C1C2C3C4C5C6C7C8Part VII Accounts and Audit

Annotations:
Modifications etc. (not altering text)
C1

Pt. VII (ss. 221–262) applied with modifications by S.I. 1985/680, regs. 4–6, Sch.

C2

Part VII (ss. 221-262) continued by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(a)

C3

Part VII (ss. 221-262) amended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(2)(5)

C4

Part VII (ss. 221-262) extended by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 1(3)(5)

C5

Part VII (ss. 221-262) modified by S.I. 1990/355, arts. 6, 7, Sch. 2 paras. 1(4)(5), 3(2)(3)

C6

Part VII (ss. 221-262) excluded by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 3(1)(3)

C7

Part VII (ss. 221-262) restricted by S.I. 1990/355, arts. 6, 7, Sch. 2 para. 13(1)(b)

Pt. VII (ss. 221-262) applied (with modifications) (21.7.1993) by S.I. 1993/1820, reg. 4, Sch. paras.1, 2 (as amended (1.10.2005) by S.I. 2005/1987, reg. 3)

Pt. VII (ss. 221-262) applied (with modifications) (6.4.2001) by S.I. 2001/1090, reg. 3, Sch. 1 (as amended (4.3.2004) by S.I. 2004/355, art. 8, (1.10.2005) by S.I. 2005/1989, reg. 2, Sch. 1 and (12.1.2006) by S.I. 2005/3442, reg. 2(2)(b), Sch. 2 para. 3(1))

Chapter IIExemptions, Exceptions and Special Provisions

Banking and insurance companies and groups

F1C9255A Special provisions for banking and insurance groups.

1

The parent company of a banking group shall prepare group accounts in accordance with the provisions of this Part as modified by Part II of Schedule 9.

2

The parent company of an insurance group F2shall prepare group accounts in accordance with the provisions of this Part as modified by Part II of Schedule 9A.

3

Accounts so prepared shall contain a statement that they are prepared in accordance with the special provisions of this Part relating to banking groups or to insurance groups, as the case may be.

F34

References in this Part to a banking group are to a group where the parent company is a banking company or where—

a

the parent company’s principal subsidiary undertakings are wholly or mainly credit institutions, and

b

the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings.

5

References in this Part to an insurance group are to a group where the parent company is an insurance company or where —

a

the parent company’s principal subsidiary undertakings are wholly or mainly insurance companies, and

b

the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings.

5A

For the purposes of subsections (4) and (5) above—

a

a parent company’s principal subsidiary undertakings are the subsidiary undertakings of the company whose results or financial position would principally affect the figures shown in the group accounts, and

b

the management of interests in subsidiary undertakings includes the provision of services to such undertakings.

6

In relation to the preparation of group accounts in accordance with the special provisions of this Part:

a

the references to the provisions of Schedule 4A in F7section 227A(4) and (5) (relationship between specific requirements and duty to give true and fair view) shall be read as references to those provisions as modified by Part II of Schedule 9, in the case of the group accounts of a banking group, or Part II of Schedule 9A, in the case of the group accounts of an insurance group; and

b

the reference to paragraphs 52 to 57 of Schedule 4 in section 230(2) (relief from obligation to comply with those paragraphs where group accounts prepared) shall be read as a reference to paragraphs F475 to 77, 80 and 81 of Part I of Schedule 9, in the case of the group accounts of a banking group F5, and as a reference to paragraphs 73, 74, 79 and 80 of Part I of Schedule 9A, in the case of the group accounts of an insurance group..

F86A

References to Companies Act group accounts include accounts prepared in accordance with subsections (1) to (3).

6B

Subsections (1) to (3) and (6) do not apply to parent companies of banking groups or insurance groups that prepare IAS group accounts.

F67

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