uk register of beneficial ownership to be publicly accessible October 31, 2013Posted by Bradley in : transparency , trackback
There has been a dramatic contrast between the US and the UK with respect to transparency of public corporations/companies. The SEC’s Edgar system is searchable, and has generated initiatives such as LawInsider’s contracts database (the founder, Preston Clark, is a UM Law alum). Although the UK’s Companies House even has a mobile app which provides free access to some information, the information is limited. Now the UK announces that it proposes to enhance transparency by establishing a publicly accessible register of beneficial ownership of UK companies (a July 2013 discussion paper introduced the idea, but the decision to make the register publicly accessible is new, and is being announced before the UK’s Department for Business Innovation and Skills issues its formal response to comments on the discussion paper, seemingly because the Open Government Partnership Summit is currently happening in London). So, more corporate transparency to come in the UK, although there will continue to be differences in transparency between the US and the UK.