[F1Part 4AU.K.Regulation of loans and related transactions

Textual Amendments

F1Pt. 4A (ss. 71F-71X) inserted (11.9.2006 for E.W.S. for specified purposes, 1.1.2007 for N.I. for specified purposes, 1.7.2008 for N.I. for specified purposes, 15.9.2014 for N.I. in so far as not already in force) by Electoral Administration Act 2006 (c. 22), ss. 61(1), 77(2); S.I. 2006/1972, art. 3, Sch. 1 para. 20(a) (subject to art. 4, Sch. 2) (as substituted by S.I. 2006/2268, art. 3); S.I. 2006/3412, art. 4 (subject to art. 6, Sch. 2); S.I. 2008/1656, art. 2 (subject to art. 3, Sch. 1); S.I. 2014/1809, art. 2

Modifications etc. (not altering text)

[F2CHAPTER 1U.K.

Textual Amendments

X171MQuarterly reports of regulated transactionsU.K.

(1)The treasurer of a registered party must, in the case of each year, prepare a report under this subsection in respect of each of the following periods—

(a)January to March;

(b)April to June;

(c)July to September;

(d)October to December.

(2)The reports prepared under subsection (1) for any year must, in the case of each authorised participant who enters into or is party to a regulated transaction with the party in that year, comply with—

(a)the following provisions of this section so far as they require any such transaction to be recorded in such a report;

(b)section 71N so far as it requires any changes in relation to any such transaction to be so recorded.

(3)In this section—

  • “transaction report” means a report prepared under subsection (1);

  • “reporting period”, in relation to such a report, means the period mentioned in any of paragraphs (a) to (d) of that subsection to which the report relates;

  • “relevant transaction”, in relation to an authorised participant and a year, means a regulated transaction entered into by the participant and the registered party in that year;

  • “relevant benefit”, in relation to any person and any year, means—

    (a)

    a relevant donation within the meaning of section 62(3) accepted by the party from that person as a donor, or

    (b)

    a relevant transaction entered into by the party and that person as a participant,

    and a relevant benefit accrues when it is accepted (if it is a donation) or entered into (if it is a transaction).

(4)Where no previous relevant benefit or benefits has or have been required to be recorded under this subsection or section 62(4), a relevant transaction must be recorded—

(a)if the value of the transaction is more than [F3£11,180], or

(b)if the aggregate amount of it and any other relevant benefit or benefits is more than [F4£11,180].

(5)A transaction to which subsection (4) applies must—

(a)if it falls within paragraph (a) of that subsection, be recorded in the transaction report for the reporting period in which the transaction is entered into, or

(b)if it falls within paragraph (b) of that subsection, be recorded (together with any other relevant transaction or transactions included in the aggregate amount mentioned in that paragraph) in the transaction report for the reporting period in which the benefit which causes that aggregate to be more than [F5£11,180] accrues.

(6)Where any previous relevant benefit or benefits has or have been required to be recorded under subsection (4) or section 62(4), a relevant transaction must be recorded at the point when a relevant transaction falling within subsection (7) has been entered into—

(a)since the benefit or benefits required to be recorded under that provision, or

(b)if any relevant benefit or benefits has or have previously been required to be recorded under this subsection or section 62(6), since the benefit or benefits last required to be so recorded.

(7)A relevant transaction falls within this subsection—

(a)if the value of the transaction is more than [F6£2,230], or

(b)if, when it is added to any other relevant benefit or benefits accruing since the time mentioned in subsection (6)(a) or (b), the aggregate amount of the benefits is more than [F7£2,230].

(8)A transaction to which subsection (6) applies on any occasion must—

(a)if it is the only benefit required to be recorded on that occasion, be recorded in the transaction report for the reporting period in which it is entered into, or

(b)in any other case, be recorded (together with any other relevant transaction or transactions included in the aggregate amount mentioned in subsection (7)) in the transaction report for the reporting period in which the benefit which causes that aggregate amount to be more than [F8£2,230] accrues.

(9)A transaction report must also record any regulated transaction which is entered into by the party and a person who is not an authorised participant and is dealt with during the reporting period in accordance with section 71I or 71J.

(10)If during any reporting period no transactions have been entered into by the party which, by virtue of the preceding provisions of this section, are required to be recorded in the transaction report for that period, the report must contain a statement to that effect.

(11)Where a registered party is a party with accounting units, subsections (2) to (10) apply separately in relation to the central organisation of the party and each of its accounting units—

(a)as if any reference to the party were a reference to the central organisation or (as the case may be) to such an accounting unit; but

(b)with the substitution, in relation to such an accounting unit, of “[F9£2,230]” for “[F10£11,180]” in each place where it occurs in subsections (4) and (5).

(12)However, for the purposes of subsections (2) to (9) in their application to the central organisation and any year by virtue of subsection (11), any transaction—

(a)which is entered into by an authorised participant and any of the accounting units during that year, but

(b)which is not required to be recorded under subsection (4) or (6) (as they apply by virtue of subsection (11)) as a transaction entered into by the accounting unit,

must be treated as a transaction entered into by the authorised participant and the central organisation.

(13)Schedule 6A has effect with respect to the information to be given in transaction reports.]]

Editorial Information

X1The insertion of the new heading "Chapter 1" in Pt. 4A on 1.7.2008 gives rise to a change in the structure of this legislation which breaks the continuity of historical versions of the existing provisions which are now brought under that new heading.

Textual Amendments