The Accounts and Reports (Amendment) (EU Exit) Regulations 2019 No. 145

Regulation 6

SCHEDULE 3 U.K. Amendments made under the European Union (Withdrawal) Act 2018: secondary legislation

The Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 U.K.

1.  In the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 M1 , in paragraph 3 of Schedule 5 (matters to be dealt with in directors' report)—

(a) in sub-paragraph (1), for “non-EU” substitute “ non-UK ”;

(b) in sub-paragraph (4)—

(i) for “non-EU” substitute “ non-UK ”;

(ii) for “member States” substitute “ United Kingdom ”.

Commencement Information

I1 Sch. 3 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)

Marginal Citations

M1 S.I. 2008/409; there are amending instruments but none is relevant.

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 U.K.

2.  The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 M2 are amended in accordance with paragraphs 3 to 5.

Commencement Information

I2 Sch. 3 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)

Marginal Citations

M2 S.I. 2008/410; regulation 14 was inserted by S.I 2016/575. There are other amending instruments but none is relevant.

3.  Omit regulation 14(3) (review). U.K.

Commencement Information

I3 Sch. 3 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)

4.  In Schedule 3 (insurance companies: Companies Act individual accounts)— U.K.

(a) in paragraph 52(3) (long-term business provision)—

(i) after “Faculty of Actuaries” insert “ with due regard to generally accepted actuarial principles and ”;

(ii) omit the words from “, with due regard” to the end;

(b) in paragraph 87(1) (particulars of tax)—

(i) for paragraph (a), substitute—

“(a) in the country in which its head office is located, and”;

(ii) omit paragraph (b).

Commencement Information

I4 Sch. 3 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 Schedule 7 (matters to be dealt with in directors' report)— U.K.

(a) in paragraph 4 (political donations and expenditure)—

(i) in sub-paragraph (1), for “non-EU” substitute “ non-UK ”;

(ii) in sub-paragraph (4)—

(aa) for “non EU” substitute “ non-UK ”;

(bb) for “member States” substitute “ United Kingdom ”;

(b) in paragraph 13(1) (disclosure required by certain publicly-traded companies) before “regulated market” insert “ UK ”.

Commencement Information

I5 Sch. 3 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)

The Partnerships (Accounts) Regulations 2008 U.K.

6.  The Partnerships (Accounts) Regulations 2008 M3 are amended in accordance with paragraphs 7 to 10.

Commencement Information

I6 Sch. 3 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

M3 S.I. 2008/569; relevant amending instruments are S.I. 2013/2005 and 2015/980.

7.  In regulation 2(1) (interpretation), omit the definition of “the Accounting Directive”. U.K.

Commencement Information

I7 Sch. 3 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)

8.  In regulation 5(2) (delivery of accounts of qualifying partnerships to registrar etc.), omit sub-paragraph (b) and the “and” preceding it. U.K.

Commencement Information

I8 Sch. 3 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)

9.  In regulation 6 (publication of accounts of qualifying partnerships at head office)— U.K.

(a) in paragraph (1), at the beginning insert “ Subject to regulation 7, ”;

(b) omit paragraph (2).

Commencement Information

I9 Sch. 3 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)

10.  In regulation 7 (exemption from regulations 4 to 6 where accounts consolidated)— U.K.

(a) in paragraph (1)(a), for “a member State” substitute “ any part of the United Kingdom ”;

(b) for paragraph (2)(a), substitute—

“(a) that the group accounts are prepared and audited, if the undertaking is a company, in accordance with the requirements of the Companies Act 2006, or, if the undertaking is not a company, the legal requirements which apply to the preparation and audit of consolidated accounts for that undertaking, and”.

Commencement Information

I10 Sch. 3 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)

The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 U.K.

11.  The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 M4 are amended in accordance with paragraphs 12 to 22.

Commencement Information

I11 Sch. 3 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

M4 S.I. 2008/1911; relevant amending instruments are S.I. 2011/1043, 2012/2301, 2013/3008, 2016/575 and 2017/1164.

12.  In regulation 5 (LLPs subject to the small LLPs regime), in the modified version of section 384(2)(b) applied by that regulation (LLPs excluded from the small LLPs regime), for “regulated market in an EEA State” substitute “ UK regulated market ”. U.K.

Commencement Information

I12 Sch. 3 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)

13.  In regulation 5A (LLPs qualifying as micro-entities) M5 , in the modified version of section 384B(1) applied by that regulation (LLPs excluded from being treated as micro-entities)— 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 ”; and

(ii) at the end insert “ were the United Kingdom a member State ”.

Commencement Information

I13 Sch. 3 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

M5 Regulation 5A was inserted by S.I. 2016/575.

