bill Committee:                               

250

 

, continued

 
 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  146,  line  30,  after first “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  146,  line  37,  leave out “28 days” and insert “one month”

 

Member’s explanatory statement

 

This amendment provides that a person must update information under section 790H if they have

 

not received notice from the company under section 790E within one month of a change occurring,

 

rather than 28 days as previously.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  147,  line  1,  leave out “42 days” and insert “2 months”

 

Member’s explanatory statement

 

This amendment and amendment 104 alter the time by which the section 790H(2) duty to update

 

information must be complied with to the later of the end of two months from the date the change

 

occurred or one month from discovering the change, rather than within one month and 14 days as

 

previously.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  147,  line  3,  leave out “14 days” and insert “one month”

 

Member’s explanatory statement

 

See the explanatory statement to amendment 103.

 

Mr Iain Wright

 

Ian Murray

 

Toby Perkins

 

Schedule  3,  page  147,  line  14,  at end insert—

 

  ‘(1A)  

The Secretary of State must not grant such an exception to a legal entity except

 

in exceptional circumstances.”

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  147,  line  27,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.


 
 

Public Bill Committee:                               

251

 

, continued

 
 

Mr Iain Wright

 

Ian Murray

 

Toby Perkins

 

Schedule  3,  page  147,  line  32,  at end insert—

 

    “(4)  

For the purposes of subsection (3) “special reasons” includes reasons related

 

to the national security of the United Kingdom or reasons related to the

 

personal safety of an individual.

 

      (5)  

Where the Secretary of State grants an exemption under this section the fact of

 

the exemption must be included in the information contained in the PSC

 

register of the relevant company or the central register.

 

      (6)  

The decision of the Secretary of State to grant an exemption is subject to

 

judicial review.”

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  148,  line  16,  after “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  148,  line  24,  after “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  149,  line  10,  after “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment provides that a company needs to note information in its PSC register on a

 

relevant legal entity only if it is a registrable relevant legal entity in relation to the company and

 

not if it is non-registrable. See also amendment 80. This mirrors the position for individuals.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  149,  line  14,  after “or” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  149,  line  34,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.


 
 

Public Bill Committee:                               

252

 

, continued

 
 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  149,  line  38,  after “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  150,  line  5,  after second “a” insert “registrable”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 108.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  150,  line  13,  at end insert—

 

“( )    

A company to which this Part applies is not by virtue of anything done for the

 

purposes of this section affected with notice of, or put upon inquiry as to, the

 

rights of any person in relation to any shares or rights in or with respect to the

 

company.”

 

Member’s explanatory statement

 

This amendment makes it clear that entry in a company’s PSC register does not give rise to any

 

obligation on the part of the company to have any regard to the interests of the person so

 

registered.

 

Mr Iain Wright

 

Ian Murray

 

Toby Perkins

 

Schedule  3,  page  151,  line  1,  leave out sub-paragraph (d)

 

Mr Iain Wright

 

Ian Murray

 

Toby Perkins

 

Schedule  3,  page  151,  line  33,  at end insert—

 

    “(6)  

A direction given by the court under subsection (4) shall be reviewed by the

 

court on an annual basis.”

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  152,  line  30,  leave out “there were no” and insert “whether there

 

are”

 

Member’s explanatory statement

 

This amendment clarifies that a company must tell those inspecting or receiving a copy of the PSC

 

register whether there are any further changes to be made to it.

 

Matthew Hancock

 

Jo Swinson

 

Schedule  3,  page  152,  line  43,  after “a” insert “registrable”


 
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