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Companies Act 2006

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Changes over time for: Cross Heading: Discrepancy reporting

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Changes to legislation:

Companies Act 2006, Cross Heading: Discrepancy reporting is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1Discrepancy reportingU.K.

Textual Amendments

F1S. 1110D and cross-heading inserted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 87(3), 219(1)(2)(b); S.I. 2024/269, reg. 2(z29)

1110DPower to require businesses to report discrepanciesU.K.

(1)The Secretary of State may by regulations impose requirements on a person who is carrying on business in the United Kingdom (a “relevant person”)—

(a)to obtain specified information about a customer (or prospective customer)—

(i)before entering into a business relationship with them, or

(ii)during a business relationship with them,

(b)to identify discrepancies between information so obtained and information made publicly available by the registrar, and

(c)to report any discrepancies to the registrar.

(2)The regulations may require the relevant person, when reporting discrepancies, to provide such other information as may be required by the regulations (including information about the relevant person).

(3)The regulations may provide for reports or other information delivered to the registrar under the regulations to be withheld from public inspection.

(4)The regulations may create offences in relation to failures to comply with requirements imposed by the regulations.

(5)The regulations may not provide for an offence created by the regulations to be punishable with imprisonment for a period exceeding—

(a)in the case of conviction on indictment, 2 years;

(b)in the case of summary conviction, 3 months.

(6)In this section “customer”, in relation to a person carrying out estate agency work, includes a purchaser (as well as a seller).

(7)Regulations under this section are subject to affirmative resolution procedure.]

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