The Bank Accounts Directive (Miscellaneous Banks) (Amendment) Regulations 2005

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 (S.I. 1991/2704) (“the 1991 Regulations”).The 1991 Regulations implemented Council Directive 86/635/EEC of 8th December 1986 on the annual and consolidated accounts of banks and other financial institutions (Official Journal No. L372/1 of 31st December 1986) in so far as it applies to bodies corporate or unincorporate other than (a) bodies corporate to which Part 7 of the Companies Act 1985 (“the 1985 Act”) applies and (b) building societies.

Regulation 4 of the 1991 Regulations requires the directors of certain banking undertakings, specified in regulation 3 of the 1991 Regulations, to prepare accounts and a directors' report, and to obtain an auditors' report, in accordance with those provisions of Part 7 of the 1985 Act which are specified in the Schedule to the 1991 Regulations and are applicable to banking companies and groups.Certain modifications to the provisions of Part 7 as it is applied by the 1991 Regulations are set out in the Schedule to the 1991 Regulations.

Part 7 of the 1985 Act has been amended in particular by the Companies Act 1985 (Miscellaneous Accounting Amendments) Regulations 1996 (S.I. 1996/189), by the Company Accounts (Disclosure of Directors' Emoluments) Regulations 1997 (S.I. 1997/570), by the Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947) and by the Companies Act 1985 (Operating and Financial Review and Directors' Report etc.) Regulations 2005 (S.I. 2005/1011).These Regulations make consequential changes to the provisions of the 1985 Act as applied by the Schedule to the 1991 Regulations.

Full regulatory impact assessments of the effect that S.I. 2004/2947 and S.I. 2005/1011, and associated instruments such as these Regulations, will have on the costs of business are available from the Department of Trade and Industry, Corporate Law and Governance Directorate, 5th Floor 1 Victoria Street, London SW1H 0ET (they are also available electronically at www.dti.gov.uk/cld).Copies have also been placed in the libraries of both Houses of Parliament.