has no effect;

has no effect in relation to persons of a prescribed description;

has effect in relation to persons of a prescribed description only for such purposes as may be prescribed.

it is a contract for goods, services or intangible assets (including intellectual property) which is not an excluded financial services contract, and

at least one of the parties has entered into it in connection with the carrying on of a business.

is for financial services (see section 2) or is a regulated agreement within the meaning of the Consumer Credit Act 1974 (see section 189 of that Act); and

is of a prescribed description.

in relation to contracts to which the law of Scotland applies, the Scottish Ministers, and

in relation to other contracts, the Secretary of State.

to make transitional, transitory or saving provision;

to amend, repeal, revoke or otherwise modify any provision made by or under an enactment (including an enactment contained in this Act and any enactment passed or made in the same Session as this Act).

if made by the Scottish Ministers, are subject to the affirmative procedure;

if made by the Secretary of State, are subject to affirmative resolution procedure.

money market instruments (including cheques, bills and certificates of deposit);

foreign exchange;

derivative products (including futures and options);

exchange rate and interest rate instruments (including products such as swaps and forward rate agreements);

transferable securities;

other negotiable instruments and financial assets (including bullion).

the company's payment practices and policies relating to relevant contracts of a prescribed description, and

the company's performance by reference to those practices and policies.

it qualifies as a micro-entity for the purposes of section 384A of the Companies Act 2006,

the small companies regime under that Act applies to it (see section 381 of that Act), or

it qualifies as medium-sized for the purposes of section 465 or 466 of that Act.

about the standard payment terms of the company and whether these are part of any code of conduct or code of ethics of the company,

about payment terms of the company which are not standard,

about the processing and payment of invoices,

by reference to such codes of conduct or standards as may be prescribed and as are applicable to companies generally or to companies of a prescribed description,

about disputes relating to the payment of invoices, including any dispute resolution mechanism that the company uses,

about payments owed or paid by the company due to late payment of invoices, whether in respect of interest or otherwise.

in England and Wales, by a fine;

in Scotland or Northern Ireland, by a fine not exceeding level 5 on the standard scale.

a duty on designated banks to provide information about their small and medium sized business customers to designated credit reference agencies, and

a duty on designated credit reference agencies to provide information about small and medium sized businesses to finance providers.

a credit reference agency makes a request to a bank, and

the business customer to whom the information relates has agreed to the information being provided to a credit reference agency.

a finance provider makes a request to a credit reference agency, and

the business to whom the information relates has agreed to the information being provided to the finance provider.

complying with the credit reference agency's terms and conditions, and

providing information on its small and medium sized business customers to the credit reference agency (subject to the agreement of those customers).

to which the duty in subsection (1)(a) applies;

to which the duty in subsection (1)(b) applies;

which may be required as mentioned in subsection (4)(b).

how a request for information must be made by a credit reference agency or finance provider;

the time period within which information must be provided following a request;

the form in which information must be provided;

how a business may indicate agreement for the purposes of subsection (2)(b), (3)(b) or (4)(b) (and for the purposes of subsection (2)(b) this may include imposing an obligation on a designated bank to include an appropriate term in its standard terms and conditions or to otherwise seek agreement).

conditions that must be met for a bank or credit reference agency to be designated;

considerations that the Treasury may take into account before deciding whether to designate a bank or credit reference agency;

the Treasury to consider the advice of another person before making a designation;

the procedure for designating a bank or credit reference agency;

how the list of designated banks and credit reference agencies must be published;

the revocation of a designation.

a small or medium sized business has applied to a designated bank for a loan or other credit facility, and

the application has been unsuccessful,

must provide that the duty only applies where the business to which the information relates agrees to its information being provided to the designated finance platforms;

the types of loans and credit facilities that trigger the duty,

the circumstances in which an application is to be considered unsuccessful, and

the finance platforms to which information must be provided.

impose a duty on the finance platform to provide specified information to all finance providers requesting access to the information, and

the finance provider or business agrees to the finance platform's terms and conditions;

the finance provider complies with specified requirements about the use and disclosure of the information.

requiring the finance platform to provide the information within a specified time period;

setting out how a request by a finance provider must be made to a finance platform;

setting out how a business may indicate agreement for the purposes of subsection (4)(b)(ii);

about the time period for which information must be kept by the finance platform;

about the removal of information from the finance platform.

