Generating your PSC Report/Auto Script to identify potential PSCs, RRLEs or ORPs

To assist Users in identifying their potential PSCs, RRLEs or ORPs, a report can be generated within Diligent Entities. The report can also be used to populate your PSC records, however, the current section focuses mainly on using the report to detect PSCs. For more details concerning the usage of the PSC report to populate your data, refer to Populating your PSC Register.

The PSC report can be generated by:

  • Navigating to All Searches > Companies Search.
  • Filtering your search to only UK Companies, noting that, if dealing with a considerable amount of entities, it is advisable to run this in small batches.
  • Select Wizards > More Wizards > (UK) People with Significant Control (Report-Auto Create).
  • Enter the date as at which you want to see the details and select Next. Note that the Create PSC records checkbox should not be selected if the Wizard is used for reporting purposes only. It is recommended that Users run this report first to review their potential PSCs/RRLEs/ORPs and determine whether the conditions they meet are correct. Once satisfied with the content of the report, follow the procedure above, but this time selecting the Create PSC records checkbox, which will now populate your PSC records and register upon completing the Wizard (refer to Populating your PSC Register for more information).
  • Save your report to the Working Documents section and select Next. This is particularly important if your list of UK Companies is rather large, as it allows you to finalise the Wizard and continue with your other tasks while the report is being generated in the background.
  • Finish the Wizard and navigate to Working Documents to locate and view your report. It should look as follows.

The report will highlight those Individuals and/or legal entities that meet one or more of the first three Specified Conditions listed in Requirements at a Glance (for a more detailed explanation of these conditions, refer to List of Specified Conditions), as well as Companies with no PSCs, RRLEs or ORPs. You can now re-run the PSC report/auto script to populate the application with the relevant data (see Populating your PSC Register for more details).

Note

Users are advised to check the report before re-running the auto script to create the PSC records.

If no PSCs are identified (or there are no shareholders entered for the Company), the report will display the following wording: "The Company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the Company – NOTE: YOU MUST CREATE THIS ADDITIONAL MATTER MANUALLY FOR THIS COMPANY". In this case, as per the report's instructions, Users will be required to create the PSC records / add the Additional Matter manually, through the relevant Wizard, as explained in Populating your PSC Register, as the PSC Auto Script cannot be used to populate the database.

Note

Running this report with Create PSC records selected will add PSC records for any PSCs/RRLEs/ORPs found, but it will not automatically add these to the PSC Register nor will it produce any PSC forms. To achieve this, you must subsequently run the Add/Update PSC/RLE/ORP Wizard and/or the Additional Matters (Statements) Wizard as required. Refer to Populating your PSC Register for more information on these Wizards.

Note

Where the report / auto-script identifies those Companies with no PSCs/RRLEs/ORPs, Users will need to create the PSC Data Library records manually, through the Additional Matters (Statements) Wizard, as explained in Populating your PSC Register, as their PSC records will not be created through the auto-script.

Note

Should you want for the initial (Not yet completed taking reasonable steps) matter to also show in the Register, you must manually create it and then close it, as demonstrated in Populating your PSC Register.

Note

Due to the complex nature of identifying and recording the interest in LLPs, the PSC records for LLPs must also be manually created.

Note

The information used by the Auto-Script will be based on data being entered by Users in the Shares, Shareholders and Corporate Relationships sections.

Note

If the data is added in the Shares and Shareholders sections, you must ensure that the beneficial ownership is accurately recorded within Diligent Entities as this is reflected in the results displayed in your Report.

Note

If dealing with Other Entities, the interest holders will need to be added in the Corporate Relationships area.

Note

Only those overseas legal entities that have selected the UDF field on the Company Details page, Listed on regulated/specified market, will appear in your report as a RRLE. Refer to Ensuring that your system is ready for PSC for further details.

Note

For a more detailed description of how the data is reviewed by the application, the assumptions made, etc., refer to the Blueprint OneWorld v10.1a Release Notes.

Note

Should you want to learn more about adding ownership information within the application (adding Shareholders and Beneficial Owners, setting up Corporate Relationships, etc.), refer to the Shares & Ownership user guide. Alternatively, contact your Customer Success Manager to arrange training or the Support Team for assistance.