The Economic Crime and Corporate Transparency Act 2023: Changes to Statutory Registers 2024
The Government recently implemented the Economic Crime and Corporate Transparency Act 2023 (ECCTA). This Act follows the Economic Crime (Transparency and Enforcement) Act 2022 and provides new tools and measures to prosecutors and authorities to tackle economic crime.
Amongst the various changes that are due to be implemented in stages, the Economic Crime and Corporate Transparency Act 2023 has set the stage for the removal of the legal requirement for companies to maintain parts of their statutory registers. This proposed change to statutory registers in 2024 is part of a broader effort to enhance corporate transparency and reduce administrative burdens on businesses.
Statutory Registers under the Companies Act 2006
Under the Companies Act 2006, companies are required to maintain several statutory registers, including the register of members, directors, and persons with significant control (PSC). These registers are essential records that detail the ownership structure, management, and control of a company.
Statutory Registers under the Economic Crime and Corporate Transparency Act 2023
The implementation of ECCTA will mean proposed changes to statutory registers in 2024, as much of the data recorded here is now also filed online and accessed by interested parties via Companies House. Companies House has been undergoing significant modernisation, and its role as the central repository for company information is expanding, making statutory registers increasingly redundant.
Below we have provided a table summarising the changes to statutory registers that will soon come into force following the Economic Crime and Corporate Transparency Act 2023:
| Previous Requirements | Requirements under ECCTA |
| Register of Members | Register of Members |
| Register of Debenture Holders | Register of Debenture Holders |
| Register of Directors and Secretaries | This register is no longer necessary |
| Register of Charges | This register is no longer necessary |
| Register of Persons with Significant Control | This register is no longer necessary |
Records from before the change should still be kept. We would recommend that, despite the proposed changes included in the Economic Crime and Corporate Transparency Act 2023, it would be best practice to keep maintaining these registers so that they may be used as a check and balance on your respective filings at Companies House.
In Conclusion
Considering the proposed changes to statutory registers in 2024, we would recommend that you review your internal compliance procedures to ensure that they are fully aligned with the new Economic Crime and Corporate Transparency Act 2023 requirements.
However, the changes detailed in ECCTA are not yet in force as further legislation will need to be implemented before the changes take effect.
If you would like to discuss the proposed changes to statutory registers or any other corporate commercial legal issue, then please contact me directly via jack.ross@GAsolicitors.com or call 01752 203500.
For further information, you can read our article about recent changes at Companies House here and our wider article about the Economic Crime and Corporate Transparency Act 2023 here.
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