The Overseas Companies Regulations 2009

Companies required to prepare and disclose accounts under parent law

23.—(1) This paragraph applies to companies to which Chapter 2 of Part 5 of these Regulations applies (companies required to prepare and disclose accounts under parent law).

(2) The provisions of that Chapter apply in relation to accounting documents first disclosed in accordance with the company’s parent law on or after 1st October 2009.

(3) In the case of a company to which section 699AA of the 1985 Act or Article 648AA of the 1986 Order applied (company to which 11th Company Law Directive applies), the provisions of Part 1 of Schedule 21D to that Act or Part 1 of Schedule 20D to that Order continue to apply in relation to accounting documents first disclosed in accordance with the company’s parent law before 1st October 2009.

(4) In the case of a company to which section 700 of the 1985 Act or Article 649 of the 1986 Order applied (company with place of business but not branch in UK), the relevant provisions of that Act or Order continue to apply in relation to the period between—

(a) the end of the last financial year of the company beginning before 1st October 2009, and

(b) the beginning of the first financial period of the company in respect of which accounting documents are first disclosed in accordance with the company’s parent law on or after that date,

and that period shall be treated as a financial year of the company (if it would otherwise not be) for the purposes of those provisions.

(5) For the purposes of sub-paragraph (4)—

(a) the relevant provisions of the 1985 Act are sections 700 to 703 and the provisions applied by those sections;

(b) the relevant provisions of the 1986 Order are Articles 649 to 652 and the provisions applied by those Articles.