prohibiting finance platforms from charging fees to small and medium sized businesses, or

permitting finance platforms to charge fees to small and medium sized businesses.

conditions that must be met for a bank or finance platform to be designated;

considerations that the Treasury may take into account before deciding whether to designate a bank or finance platform;

the Treasury to consider the advice of another person before making a designation;

the procedure for designating a bank or finance platform;

how the list of designated banks and finance platforms must be published;

the revocation of a designation.

provisions about investigations, including powers of entry and search and criminal offences;

provisions for the grant of an injunction (or, in Scotland, an interdict) in relation to a contravention or anticipated contravention;

provisions giving the Financial Conduct Authority powers to impose disciplinary measures (including financial penalties) or to give directions;

provisions giving a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975) or the Financial Conduct Authority powers to make subordinate legislation;

provisions for the Financial Conduct Authority to charge fees.

apply, or make provision corresponding to, any of the provisions of that Part or rules made under that Part (with or without modifications);

sections 157 to 160 of the Consumer Credit Act 1974 (duties to disclose and correct information) and regulations made under those sections;

section 7 of the Data Protection Act 1998 (right of access to personal data) and regulations made under that section;

section 9 of the Data Protection Act 1998 (right of access to personal data where data controller is credit reference agency) and regulations made under that section.

it has an annual turnover of less than £25 million,

it carries out commercial activities,

it does not carry out regulated activities as its principal activity, and

it is not owned or controlled by a public authority.

V's creditworthiness,

V's compliance with regulatory requirements relating to financial matters, or

the risk of fraud by V.

a fee to be payable by the recipient for the disclosure of information;

conditions to apply to the recipient in relation to information disclosed (including conditions relating to the transfer, holding and processing of the information);

financial penalties to be payable by the recipient for a failure to meet conditions which apply to the recipient under the arrangements.

the commodity code of goods that have been exported from the United Kingdom (a “prescribed code”);

a description of the category of goods covered by a prescribed code;

the names and addresses of persons who have exported goods covered by a prescribed code;

the years and months in which a particular person has exported goods covered by a prescribed code.

omit “but the Secretary of State shall not in respect of any limit exercise the power on more than three occasions”.

omit paragraphs (c) and (d);

in paragraph (e) omit “in foreign currency”.

for “this Part” substitute “ sections 54 to 58 ”,

for “obtain access to, or otherwise participate in,” substitute “ obtain direct access to ”, and

for “does not apply” substitute “ applies ”.

on a single occasion to a single recipient, and

by electronic means.

the documents which must be delivered to the registrar under section 9 of the Companies Act 2006 (registration documents) in respect of the formation of a company;

the documents or other information which must or may be delivered to Her Majesty's Revenue and Customs in respect of registration of a company for purposes connected with VAT, corporation tax and PAYE.

the period beginning with the day on which this section comes into force and ending on 31 March 2016;

the subsequent period of 12 months ending on 31 March 2017.

publish each report, and

lay each report before Parliament.

review the effectiveness during each reporting period of the procedures (both formal and informal) of the relevant regulator for handling and resolving complaints and appeals made by businesses to the regulator in connection with the exercise by the regulator of the function, and

prepare a report about the findings of the review.

an assessment of the extent to which the relevant regulator's procedures of the kind mentioned in subsection (2)(a) are accessible and fair to businesses;

recommendations to the relevant regulator about how the procedures, or the way in which they are operated, could be improved;

recommendations to the Minister of the Crown who appointed the reviewer for any change in the law which the reviewer considers would lead to improvements in the procedures or their operation.

the period of 12 months beginning with the day on which the reviewer is appointed;

each subsequent period of 12 months.

prepare a response and send it to the reviewer, and

if the relevant regulator is not the Minister of the Crown who appointed the reviewer, send it to the Minister.

publish the report and the response, and

lay them before Parliament.

the person who exercises the function;

the enactment under or by virtue of which it was conferred.

a Scottish devolved function, that is to say a function the exercise of which would be within devolved competence (within the meaning of section 54 of the Scotland Act 1998),

a Northern Ireland devolved function, that is to say a function which could be conferred by provision included in an Act of the Northern Ireland Assembly made without the consent of the Secretary of State (see sections 6 to 8 of the Northern Ireland Act 1998), or

a Welsh devolved function, that is to say a function which could be conferred by provision falling within the legislative competence of the National Assembly for Wales (see section 108 of the Government of Wales Act 2006).

