PART 2AMENDMENTS TO THE COMPANIES LEGISLATION

Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6))

Disclosure of interests in shares: interests to be disclosed48

1

Article 207 of the 1986 Order (interests in shares required to be disclosed) is amended as follows.

2

In paragraph (2A)52, in sub-paragraph (a) for “authorised to” substitute “who may lawfully”.

3

In that paragraph, in sub-paragraph (b), for paragraphs (ii) and (iii) substitute—

or

ii

a recognised scheme;

4

For paragraphs (6) and (7)53 substitute—

6

For the purposes of paragraph (2A), a person (“A”) may lawfully manage investments belonging to another if—

a

A can manage those investments in accordance with the permission which A has under Part 4 of the Financial Services and Markets Act 2000;

b

A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;

c

A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or

d

A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.

7

References in this Article to the management of investments must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; and

c

Schedule 2 to that Act.

5

In paragraph (8)—

a

in sub-paragraph (b) for the words from the beginning to “conferred” substitute “is certified by the competent authority in that member State as complying with the conditions imposed”; and

b

for “subsection (8) of section 86 of the Financial Services Act 1986” substitute “subsection (5) of section 264 of the Financial Services and Markets Act 2000”.