14.  In regulation 7 (an LLP's financial year), in the modified version of section 392 applied by that regulation (alteration of accounting reference date)— U.K.

(a) in subsection (3)(a), in both places it occurs, for “EEA” substitute “ UK ”;

(b) in subsection (6)—

(i) for “EEA undertaking” substitute “ UK undertaking ”;

(ii) omit “or the law of any other EEA State”.

Commencement Information

I14 Sch. 3 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)

15.  In regulation 9 (individual accounts)— U.K.

(a) in the modified version of section 394A applied by that regulation (individual accounts: exemption for dormant subsidiaries) M6 —

(i) in subsection (1)(c), for “an EEA State” substitute “ any part of the United Kingdom ”;

(ii) 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”;

(b) in the modified version of section 394C(2) applied by that regulation (dormant subsidiaries exemption: parent undertaking declaration of guarantee) M7 —

(i) for paragraph (b), substitute—

“(b) the registered number of the parent undertaking (if any),”;

(ii) omit paragraph (c);

(c) in the modified version of section 395(3) applied by that regulation (individual accounts: applicable accounting framework)—

(i) in paragraph (c), for “regulated market in an EEA State” substitute “ UK regulated market ”;

(ii) in paragraph (d), for “regulated market in an EEA State” substitute “ UK regulated market ”.

Commencement Information

I15 Sch. 3 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

M6 Section 394A was inserted by S.I. 2012/2301 and amended by S.I 2016/575.

M7 Section 394C was inserted by S.I. 2012/2301.

16.  In regulation 10 (group accounts)— U.K.

(a) in the modified version of section 399 applied by that regulation (duty to prepare group accounts) M8 —

(i) in subsection (2B)—

(aa) in paragraph (a), for “an EEA State” substitute “ any part of the United Kingdom ”;

(bb) in paragraph (b), for the words from “Directive 2013/34/EU” to the end substitute “ the requirements of this Part of this Act ”;

(cc) 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 M9 were the United Kingdom a member State.”;

(ii) in subsection (3)—

(aa) in the descriptive text in brackets after “section 400” for “EEA” substitute “ UK ”;

(bb) in the descriptive text in brackets after “section 401” for “non-EEA” substitute “ non-UK ”;

(b) in the modified version of section 400 applied by that regulation (exemption for LLP included in EEA group accounts of larger group) M10 —

(i) in the heading, for “EEA” substitute “ UK ”;

(ii) in subsection (1), for “an EEA State” substitute “ any part of the United Kingdom ”;

(iii) in subsection (2)—

(aa) in paragraph (a), for “an EEA State” substitute “ any part of the United Kingdom ”;

(bb) in the opening words of paragraph (b), omit “, according to that law”;

(cc) 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”;

(dd) in paragraph (d)(i), omit “(whether in or outside the United Kingdom)”;

(c) in the modified version of section 401 applied by that regulation (exemption for LLP included in non-EEA group accounts of larger group) M11 —

(i) in the heading, for “non-EEA” substitute “ non-UK ”;

(ii) in subsection (1), for “an EEA State” substitute “ any part of the United Kingdom ”;

(iii) in subsection (2)(b)—

(aa) omit sub-paragraph (i);

(bb) in sub-paragraph (ii), for “so drawn up” substitute “ drawn up in accordance with the requirements of this Part of this Act ”;

(d) in the modified version of section 403(3) applied by that regulation (group accounts: applicable accounting framework)—

(i) in paragraph (b), for “regulated market in an EEA State” substitute “ UK regulated market ”;

(ii) in paragraph (c), for “regulated market in an EEA State” substitute “ UK regulated market ”.

Commencement Information

I16 Sch. 3 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)

Marginal Citations

M8 Section 399 was amended by S.I. 2017/1164.

M9 OJ L 374, 31.12.1991, p. 7.

M10 Section 400 was amended by S.I. 2016/575.

M11 Section 401 was amended by S.I. 2016/575.

17.  In regulation 19A (exemption for dormant subsidiary LLPs) M12 — U.K.

(a) in the modified version of section 448A applied by that regulation (dormant subsidiary LLPs exempt from obligation to file accounts)—

(i) in subsection (1)(c), for “an EEA State” substitute “ any part of the United Kingdom ”;

(ii) 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”;

(b) in the modified version of section 448C(2) applied by that regulation (dormant subsidiaries exemption: parent undertaking declaration of guarantee)—

(i) for paragraph (b) substitute—

“(b) the registered number of the parent undertaking (if any),”;

(ii) omit paragraph (c).

Commencement Information

I17 Sch. 3 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

M12 Regulation 19A was inserted by S.I. 2012/2301 and amended by S.I. 2016/575.