publish any guidance or revised guidance issued under this section, and

lay any such guidance or revised guidance before Parliament.

a target for the Government in respect of the economic impact on business activities of qualifying regulatory provisions which come into force or cease to be in force during the relevant period, and

an interim target applying at the end of the period of three years beginning with the commencement of the Parliament.

a determination under section 22(2), and

a methodology to be used for assessing the economic impact mentioned in subsection (1)(a).

determining a business impact target for publication under subsection (1)(a), or

making a determination under section 22(2).

the effect of regulation on economic growth and competitiveness,

the need to minimise any disproportionate impact of regulation on activities carried on by smaller scale businesses or voluntary or community bodies,

the aim of delivering efficiency in regulating business activities while keeping the costs to businesses or voluntary or community bodies to a minimum.

not more than 12 months before the target provisions come into force, or

after the target provisions have come into force.

imposes or amends requirements, restrictions or conditions, or sets or amends standards or gives or amends guidance, in relation to the activity, or

relates to the securing of compliance with, or the enforcement of, requirements, restrictions, conditions, standards or guidance which relate to the activity.

it makes or amends provision in connection with procurement;

it makes or amends provision in connection with the giving of grants or other financial assistance by or on behalf of a public authority;

it makes or amends provision which is to have effect for a period of less than 12 months.

a provision of an Act,

a provision of subordinate legislation made by a Minister of the Crown, or

any other provision which has effect by virtue of the exercise of a function conferred on a Minister of the Crown by an Act.

a provision which would be within the legislative competence of the Scottish Parliament if it were contained in an Act of that Parliament (see section 29 of the Scotland Act 1998),

a provision which could be included in an Act of the Northern Ireland Assembly made without the consent of the Secretary of State (see sections 6 to 8 of the Northern Ireland Act 1998), or

a provision falling within the legislative competence of the National Assembly for Wales (see section 108 of the Government of Wales Act 2006).

a list of all the qualifying regulatory provisions which have come into force or ceased to be in force during the reporting period,

an assessment of the economic impact on business activities of each of the qualifying regulatory provisions falling within paragraph (a) made by reference to the methodology published under section 21(3)(b) (but see section 24(2)),

an assessment of the aggregate economic impact on business activities of all of the qualifying regulatory provisions falling within paragraph (a),

if there have been preceding reporting periods during the relevant period, an assessment of the aggregate economic impact on business activities of all of the qualifying regulatory provisions which have come into force or ceased to be in force during the reporting period in question and all of the preceding reporting periods,

an assessment of the contribution of the actions taken by each Government department to the aggregate economic impact mentioned in paragraphs (c) and (d), and

a list of all the regulatory provisions (as defined in section 22(3)) which have come into force or ceased to be in force during the reporting period which do not fall within paragraph (a).

have come into force during the reporting period, and

implement an EU obligation or any other international obligation of the United Kingdom.

a description of any provision made in the provisions in question which goes beyond the minimum provision necessary for implementing the obligation, and

the reasons for that provision.

the period beginning with the relevant day and ending at the end of the period of 12 months beginning with the commencement of the Parliament,

the next successive period of 12 months,

the next successive period of 12 months,

the next successive period of 12 months, and

the period which begins at the end of the period mentioned in paragraph (d) and ends at the end of the relevant period.

any provision relating to the election reporting period and any subsequent reporting periods mentioned in paragraph (c) or (d) were omitted, and

paragraph (e) referred to the period which begins at the beginning of the election reporting period and ends at the end of the relevant period.

no later than one month after the end of the reporting period, if the report is in respect of a reporting period mentioned in any of subsection (7)(a) to (d);

before the dissolution of Parliament, if the report is in respect of a reporting period mentioned in subsection (7)(e).

the assessment to be included in a report by virtue of section 23(3)(b), and

the business impact target;

the interim target;

the determination under section 22(2);

the methodology to be used for assessing the economic impact mentioned in section 21(1)(a).

publish the thing as amended,

amend any report already published so that it takes account of any amendments, and

lay the thing as amended and any amended report before Parliament.

by a business for the purposes of the business, or

by a voluntary or community body for the purposes of the body.

is controlled by a public authority, or

is acting on behalf of a public authority in carrying out the activities.

