The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016

Made: 15th March 2016

Coming into force in accordance with regulation 1(2) and (3)

In accordance with section 17(4) of that Act, a draft of these Regulations has been laid before Parliament and approved by a resolution of each House of Parliament.

Citation and commencement

1

• (1) These Regulations may be cited as the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016.

• (2) The following provisions come into force on 30th June 2016—

• (a) Section 790M(9)(c) as set out in paragraph 31E of Part 8A of the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 as inserted by Schedule 1 to these Regulations;

• (b) Sections 790W to 790ZD as set out in paragraph 31K of Part 8A of those Regulations as inserted by Schedule 1 to these Regulations; and

• (c) Paragraphs 1 and 3 of Schedule 3 to these Regulations.

• (3) The remainder of these Regulations come into force on 6th April 2016.

Interpretation

2

In these Regulations—

• “LLP” means a limited liability partnership incorporated under the Limited Liability Partnerships Act 2000;

• “principal Regulations” means the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009[^f00002]; and

• “PSC Regulations” means the Register of People with Significant Control Regulations 2016[^f00003].

New Part 8A of the principal Regulations

3

In the principal Regulations, after Part 8 insert the Part 8A set out in Schedule 1[^f00004].

Application of the PSC Regulations

4

The PSC Regulations apply to LLPs in accordance with the principal Regulations and Schedule 2 to these Regulations.

Consequential and supplementary amendments

5

Schedule 3 to these Regulations contains consequential and supplementary amendments.

Review

6

• (1) The Secretary of State must from time to time—

• (a) carry out a review of these Regulations;

• (b) set out the conclusions of the review in a report; and

• (c) publish the report.

• (2) The report must in particular—

• (a) set out the objectives intended to be achieved by the regulatory system established by these Regulations;

• (b) assess the extent to which those objectives have been achieved; and

• (c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved in another way that imposed less regulation.

• (3) The first report under this regulation must be published within the period in which the Secretary of State is required to publish a report under section 82 of the Small Business, Enterprise and Employment Act 2015[^f00005].

• (4) Reports under this regulation are afterwards to be published at intervals not exceeding five years.

SCHEDULE 1 — APPLICATION OF PART 21A COMPANIES ACT 2006

SCHEDULE 2 — APPLICATION OF THE PSC REGULATIONS

GENERAL INTRODUCTORY PROVISIONS

1

Regulation 2 of the PSC Regulations applies to LLPs, modified so that it reads as follows—

(2) In these Regulations— - “the Act” means the Companies Act 2006; - “the 2009 Regulations” means the Companies (Disclosure of Address) Regulations 2009[^f00008]; - “credit institution” has the same meaning as in regulation 10(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; - “financial institution” has the same meaning as in regulation 10(2) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; - “former name” means a name by which an individual was formerly known for business purposes; - “LLP” means a limited liability partnership incorporated under the Limited Liability Partnerships Act 2000[^f00009]; - “LLP voting rights” means the right to vote on those matters which are to be decided upon by a vote of the members of the LLP; - “name” means a person’s forename and surname, except that in the case of—a peer; oran individual usually known by a title,the title may be stated instead of that person’s forename and surname or in addition to either or both of them; - “personal representative” means the executor or administrator for the time being of a deceased person; - “principal Regulations” means the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009[^f00010] - “PSC Regulations” means the Register of People with Significant Control Regulations 2016[^f00011]; - “relevant body” means—a police force within the meaning of section 101(1) of the Police Act 1996[^f00012];the Police Service of Northern Ireland; andthe Police Service of Scotland; - “section 243 decision” means a determination under the 2009 Regulations (including those regulations as applied by the principal Regulations) which is a section 243 decision within the meaning of those Regulations; - “secured information” means the required particulars (other than the particular required by section 790K(1)(i) of the Act) of a registrable person in relation to an LLP; - ... - “voting rights” means rights to vote at general meetings of the company or legal entity in question, including rights that arise only in certain circumstances, and in relation to a legal entity that does not have general meetings at which matters are decided by the exercise of voting rights, a reference to voting rights is to be read as a reference to rights in relation to the entity that are equivalent to those of a person entitled to exercise voting rights in a company; - “voting shares” means shares or equivalent interests carrying voting rights; and - “withdrawal notice” has the meaning given in regulation 21.

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

Regulations 7 to 47, in Parts 3 to 8 of the PSC Regulations, apply to LLPs modified so that they read as follows—