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SCHEDULE 2U.K.Amendments made under the European Union (Withdrawal) Act 2018: primary legislation

PART 1U.K.Amendments to the Companies Act 2006

1.  The Companies Act 2006 is amended in accordance with this Part of this Schedule.U.K.

Commencement Information

I1Sch. 2 para. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

2.  In section 384(2)(b) (companies excluded from the small companies regime), for “regulated market in an EEA State” substitute “ UK regulated market ”.U.K.

Commencement Information

I2Sch. 2 para. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

3.  In section 384B(1) (companies excluded from being treated as micro entities) M1U.K.

(a)in the opening words omit “was”;

(b)at the beginning of paragraph (a) insert “ was ”;

(c)in paragraph (b)—

(i)at the beginning insert “ would have been ”;

(ii)at the end before the comma insert “ were the United Kingdom a member State ”;

(d)in paragraph (c)—

(i)at the beginning insert “ would have been ”;

(ii)at the end before the comma insert “ were the United Kingdom a member State ”;

(e)in paragraph (d), for the words from “other than one” to the end substitute “ which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation, ”;

(f)in paragraph (e)—

(i)at the beginning insert “ would have been ”;

(ii)at the end insert “ were the United Kingdom a member State ”; and

(g)at the beginning of paragraph (f) insert “ was ”.

Commencement Information

I3Sch. 2 para. 3 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M1Section 384B(1)(d) is amended by paragraph 1 of Schedule 1 to these Regulations.

4.  In section 392 (alteration of accounting reference date)—U.K.

(a)in subsection (3)(a), in both places it occurs, for “EEA” substitute “ UK ”; and

(b)in subsection (6)—

(i)for “EEA undertaking” substitute “ UK undertaking ”; and

(ii)omit “or the law of any other EEA State”.

Commencement Information

I4Sch. 2 para. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

5.  In section 394A (individual accounts: exemption for dormant subsidiaries) M2U.K.

(a)in subsection(1)(c), for “an EEA State” substitute “ any part of the United Kingdom ”; and

(b)for subsection (2)(c)(i), substitute—

(i)if the undertaking is a company, the requirements of this Part of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or.

Commencement Information

I5Sch. 2 para. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M2Section 394A was inserted by S.I. 2012/2301, and amended by S.I. 2015/980.

6.  M3In section 394C(2) (dormant subsidiaries exemption: parent undertaking declaration of guarantee) —U.K.

[F1(a)for paragraph (b), substitute—

(b)the registered number (if any) of the parent undertaking,; and]

(b)omit paragraph (c).

Textual Amendments

Commencement Information

I6Sch. 2 para. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M3Section 394C was inserted by S.I. 2012/2301.

7.  In section 395(4) (individual accounts: applicable accounting framework) M4U.K.

(a)in paragraph (b), for “regulated market in an EEA State” substitute “ UK regulated market ”; and

(b)in paragraph (c), for “regulated market in an EEA State” substitute “ UK regulated market ”.

Commencement Information

I7Sch. 2 para. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M4Section 395 was amended by S.I. 2008/393 and 2012/2301.

8.  In section 399 (duty to prepare group accounts) M5U.K.

(a)in subsection (2B)—

(i)in paragraph (a), for “an EEA State” substitute “ any part of the United Kingdom ”;

(ii)in paragraph (b), for the words from “Directive 2013/34/EU” to the end substitute “ the requirements of this Part of this Act, and ”; and

(iii)for paragraph (c) substitute—

(c)it—

(i)is an undertaking whose transferable securities are admitted to trading on a UK regulated market,

(ii)is a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council, which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation, or

(iii)would be an insurance undertaking within the meaning given by Article 2(1) of Council Directive 91/674/EEC of the European Parliament and of the Council on the annual accounts of insurance undertakings M6 were the United Kingdom a member State.; and

(b)in subsection (3)—

(i)in the descriptive text in brackets after “section 400”, for “EEA” substitute “ UK ”; and

(ii)in the descriptive text in brackets after “section 401”, for “non-EEA” substitute “ non-UK ”.

Commencement Information

I8Sch. 2 para. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M5Section 399 was amended by S.I. 2015/980 and 2016/1245.

M6OJ L 374, 31.12.1991, p. 7.

9.  In section 400 (exemption for company included in EEA accounts of a larger group) M7U.K.

(a)in the heading, for “EEA” substitute “ UK ”;

(b)in subsection (1), for “an EEA State” substitute “ any part of the United Kingdom ”; and

(c)in subsection (2)—

(i)in paragraph (a), for “an EEA State” substitute “ any part of the United Kingdom ”;

(ii)in the opening words of paragraph (b), omit “, according to that law”;

(iii)for paragraph (b)(i) substitute—

(i)if the undertaking is a company, in accordance with the requirements of this Part of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or; and

(iv)in paragraph (d)(i), omit “(whether in or outside the United Kingdom)”.

