SCHEDULES
F2SCHEDULE 20CDelivery of Reports and Accounts: Credit and Financial Institutions to which The Bank Branches Directive (89/117/EEC) applies
PART IINSTITUTIONS REQUIRED TO PREPARE ACCOUNTS UNDER PARENT LAW
Scope of Part1
1
This Part applies to any institution to which Article 648A applies which is required by its parent law to prepare and have audited accounts for its financial periods and whose only or principal branch within the United Kingdom is in Northern Ireland.
2
In this Part, “branch” has the meaning given by Article 648A.
Duty to deliver copies in Northern Ireland2
1
An institution to which this Part applies shall, within one month of becoming such an institution, deliver to the registrar for registration—
a
copies of the latest accounting documents of the institution prepared in accordance with its parent law to have been disclosed before the end of the period allowed for compliance with this paragraph or, if earlier, the date of compliance with it, and
b
if any of the documents mentioned in head (a) is not written in the English language, a translation of it into English certified in the prescribed manner to be a correct translation.
2
Where an institution to which this Part applies had, immediately prior to becoming such an institution, a branch in Great Britain which was its only or principal branch within the United Kingdom it may, instead of delivering the documents mentioned in sub-paragraph (1)(a), deliver a notice that it has become an institution to which this Part applies, provided that those documents have been delivered pursuant to the Companies Act 1985—
a
to the registrar for England and Wales if the institution's only or principal branch within the United Kingdom was in England and Wales; or
b
to the registrar for Scotland if the institution's only or principal branch within the United Kingdom was in Scotland.
3
1
An institution to which this Part applies shall deliver to the registrar for registration—
a
copies of all the accounting documents of the institution prepared in accordance with its parent law which are disclosed on or after the end of the period allowed for compliance with paragraph 2(1) or, if earlier, the date on which it complies with that paragraph, and
b
if any of the documents mentioned in head (a) is not written in the English language, a translation of it into English, certified in the prescribed manner to be a correct translation.
2
The period allowed for delivery, in relation to a document required to be delivered under this paragraph, is 3 months from the date on which the document is first disclosed.
4
Where an institution's parent law permits it to discharge an obligation with respect to the disclosure of accounting documents by disclosing documents in a modified form, it may discharge its obligation under paragraph 2 or 3 by delivering copies of documents modified as permitted by that law.
5
1
Neither paragraph 2 nor paragraph 3 shall require an institution to deliver documents to the registrar if at the end of the period allowed for compliance with that paragraph—
a
it is not required by its parent law to register them,
b
they are made available for inspection at each branch of the institution in Northern Ireland, and
c
copies of them are available on request at a cost not exceeding the cost of supplying them.
2
Where by virtue of sub-paragraph (1) an institution is not required to deliver documents under paragraph 2 or 3 and any of the conditions specified in that sub-paragraph ceases to be met, the institution shall deliver the documents to the registrar for registration within 7 days of the condition ceasing to be met.
Penalty for non-compliance6
1
If an institution fails to comply with paragraph 2, 3 or 5(2) before the end of the period allowed for compliance, the institution and every person who immediately before the end of that period was a director of the institution, or in the case of an institution which does not have directors, a person occupying an equivalent office, is guilty of an offence and liable to a fine and, for continued contravention, to a daily default fine.
2
It is a defence for a person charged with an offence under this paragraph to prove that he took all reasonable steps for securing compliance with paragraph 2, 3 or 5(2), as the case may be.
Interpretation7
1
In this Part—
“financial period”, in relation to an institution means a period for which the institution is required or permitted by its parent law to prepare accounts;
“parent law”, in relation to an institution, means the law of the country in which the institution has its head office;
and references to disclosure are to public disclosure, except where an institution is not required under its parent law, any statutory provision (within the meaning of section 1(f) of the Interpretation Act (Northern Ireland) 1954) having effect for Northern Ireland or its constitution to disclose publicly its accounts, in which case such references are to the disclosure of the accounts to the persons for whose information they have been prepared.
2
For the purposes of this Part, the following are accounting documents in relation to a financial period of an institution—
a
the accounts of the institution of the period, including, if it has one or more subsidiaries, any consolidated accounts of the group,
b
any annual report of the directors (or, in the case of an institution which does not have directors, the persons occupying equivalent offices) for the period,
c
the report of the auditors on the accounts mentioned in head (a), and
d
any report of the auditors on the report mentioned in head (b).
PART IIINSTITUTIONS NOT REQUIRED TO PREPARE ACCOUNTS UNDER PARENT LAW
Scope of Part
8
1
This part applies to any institution to which Article 648A applies which—
a
is incorporated, and
b
is not required by the law of the country in which it has its head office to prepare and have audited accounts.
2
In this Part, “branch” has the meaning given by Article 648A.
Preparation of accounts and reports
9
An institution to which this Part applies shall in respect of each financial year of the institution prepare the like accounts and directors' report, and cause to be prepared such an auditors' report, as would be required if the institution were a company to which Article 649 applied.
10
F3Sections 390 to 392 of the Companies Act 2006 (financial year and accounting reference periods) apply to an institution to which this Part applies subject to the following modifications—
a
for the references to the incorporation of the company there shall be substituted references to the institution becoming an institution to which this Part applies; and
b
F4section 392(3) shall be omitted.
Duty to deliver accounts and reports
11
1
An institution to which this Part applies shall in respect of each financial year of the institution deliver to the registrar copies of the accounts and reports prepared in accordance with paragraph 9.
2
If any document comprised in those accounts or reports is in a language other than English, the institution shall annex to the copy delivered a translation of it into English, certified in the prescribed manner to be a correct translation.
Time for delivery
12
1
The period allowed for delivering accounts and reports under paragraph 11 is 13 months after the end of the relevant accounting reference period, subject to the following provisions of this paragraph.
2
If the relevant accounting reference period is the institution's first and is a period of more than 12 months, the period allowed is 13 months from the first anniversary of the institution becoming an institution to which this Part applies.
3
If the relevant accounting reference period is treated as shortened by virtue of a notice given by the institution under F5section 392 of the Companies Act 2006, the period allowed is that applicable in accordance with the above provisions or three months from the date of the notice under that Article, whichever last expires.
4
If for any special reason the Department thinks fit it may, on an application made before the expiry of the period otherwise allowed, by notice in writing to an institution to which this Part applies extend that period by such further period as may be specified in the notice.
5
In this paragraph “the relevant accounting reference period” means the accounting reference period by reference to which the financial year for the accounts in question was determined.
Penalty for non-compliance
13
1
If the requirements of paragraph 11 are not complied with before the end of the period allowed for delivering accounts and reports, or if the accounts and reports delivered do not comply with the requirements of this Order, the institution and every person who immediately before the end of that period was a director of the institution, or, in the case of an institution which does not have directors, a person occupying an equivalent office, is guilty of an offence and liable to a fine and, for continued contravention, to a daily default fine.
2
It is a defence for a person charged with such an offence to prove that he took all reasonable steps for securing that the requirements in question would be complied with.
3
It is not a defence in relation to a failure to deliver copies to the registrar to prove that the documents in question were not in fact prepared as required by this Schedule.
SR 1993/198