(1)Part VI of the Companies Act 1985 (disclosure of interests in shares) is amended as follows.
(2)In section 199(2) (notifiable interests), for the words from “the percentage” to the end substitute “3 per cent. of the nominal value of that share capital”.
The order bringing the above amendment into force may make such provision as appears to the Secretary of State appropriate as to the obligations of a person whose interest in a company’s shares becomes notifiable by virtue of the amendment coming into force.
(3)In sections 202(1) and (4) and 206(8) (which require notification of certain matters within a specified period) for “5 days” substitute “2 days”.
(4)In section 202 (particulars to be contained in notification), for subsection (3) substitute—
“(3)A notification (other than one stating that a person no longer has a notifiable interest) shall include the following particulars, so far as known to the person making the notification at the date when it is made—
(a)the identity of each registered holder of shares to which the notification relates and the number of such shares held by each of them, and
(b)the number of such shares in which the interest of the person giving the notification is such an interest as is mentioned in section 208(5).”.
(5)After section 210 insert—
(1)The Secretary of State may by regulations amend—
(a)the definition of “relevant share capital” (section 198(2)),
(b)the percentage giving rise to a “notifiable interest” (section 199(2)),
(c)the periods within which an obligation of disclosure must be fulfilled or a notice must be given (sections 202(1) and (4) and 206(8)),
(d)the provisions as to what is taken to be an interest in shares (section 208) and what interests are to be disregarded (section 209), and
(e)the provisions as to company investigations (section 212);
and the regulations may amend, replace or repeal the provisions referred to above and make such other consequential amendments or repeals of provisions of this Part as appear to the Secretary of State to be appropriate.
(2)The regulations may in any case make different provision for different descriptions of company; and regulations under subsection (1)(b), (c) or (d) may make different provision for different descriptions of person, interest or share capital.
(3)The regulations may contain such transitional and other supplementary and incidental provisions as appear to the Secretary of State to be appropriate, and may in particular make provision as to the obligations of a person whose interest in a company’s shares becomes or ceases to be notifiable by virtue of the regulations.
(4)Regulations under this section shall be made by statutory instrument.
(5)No regulations shall be made under this section unless a draft of the regulations has been laid before and approved by a resolution of each House of Parliament.”.
(6)Any regulations made under section 209(1)(j) which are in force immediately before the repeal of that paragraph by this Act shall have effect as if made under section 210A(1)(d) as inserted by subsection (5) above.
Commencement Information
I1S. 134 wholly in force; s. 134(1)-(3)(5)(6) in force 31.5.1990 see S.I. 1990/713, s. 134(4) in force at 1.11.1991 see s. 215 and S.I. 1991/1996, art. 2(2)(a)