The Accounts and Reports (Amendment) (EU Exit) Regulations 2019

16.  In regulation 10 (group accounts)— U.K.

(a) in the modified version of section 399 applied by that regulation (duty to prepare group accounts) M1 —

(i) in subsection (2B)—

(aa) in paragraph (a), for “an EEA State” substitute “ any part of the United Kingdom ”;

(bb) in paragraph (b), for the words from “Directive 2013/34/EU” to the end substitute “ the requirements of this Part of this Act ”;

(cc) for paragraph (c), substitute—

“(c) it—

(i) is an undertaking whose transferable securities are admitted to trading on a UK regulated market,

(ii) is a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council, which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation, or

(iii) would be an insurance undertaking within the meaning given by Article 2(1) of Council Directive 91/674/EEC of the European Parliament and of the Council on the annual accounts of insurance undertakings M2 were the United Kingdom a member State.”;

(ii) in subsection (3)—

(aa) in the descriptive text in brackets after “section 400” for “EEA” substitute “ UK ”;

(bb) in the descriptive text in brackets after “section 401” for “non-EEA” substitute “ non-UK ”;

(b) in the modified version of section 400 applied by that regulation (exemption for LLP included in EEA group accounts of larger group) M3 —

(i) in the heading, for “EEA” substitute “ UK ”;

(ii) in subsection (1), for “an EEA State” substitute “ any part of the United Kingdom ”;

(iii) in subsection (2)—

(aa) in paragraph (a), for “an EEA State” substitute “ any part of the United Kingdom ”;

(bb) in the opening words of paragraph (b), omit “, according to that law”;

(cc) for paragraph (b)(i) substitute—

“(i) if the undertaking is a company, in accordance with the requirements of this Part of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or”;

(dd) in paragraph (d)(i), omit “(whether in or outside the United Kingdom)”;

(c) in the modified version of section 401 applied by that regulation (exemption for LLP included in non-EEA group accounts of larger group) M4 —

(i) in the heading, for “non-EEA” substitute “ non-UK ”;

(ii) in subsection (1), for “an EEA State” substitute “ any part of the United Kingdom ”;

(iii) in subsection (2)(b)—

(aa) omit sub-paragraph (i);

(bb) in sub-paragraph (ii), for “so drawn up” substitute “ drawn up in accordance with the requirements of this Part of this Act ”;

(d) in the modified version of section 403(3) applied by that regulation (group accounts: applicable accounting framework)—

(i) in paragraph (b), for “regulated market in an EEA State” substitute “ UK regulated market ”;

(ii) in paragraph (c), for “regulated market in an EEA State” substitute “ UK regulated market ”.

Commencement Information

I1 Sch. 3 para. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M1 Section 399 was amended by S.I. 2017/1164.

M2 OJ L 374, 31.12.1991, p. 7.

M3 Section 400 was amended by S.I. 2016/575.

M4 Section 401 was amended by S.I. 2016/575.