Amendments to the Companies Act 1985
This section has no associated Explanatory Memorandum
2.—(1) The Companies Act 1985 is amended as follows.
(2) In section 247A() (cases in which special provisions for small and medium-sized companies do not apply)—
(a)in subsection (1B)(b), for “an ISD investment firm” substitute “a MiFID investment firm”;
(b)in subsection (2)(ba), for “an ISD investment firm” substitute “a MiFID investment firm”.
(3) In section 248 (exemption for small and medium-sized groups), in subsection (2)(ba)(), for “an ISD investment firm” substitute “a MiFID investment firm”.
(4) In section 249AA (dormant companies), in subsection (3)(a)(), for “an ISD investment firm” substitute “a MiFID investment firm”.
(5) In section 249B (cases where exemptions from audit for certain small companies not available), in subsection (1)(b)(), for “an ISD investment firm” substitute “a MiFID investment firm”.
(6) In section 262() (minor definitions relating to Part 7), in subsection (1)—
(a)omit the definition of “ISD investment firm”;
(b)at the appropriate place insert—
““MiFID investment firm” means an investment firm within the meaning of Article 4.1.1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments(), other than—
(a)
a company to which that Directive does not apply by virtue of Article 2 of that Directive,
(b)
a company which is an exempt investment firm within the meaning of regulation 4A(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007(), and
(c)
any other company which fulfils all the requirements set out in regulation 4C(3) of those Regulations;”.
(7) In section 262A() (index of defined expressions)—
(a)omit the entry for “ISD investment firm”;
(b)at the appropriate place insert—
“MiFID investment firm | section 262(1)”. |