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Our Corporate Governance Expert Group contributed to our response to BIS Discussion Paper on the People with Significant Control (PSC) Register. We supported that greater disclosure of beneficial ownership of equity securities for all companies is welcome and could be achieved through minor amendments to the regime in combination with an expansion of the accounting disclosure of ultimate control as is required under relevant accounting standards. We argued that creating a new public register for persons with significant control as proposed will increase the administrative burden on companies and deliver little tangible benefit, resulting in added costs for growing companies in relation to introducing new systems to store data and potential consequences for failure to comply. We urged BIS to conduct a thorough cost-assessment analysis prior to the introduction of such a register.

Click here to download the response (pdf)

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