Amendments to the Companies Act 20063
1
The Companies Act 200613 is amended as follows.
2
In section 384 (companies excluded from the small companies regime)—
a
in subsection (1)(b), for “an ISD investment firm” substitute “a MiFID investment firm”;
b
in subsection (2)(d), for “an ISD investment firm” substitute “a MiFID investment firm”.
3
In section 467 (companies excluded from being treated as medium-sized), in subsection (2)(d), for “an ISD investment firm” substitute “a MiFID investment firm”.
4
In section 474 (minor definitions relating to Part 15), in subsection (1)—
a
omit the definition of “ISD investment firm”;
b
at the appropriate place insert—
“MiFID investment firm” means an investment firm within the meaning of Article 4.1.1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, other than—
- a
a company to which that Directive does not apply by virtue of Article 2 of that Directive,
- b
a company which is an exempt investment firm within the meaning of regulation 4A(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007, and
- c
any other company which fulfils all the requirements set out in regulation 4C(3) of those Regulations;
5
In section 478 (companies excluded from small companies exemption), in paragraph (b)(i), for “an ISD investment firm” substitute “a MiFID investment firm”.
6
In section 481 (companies excluded from dormant companies exemption), in paragraph (a), for “an ISD investment firm” substitute “a MiFID investment firm”.
7
In section 539 (minor definitions relating to Part 16)—
a
omit the definition of “ISD investment firm”;
b
at the appropriate place insert—
“MiFID investment firm” means an investment firm within the meaning of Article 4.1.1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, other than—
- a
a company to which that Directive does not apply by virtue of Article 2 of that Directive,
- b
a company which is an exempt investment firm within the meaning of regulation 4A(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007, and
- c
any other company which fulfils all the requirements set out in regulation 4C(3) of those Regulations;
8
In Schedule 8 (index of defined expressions)—
a
omit the entry for “ISD investment firm”;
b
at the appropriate place insert—
“MiFID investment firm
—in Part 15
section 474(1).
—in Part 16
section 539