The UK has implemented a public register of individuals with significant control (PSCs) over companies in an effort to increase transparency of company ownership and control. The register requires UK companies to record PSCs, defined as individuals who directly or indirectly own over 25% of shares or voting rights, have the right to appoint the majority of directors, or otherwise exercise significant influence over the company. By making the information publicly available, the UK aims to help businesses identify ownership of counterparties, assist developing countries in inquiries without numerous requests, and allow for more accurate oversight as more people can review the data. The government plans to explore extending similar transparency rules to foreign companies owning UK property or bidding on public contracts.