a trade union;

an unincorporated body which does not distribute any surplus it makes to its members;

a charity;

a company limited by guarantee which does not distribute any surplus it makes to its members;

a registered society within the meaning given by section 1 of the Co-operative and Community Benefit Societies Act 2014;

a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24 (N.I.));

a community interest company;

a charitable incorporated organisation within the meaning of Part 11 of the Charities Act 2011 or within the meaning of the Charities Act (Northern Ireland) 2008 (c. 12 (N.I.));

a Scottish charitable incorporated organisation within the meaning of Chapter 7 of Part 1 of the Charities and Trustee Investment (Scotland) Act 2005 (asp 10).

an Act confers a power or duty on a Minister of the Crown to make secondary legislation, and

make provision for review in the secondary legislation in which the regulatory provision is made (see section 30), or

publish a statement that it is not appropriate in the circumstances to make provision for review in that legislation (see section 31).

make or amend provision in connection with procurement;

make or amend provision in connection with the giving of grants or other financial assistance by or on behalf of a public authority;

make or amend provision which is to cease to have effect before the end of the period of 5 years beginning with the commencement date; or

make or amend provision which is subject to review by virtue of existing provision in the secondary legislation.

by a business for the purposes of the business, or

by a voluntary or community body for the purposes of the body.

is controlled by a public authority, or

is acting on behalf of a public authority in carrying out the activity.

carry out a review of the regulatory provision, and

publish a report setting out the conclusions of the review.

set out the objectives intended to be achieved by the regulatory provision,

assess the extent to which those objectives are achieved,

assess whether those objectives remain appropriate, and

if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.

a review would be disproportionate taking into account the economic impact of the regulatory provision on the qualifying activity, and

a review would be undesirable for particular policy reasons (such as there being an exceptionally high need for certainty in the longer term).

provision imposing requirements, restrictions or conditions, or setting standards, in relation to the activity, or

provision which relates to the securing of compliance with, or the enforcement of, requirements, restrictions, conditions or standards which relate to the activity.

uses the term “small business” or “micro business”, and

defines that term by reference to this section.

it has a headcount of staff of less than 50, and

it has a headcount of staff of less than 10, and

about the calculation of the headcount of staff, turnover and balance sheet total of an undertaking, including provision about the period (“assessment period”) in respect of which they are to be calculated;

for the headcount of staff, turnover and balance sheet total, or a proportion of such, of any undertaking which satisfies such conditions as may be prescribed in relation to another undertaking (the “principal undertaking”) to be treated as part of the principal undertaking's headcount of staff, turnover and balance sheet total.

the extent of ownership (whether direct or indirect) of one undertaking by one or more other undertakings;

the degree of control exercised (whether directly or indirectly) by one or more undertakings over another.

the assessment period or periods in respect of which an undertaking must meet the small business size conditions or the micro business size conditions in order to be a small business or (as the case may be) micro business;

the circumstances in which an undertaking which has been established for less than a complete assessment period is to be regarded as meeting the small business size conditions or the micro business size conditions.

an undertaking is a small business or a micro business if it meets the relevant size conditions in respect of each of its two most recent assessment periods;

where there has been only one complete assessment period since an undertaking was established, the undertaking is a small business or a micro business if it meets the relevant size conditions in respect of that period;

an undertaking which is a small business or a micro business does not cease to be such unless it fails to meet the relevant size conditions in respect of two consecutive assessment periods.

the transfer of a business from undertaking B to undertaking A;

the carrying on by undertaking A of a business on undertaking B ceasing to carry on the activities, or most of the activities, of which the business consists in consequence of arrangements involving both undertakings;

the existence of some other connection between undertaking A and undertaking B.

determining the date on which undertaking A was established (and so the number of assessment periods there have been since it was established);

determining which periods are assessment periods in respect of undertaking A;

calculating the headcount of staff, turnover and balance sheet total of undertaking A.

a tenancy which is entered into before the day on which this section comes into force;

a tenancy which is entered into on or after the day on which this section comes into force, pursuant to a contract made before that day;

a tenancy which arises by operation of any enactment or other law when a tenancy mentioned in paragraph (a) or (b) comes to an end.

section 1 of the Rent Act 1977 (protected tenancies),

section 79 of the Housing Act 1985 (secure tenancies),

section 1 of the Housing Act 1988 (assured tenancies), and

any other England and Wales enactment relating to protected, secure or assured tenancies.

