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Britain Moves to Increase Corporate Transparency

Aarti Maharaj | July 1, 2015

The U.K. is pushing forward to increase corporate transparency by requiring greater disclosure from all companies. A new legislation, the Small Business, Enterprise and Employment Act 2015, will provide the public with more information about ownership structures and decision makers who are in a position to influence and exert control.

Holding beneficial owners accountable for their actions will now be much easier. While listed companies already disclose information about shareholders to the public, under the new mandate, all companies will have to prepare and maintain a register of persons who exercise “significant control”.

According to the Department for Business Innovation Skills (BIS), a person with significant control (PSC) meets the...

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