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—

    1. a

      a company to which that Directive does not apply by virtue of Article 2 of that Directive,

    2. 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

    3. 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—

    1. a

      a company to which that Directive does not apply by virtue of Article 2 of that Directive,

    2. 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

    3. 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