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1.—(1) These Regulations may be cited as the Companies (1986 Order) (Investment Companies and Accounting and Audit Amendments) Regulations (Northern Ireland) 2006.
(2) These Regulations shall come into operation on 1st April 2006, and apply to accounts copies of which are delivered to the registrar of companies on or after that date.
(3) Part III and regulation 12 in Part IV of these Regulations have effect as respects companies' financial years which begin on or after 1st July 2005 and which end on or after 1st April 2006.
(4) In these Regulations, the “1986 Order” means the Companies (Northern Ireland) Order 1986.
2.—(1) Article 273 of the 1986 Order (other distributions by investment companies)(1) is amended as follows.
(2) In paragraph (1)(a), after “liabilities” insert “to creditors”.
(3) In paragraph (2)—
(a)after “liabilities” in both places where it occurs insert “to creditors”, and
(b)after “and any provision” insert “for liabilities to creditors”.
3. In paragraph 4(2) of Schedule 4 to the 1986 Order (requirement to adjust non-comparable corresponding amounts in balance sheet and profit and loss account)—
(a)for “shall be adjusted” substitute “may be adjusted”, and
(b)for “particulars of the adjustment and the reasons for it” substitute “particulars of the non-comparability and of any adjustment”.
4. Omit paragraphs 58(2) and (3) of Schedule 4 to the 1986 Order (disclosure of corresponding amounts in notes to accounts)(2).
5. In paragraph 4(2) of Schedule 8 to the 1986 Order (requirement to adjust non-comparable corresponding amounts in balance sheet and profit and loss account of small company)(3)—
(a)for “shall be adjusted” substitute “may be adjusted”, and
(b)for “particulars of the adjustment and the reasons for it” substitute “particulars of the non-comparability and of any adjustment”.
6. Omit paragraph 51(2) and (3) of Schedule 8 to the 1986 Order (disclosure of corresponding amounts in notes to small company accounts prepared for members).
7. Omit paragraph 9(2) and (3) of Schedule 8A to the 1986 Order (disclosure of corresponding amounts in notes to small company abbreviated accounts delivered to registrar of companies)(4).
8. In paragraph 4(2) of Schedule 9 to the 1986 Order (requirement to adjust non-comparable corresponding amounts in balance sheet and profit and loss account of banking companies)(5)—
(a)for “shall be adjusted” substitute “may be adjusted”, and
(b)for “particulars of the adjustment and the reasons for it” substitute “particulars of the non-comparability and of any adjustment”.
9. Omit paragraph 47(2) and (3) of Schedule 9 to the 1986 Order (disclosure of corresponding amounts in notes to banking company accounts).
10. In paragraph 3(2) of Schedule 9A to the 1986 Order (requirement to adjust non-comparable corresponding amounts in balance sheet and profit and loss account of insurance companies)(6)—
(a)for “shall be adjusted” substitute “may be adjusted”, and
(b)for “particulars of the adjustment and the reasons for it” substitute “particulars of the non-comparability and of any adjustment”.
11. Omit paragraphs 54(2) and (3) of Schedule 9A to the 1986 Order (disclosure of corresponding amounts in notes to insurance company accounts)(7).
12. In Article 254(3)(b) of the 1986 Order (special provisions for small companies)(8), before sub-paragraph (i) insert—
“(ai)Article 239A (disclosure required in notes to annual accounts: particulars of staff);”.
13. In Article 255A(1B)(b)(9), for “one or more regulated activities” substitute “a regulated activity”.
14. In Article 257AA(3)(a) of the 1986 Order (dormant companies)(10), for “one or more regulated activities” substitute “a regulated activity”.
15. In Article 257B(1)(d) of the 1986 Order (cases where exemption from audit not available)(11), after “Act 2000” insert “(other than an appointed representative whose scope of appointment is limited to activities that are not regulated activities for the purposes of this Part: see Article 270)”.
16.—(1) In Article 270 (minor definitions), at the appropriate place insert—
““regulated activity” has the meaning given by Article 2, except that it does not include activities of the kind specified in any of the following provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001—
article 25A (arranging regulated mortgage contracts),
article 39A (assisting administration and performance of a contract of insurance),
article 53A (advising on regulated mortgage contracts), or
article 21 (dealing as agent), article 25 (arranging deals in investments) or article 53 (advising on investments) where the activity concerns relevant investments that are not contractually based investments (within the meaning of article 3 of that Order);”.
(2) In Article 270A (index of defined expressions), at the appropriate place insert—
““regulated activity” | Articles 2 and 270.” |
17. In Schedule 1 to the Limited Liability Partnerships Regulations (Northern Ireland) 2004(12), in the entries relating to Articles 255A and 257AA of the 1986 Order, for “one or more regulated activities” in each place where it occurs substitute “a regulated activity”.
Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 16th March 2006
L.S.
M Bohill
A senior officer of the
Department of Enterprise, Trade and Investment
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