PSC regime: notice of change to registrable status

by Practical Law Corporate

A standard document containing a notice for an individual (PSC) or relevant legal entity (RLE) with significant control over a company to inform the company that they have ceased to be registrable as a PSC or RLE. The document is designed for use by a seller who, following the sale of all their shares in a company, no longer meets any of the conditions for significant control under Part 21A of the Companies Act 2006. By providing this notification upon completion of the transaction, the former PSC or RLE helps the company meet its statutory duties to maintain up-to-date information. This proactive step can streamline the administrative process for the company, which would otherwise be required to issue its own notice under section 790EA of the Companies Act 2006 to confirm the cessation. The notice confirms the date the seller ceased to be registrable, which is typically the completion date of the share sale when the beneficial interest in the shares transfers from seller to buyer, not the later date of registration of the transfer in the company's register of members.