the principle of fair and lawful dealing by pub-owning businesses in relation to their tied pub tenants;

the principle that tied pub tenants should not be worse off than they would be if they were not subject to any product or service tie.

contain requirements as to the provision of information by pub-owning businesses to their tied pub tenants;

make provision about the information that such assessments must contain and how they are to be calculated and presented;

specify that such assessments must be conducted in accordance with provisions of documents specified in the Pubs Code;

where any document is specified for the purposes of paragraph (d), refer to the provisions of the document as amended from time to time;

impose other obligations on pub-owning businesses in relation to their tied pub tenants.

confer on the Adjudicator functions in relation to parallel rent assessments,

require the payment of a fee by tied pub tenants to the Adjudicator in connection with the exercise of those functions, and

make provision corresponding to that mentioned in subsection (4)(c), (d) and (e).

to occupy the tied pub under a tenancy or licence which is MRO-compliant, and

circumstances in which a market rent only option must or may be an option to occupy under a tenancy;

circumstances in which a market rent only option must or may be an option to occupy under a licence.

it is not a tenancy at will.

which are required to be contained in a tenancy or licence for it to be MRO-compliant;

which are to be regarded as reasonable or unreasonable for the purposes of subsection (4).

in connection with the renewal of any of the pub arrangements;

in connection with a rent assessment or assessment of money payable by the tenant in lieu of rent;

after a trigger event has occurred.

the tenancy or licence under which the tied pub is occupied, and

any other contractual agreement which contains an obligation by virtue of which condition D in section 68 is met in relation to the premises.

is beyond the control of the tied pub tenant,

was not reasonably foreseeable as mentioned in subsection (6)(c),

has a significant impact on the level of trade that could reasonably be expected to be achieved at the tied pub, and

is of a description specified in the Pubs Code.

that condition B in section 68 continues to be met.

make provision about the procedure to be followed in connection with an offer of a market rent only option (referred to in this Part as “the MRO procedure”);

confer functions on the Adjudicator in connection with that procedure.

specify a reasonable period (“the negotiation period”) during which the pub-owning business and the tied pub tenant may seek to agree the rent to be payable in respect of the tied pub tenant's occupation of the premises concerned under the proposed MRO-compliant tenancy or licence;

require the appointment of a person (referred to in this Part as an “independent assessor”) to determine the market rent of the premises concerned in a case where, at the end of the negotiation period, the pub-owning business and the tied pub tenant have not reached agreement as mentioned in paragraph (b);

require that appointment to be made by the pub-owning business and the tied pub tenant acting jointly or (where they cannot agree on a person to appoint) by the Adjudicator;

require the Adjudicator to set criteria which a person must satisfy in order to be appointed as an independent assessor;

require that the market rent must be determined by the independent assessor within a specified reasonable period;

specify that the determination of the market rent by the independent assessor must be conducted in accordance with provisions of documents specified in the Pubs Code;

where any document is specified for the purposes of paragraph (g), refer to the provisions of the document as amended from time to time.

the tenancy or licence under which the tied pub is occupied, and

any other contractual agreement entered into by the tied pub tenant with the pub-owning business in connection with the tenancy or licence,

circumstances are such that a pub-owning business is required to offer a tied pub tenant a market rent only option;

a proposed tenancy or licence is MRO-compliant;

a determination of the market rent of a tenancy or licence made by an independent assessor has been made in accordance with the Pubs Code;

any other requirement of the MRO procedure has been complied with.

which are inconsistent with the Pubs Code,

which purport to penalise the tenant for requiring the business to act, or not act, in accordance with any provision of the Pubs Code with which the business is bound to comply,

prevent the tenant from referring a dispute to the Adjudicator for arbitration in accordance with regulations under section 45 or in accordance with section 48, or

penalise the tenant for making such a referral.

regulations under section 45,

section 50,

section 51, or

regulations under section 51(7).

refers a dispute to the Adjudicator under section 48, or

gives notice as mentioned in section 50(3)(b) that the tenant wishes the Adjudicator to be appointed to arbitrate a dispute.

specify when the fee must be paid,

specify cases in which the tenant is not required to pay the fee,

specify cases in which the fee is to be refunded to the tenant.

