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Friendly Societies Act 1992

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Changes over time for: Section 78A

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Version Superseded: 31/12/2020

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[F178AInterpretation of Part 6U.K.

(1)In this Part—

  • “annual accounts”, in relation to a friendly society or registered branch, means—

    (a)

    the individual accounts required by section 69A, and

    (b)

    any group accounts required by section 69E,

    together with the notes to those accounts;

  • [F2the Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (as to friendly societies to which the Directive applies, see subsection (3) below);]

  • [F3“firm” means any entity, whether or not a legal person, that is not an individual and includes a body corporate, a corporation sole, and a partnership or other unincorporated association;]

  • IAS accounts” means IAS individual accounts or IAS group accounts;

  • IAS Regulation” means EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ;

  • “income and expenditure account”, in relation to a friendly society or registered branch which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by international accounting standards;

  • “international accounting standards” means the international accounting standards, within the meaning of the IAS Regulation, adopted from time to time by the European Commission in accordance with the IAS Regulation;

  • “non-directive friendly society” means a registered friendly society —

    (a)

    to which subsections (2) and (3) of section 37 (restriction of combinations of business do not apply; and

    (b)

    which does not carry on reinsurance business;

  • “parent undertaking” and “subsidiary undertaking” shall be construed in accordance with the provisions of [F4section 1162 of the Companies Act 2006, read in conjunction with section 1161(1) of and Schedule 7 to that Act].

  • [F3“senior statutory auditor” has meaning given by section 74A(1) above;]

(2)References in this Part to accounts giving a “true and fair view” are references—

(a)in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;

(b)in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under international accounting standards that such accounts achieve a fair presentation.

[F5(3)References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is—

(a)an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings, or

(b)an issuer whose transferable securities are admitted to trading on a regulated market.

(4)In subsection (3)—

(a)“issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 2000; and

(b)“transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.]]

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