The Companies (Summary Financial Statement) Regulations 1992

Explanatory Note

(This note is not part of the Regulations)

These Regulations, which come into force on 1st January 1993, replace the Companies (Summary Financial Statement) Regulations 1990 (S.I. 1990/515) (“the 1990 Regulations”).

The Regulations re-enact the provisions of the 1990 Regulations with minor and drafting amendments and with the following changes of substance:—

(a) the Regulations apply not only to public companies whose shares, or any class of whose shares, are listed on The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited, but also to public companies whose debentures, or any class of whose debentures, are so listed;

(b) the right of a member of a listed public company, at his election, to receive a summary of the company’s statutory accounts and reports rather than the full versions, is extended to holders of the company’s debentures and every person entitled to receive notice of general meetings of the company (see the definition of “entitled persons” in regulation 2);

(c) persons entitled (whether conditionally or unconditionally) to become entitled persons (as defined) in relation to a listed public company may inform the company that, or be consulted by the company as to whether, they will wish to receive full accounts or summary financial statements when they do become entitled persons as defined (regulation 6(1), (3) and (4));

(d) the revisions to the law on the content of the full statutory accounts of banking companies and groups contained in the Companies Act 1985 (Bank Accounts) Regulations 1991 (S.I. 1991/2705) (and the transitional arrangements contained in those regulations) are reflected in regulation 8 of, and Schedule 2 to, these Regulations;

(e) consequential amendment is made to regulations 10, 14 and 16 of the Companies (Revision of Defective Accounts and Report) Regulations 1990 (S.I. 1990/2570) (regulation 10);

(f) listed public companies other than banking companies may continue to comply with the 1990 Regulations with respect to financial years commencing prior to23rd December 1992 (regulation 3(1)). Special transitional arrangements for banking companies are contained in Schedule 2;

(g) the transitional provisions contained in regulations 3 and 10 of, and Schedule 4 to, the 1990 Regulations are not re-enacted as they are spent.