the rules regarding arbitrations issued from time to time by the Chartered Institute of Arbitrators, or

the rules of another dispute resolution body nominated by the arbitrator.

the arbitration follows a referral by the tenant under section 48, and

the arbitrator concludes that the referral was vexatious.

provide that those costs are limited to an amount prescribed in, or to be determined in accordance with, the regulations, and

specify circumstances in which the arbitrator may make an award requiring the tenant to pay costs exceeding that amount.

the grounds for imposing the penalty,

the amount of the penalty,

the period within which it must be paid, and

how it must be paid.

the imposition of a financial penalty, or

its amount.

specifying the permitted maximum, or

specifying how the permitted maximum is to be determined.

the amount of any levy payable by the business,

when payments are due, and

how the levy is to be paid.

publish a report of the findings of the review for that period, and

lay a copy of the report before Parliament.

the landlord or a person who is a group undertaking in relation to the landlord, or

a person nominated by the landlord or by a person who is a group undertaking in relation to the landlord.

it relates only to beer or cider (or both) produced by the landlord or by a person who is a group undertaking in relation to the landlord,

it does not require the tied pub tenant to procure the beer or cider from any particular supplier, and

it does not prevent the tied pub tenant from selling at the premises beer or cider produced by a person not mentioned in paragraph (a) (whether or not it restricts such sales).

in the period beginning with the day on which the Pubs Code comes into force and ending with the following 31 March, if immediately before the Pubs Code comes into force the person was the landlord of 500 or more tied pubs;

in any subsequent financial year, if for a period of at least 6 months in the previous financial year the person was the landlord of 500 or more tied pubs.

the tenant occupies the tied pub under a tenancy or licence at a time when the landlord is a person who is a pub-owning business by virtue of subsection (1), and

before the end of that tenancy or licence the landlord is no longer such a person (whether because of a transfer of title or because the landlord ceases to fall within subsection (1)).

the end of the tenancy or licence concerned, and

the conclusion of the first rent assessment or assessment of money payable in lieu of rent to be provided after the landlord is no longer a person who is a pub-owning business by virtue of subsection (1).

when a tenancy or licence ends;

when a rent assessment or assessment of money payable in lieu of rent is concluded.

is to be treated, or

may if the Adjudicator so determines be treated,

amend subsection (1)(a) or (b) so as to substitute a different number of tied pubs, or a different period, from the number or period for the time being specified there,

make provision in relation to the calculation of the number of tied pubs, whether by amending subsection (2) or otherwise.

who is the tenant or licensee of a tied pub, or

who is a party to negotiations relating to the prospective tenancy of or licence to occupy premises which are, or on completion of the negotiations are expected to be, a tied pub.

the nature of the tenancy or licence, or

the nature of any other contractual agreement entered (or to be entered) into by the tied pub tenant with the pub-owning business, or a person nominated by that business, in connection with the tenancy or licence.

carry out a review of Part 21A of the Companies Act 2006 (inserted by Schedule 3 to this Act) and of other provisions of the Companies Act 2006 inserted by this Act that relate to that Part, and

prepare and publish a report setting out the conclusions of the review.

set out the objectives intended to be achieved by the provisions of the Companies Act 2006 mentioned in subsection (1)(a),

assess the extent to which those objectives have been achieved, and

assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved in another way that imposed less regulation.

makes provision for arrangements by which share warrants issued before this section comes into force are to be converted into registered shares or cancelled, and

makes amendments consequential on that provision.

without having passed a special resolution as required by section 21 of the Companies Act 2006;

without complying with any provision for entrenchment which is relevant to the offending provision (see section 22 of that Act).

carry out a review of section 84, and

prepare and publish a report setting out the conclusions of the review.

set out the objectives intended to be achieved by the section, and

assess the extent to which those objectives have been achieved.

in subsection (1), for “section 155” substitute “ provision by virtue of section 156B(4) ”;

in subsection (4), for “of section 154 or 155” substitute “ as mentioned in subsection (1) ”.

for prescribed general duties of directors to apply to shadow directors with such adaptations as may be prescribed;

for prescribed general duties of directors not to apply to shadow directors.

on advice given by that person in a professional capacity;

in accordance with instructions, a direction, guidance or advice given by that person in the exercise of a function conferred by or under an enactment;

in accordance with guidance or advice given by that person in that person's capacity as a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975)”.