Commencement Information

I9Sch. 2 para. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M7Section 400 was amended by S.I. 2015/980.

10.  In section 401 (exemption for company included in non-EEA accounts of larger group) M8U.K.

(a)in the heading, for “non-EEA” substitute “ non-UK ”;

(b)in subsection (1), for “an EEA State” substitute “ any part of the United Kingdom ”; and

(c)in subsection (2)(b)—

(i)omit sub-paragraph (i); and

(ii)in sub-paragraph (ii), for “so drawn up” substitute “ drawn up in accordance with the requirements of this Part of this Act ”.

Commencement Information

I10Sch. 2 para. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M8Section 401 was amended by S.I. 2015/980.

11.  In section 403(5) (group accounts: relevant change of circumstances in relation to applicable accounting framework) M9U.K.

(a)in paragraph (b), for “regulated market in an EEA State” substitute “ UK regulated market ”; and

(b)in paragraph (c), for “regulated market in an EEA State” substitute “ UK regulated market ”.

Commencement Information

I11Sch. 2 para. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M9Section 403 was amended by S.I. 2012/2301.

12.  In section 414CA (non-financial information statement) M10U.K.

(a)in subsection (7), omit paragraph (b) and the “or” preceding it; and

(b)omit subsection (9).

Commencement Information

I12Sch. 2 para. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M10Section 414CA was inserted by S.I. 2016/1245.

13.  In section 448A (dormant subsidiaries exempt from obligation to file accounts) M11U.K.

(a)in subsection (1)(c), for “an EEA State” substitute “ any part of the United Kingdom ”; and

(b)for subsection (2)(c)(i) substitute—

(i)if the undertaking is a company, the requirements of this Part of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or.

Commencement Information

I13Sch. 2 para. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M11Section 448A was inserted by S.I. 2012/2301 and amended by S.I. 2015/980.

14.  M12In section 448C(2) (dormant subsidiaries filing exemption: parent undertaking declaration of guarantee) —U.K.

[F2(a)for paragraph (b), substitute—

(b)the registered number (if any) of the parent undertaking,; and]

(b)omit paragraph (c).

Textual Amendments

Commencement Information

I14Sch. 2 para. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M12Section 448C was inserted by S.I. 2012/2301.

15.  In section 461(4)(h) (permitted disclosure of information obtained under compulsory powers) M13, before “EU obligation” insert “ retained ”.U.K.

Commencement Information

I15Sch. 2 para. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M13Section 461(4)(h) was amended by S.I. 2011/1043. There are other amending instruments to section 461, but none is relevant.

16.  In section 467(2)(b) (companies excluded from being treated as medium-sized), before “regulated market” insert “ UK ”.U.K.

Commencement Information

I16Sch. 2 para. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

17.  In section 474(1) (minor definitions) M14U.K.

(a)in the definition of “MiFID investment firm”—

(i)in the opening words, for “Article 4.1.1 of Directive 2014/65/EU” substitute “ Article 2.1A of Regulation (EU) No. 600/2014 ”; and

(ii)in paragraph (a), for the words from “to which that Directive” to the end substitute “ which is exempted from the definition of “investment firm” by Schedule 3 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) M15, ”; and

(b)in the definition of “traded company”, before “regulated market” insert “ UK ”.

Commencement Information

I17Sch. 2 para. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M14Section 474(1) was amended by S.I. 2915/980; there are other amending instruments but none is relevant.

M15S.I. 2001/544, amended by S.I. 2017/488 and 2018/1403; there are other amending instruments but none is relevant.

18.  In section 1173 M16 (minor definitions: general)—U.K.

(a)in subsection (1)—

(i)after the definition of “the data protection legislation” insert—

EU regulated market” has the meaning given in Article 2.1.13B of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 and amending Regulation (EU) No. 648/2012;;

(ii)for the definition of “regulated market” substitute—

regulated market” has the meaning given in Article 2.1.13 of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 and amending Regulation (EU) No. 648/2012;;

(iii)after the definition of “transferable securities” insert—

UK regulated market” has the meaning given in Article 2.1.13A of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 and amending Regulation (EU) No. 648/2012;;

(b)omit subsection (2).

Commencement Information

I18Sch. 2 para. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)

Marginal Citations

M16Section 1173 was amended by paragraph 124 of Schedule 19 to the Data Protection Act 1998 (c. 12) and S.I. 2013/3115, 2015/980, 2016/649 and 2017/701.

19.  In Schedule 8 (index of defined expressions), at the appropriate places insert—U.K.

EU regulated marketsection 1173(1)
UK regulated marketsection 1173(1)

Commencement Information

I19Sch. 2 para. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(c)