Explanatory Notes

Small Business, Enterprise and Employment Act 2015

2015 CHAPTER 26

26 March 2015

Commentary on Sections

Part 7: COMPANIES: TRANSPARENCY

Register of people with significant control

Schedule 3: Register of people with significant control

Part 1: Duty to obtain information and keep register
Schedule 1B: Enforcement of disclosure requirements
Relaxation of restrictions

548.Under paragraph 8, a person aggrieved may apply to the court for the restrictions to be lifted. The court may only do so if the relevant facts about the interest have been disclosed without any person having gained an unfair advantage or if the interest is to be sold (see paragraph 9). Sub-paragraphs (4) and (5) make further provision in the case of shares to be sold.