Jee Regulatory Newsletter: Persons with significant control regulation 2022.
On 23rd November 2022, The Ministry of Industry, Trade and Investment, through its Minister, approved the Persons with Significant Control Regulation (‘’PSC Regulation’’). The key objective of the regulation is to provide a practical framework and procedure for obtaining relevant information on Persons with Significant Control/Beneficial Owners of companies under Part B and Limited Liability Partnerships registered under Part C of the Companies and Allied Matters Act.
The PSC Regulation defines a Person with Significant Control (PSC) as a person who controls a company or limited liability partnership or the natural person on whose behalf a transaction is being conducted and includes those natural persons whose exercise ultimate effective control over a legal person or arrangement. In addition to the definition of a PSC, an individual will qualify as a PSC if one meets any of the following conditions: