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UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
United Kingdom | Publication | January 2020
On January 10, 2020, Companies House published guidance for “obliged entities” on the new requirement on them to report to Companies House if there is a discrepancy between the information that they hold about the beneficial owner of a company, limited liability partnership, or Scottish limited or qualifying partnership and the information that is on the public persons with significant control (PSC) register (Guidance). This new reporting obligation came into effect on January 10, 2020 when the Fifth Money Laundering Directive came into force in the UK through the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
“Obliged entities” include credit and financial institutions, auditors, external accountants and tax advisors. The Guidance requires “material differences” to be reported to Companies House, with the focus being on clear factual errors (rather than typing mistakes) on the public PSC register, and it provides examples of the sorts of discrepancies that should be reported. A report is required if a discrepancy is found when a new business relationship is being set up between an obliged entity and a customer and discrepancies should be reported as soon as reasonably possible so the Guidance makes clear that bulk reporting periodically will not satisfy this requirement.
The Guidance sets out the information to be included in a discrepancy report. Once it is received, Companies House will investigate the discrepancy and, if valid, the company concerned will be requested to resolve it so that the PSC register is up to date. Companies will not be informed that a discrepancy report has been made about their PSC register information but the obliged entity that has submitted the discrepancy report will be informed of the outcome of the Companies House investigation.
(Companies House, New reporting requirement for obliged entities comes into force, 10.01.20)
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In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
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Last November the Financial Conduct Authority (FCA) published Policy Statement 23/16 (PS23/16) containing final rules and guidance on sustainability disclosure requirements (SDR) and investment labels (UK SDR regime).
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International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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