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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) M1—U.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) M2—U.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
F1Sch. 2 para. 6(a) substituted (31.12.2020 immediately before IP completion day) by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 10(a); 2020 c. 1, Sch. 5 para. 1(1)
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) M4—U.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) M5—U.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) M7—U.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) M8—U.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) M9—U.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) M10—U.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) M11—U.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
F2Sch. 2 para. 14(a) substituted (31.12.2020 immediately before IP completion day) by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 10(b); 2020 c. 1, Sch. 5 para. 1(1)
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) M14—U.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 market | section 1173(1)” |
“UK regulated market | section 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)