The FMLC wrote to the Department for Business, Energy and Industrial Strategy welcoming the implementation of the G20 High Level Principles on Beneficial Ownership Transparency in the U.K. The supporting legislation, Part 21A of the Companies Act 2006, requires companies and limited liability partnerships to hold and report information on their beneficial ownership in the PSC Register.
In the letter, the FMLC also drew attention to an unintended consequence of the PSC Register regime on financial collateral arrangements, which may lead to legal uncertainty, and made a recommendation on how such the inconsistency could be resolved.
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