18.  In regulation 24 (disclosure of information), in the modified version of section 461(4)(h) applied by that regulation (permitted disclosure of information obtained under compulsory powers) M13 , before “EU obligation” insert “ retained ”. U.K.

Commencement Information

I18 Sch. 3 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

M13 Section 461(4)(h) was amended by S.I. 2011/1043.

19.  In regulation 26 (medium-sized LLPs), in the modified version of section 467(2)(b) applied by that regulation (LLPs excluded from being treated as medium-sized), before “regulated market” insert “ UK ”. U.K.

Commencement Information

I19 Sch. 3 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)

20.  In regulation 32 (minor definitions), in the modified version of section 474(1) applied by that regulation (minor definitions)— 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 ”;

(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 M14 , ”;

(b) in the definition of “traded company”, for “regulated market” substitute “ UK regulated market ”.

Commencement Information

I20 Sch. 3 para. 20 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

M14 S.I. 2001/544.

21.  In regulation 55 (minor definitions), in the modified version of section 1173 applied by that regulation (minor definitions: general)— U.K.

(a) in subsection (1)—

(i) omit the definition of “EEA undertaking”;

(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 “the competent authority” 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;”;

(iv) 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

I21 Sch. 3 para. 21 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)

22.  Omit regulation 59(1A) (review) M15 . U.K.

Commencement Information

I22 Sch. 3 para. 22 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

M15 Regulation 59 was inserted by S.I. 2016/575 and amended by S.I. 2017/1164.

The Overseas Companies Regulations 2009 U.K.

23.  The Overseas Companies Regulations 2009 M16 are amended in accordance with paragraphs 24 to 29.

Commencement Information

I23 Sch. 3 para. 23 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

M16 S.I. 2009/1801. There are amending instruments but none is relevant.

24.  In regulation 31 (application and interpretation of Chapter), omit paragraph (1)(b) and the “or” preceding it. U.K.

Commencement Information

I24 Sch. 3 para. 24 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)

25.  In regulation 32 (duty to file copies of accounting documents disclosed under parent law), omit paragraph (3). U.K.

Commencement Information

I25 Sch. 3 para. 25 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)

26.  In regulation 33(2) (statement of details of parent law and other information)— U.K.

(a) in sub-paragraph (a), omit “, if applicable,”;

(b) in sub-paragraph (b), at the end insert “ and ”;

(c) omit sub-paragraph (c);

(d) for sub-paragraph (d) substitute—

“(d) whether those accounts have been audited in accordance with a set of generally accepted auditing standards and, if so, the name of the organisation or other body which issued those standards.”;

(e) omit sub-paragraph (e).

Commencement Information

I26 Sch. 3 para. 26 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)

27.  In regulation 44 (application and interpretation of Chapter) omit paragraph (1)(b) and the “or” preceding it. U.K.

Commencement Information

I27 Sch. 3 para. 27 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)

28.  In regulation 47(2) (statement of details of parent law and other information)— U.K.

(a) in sub-paragraph (a), omit “, if applicable,”;

(b) in sub-paragraph (b), at the end insert “ and ”;

(c) omit sub-paragraph (c);

(d) for sub-paragraph (d) substitute—

“(d) whether those accounts have been audited in accordance with a set of generally accepted auditing standards, and if so, the name of the organisation or other body which issued those standards.”;

(e) omit sub-paragraph (e).

Commencement Information

I28 Sch. 3 para. 28 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)

29.  In regulation 48 (supplementary provisions as to obligation to file copies of accounting documents) omit paragraph (2). U.K.

Commencement Information

I29 Sch. 3 para. 29 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)

The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012 U.K.

30.  The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012 M17 is amended in accordance with paragraphs 31 to 33.

Commencement Information

I30 Sch. 3 para. 30 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

M17 S.I. 2012/1439; relevant amending instruments are S.I. 2013/472 and 2017/701.

31.  In article 1(3) (interpretation)— U.K.

(a) omit the definitions of “regulated market” and “the transparency obligations directive”;

(b) after the definition of “the Conduct Committee” insert—

““DGTR sourcebook” means the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority M18 under the Financial Services and Markets Act 2000 M19 , as it has effect on [F1 IP completion day];”;

(c) after the definition of “LLPs” 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.”.

Textual Amendments

F1 Words in Sch. 3 para. 31(b) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 12(a)

Commencement Information

I31 Sch. 3 para. 31 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

M18 An electronic copy of the relevant chapter, Chapter 4 (periodic financial reporting), of the sourcebook can be found at https://www.handbook.fca.org.uk/handbook/DTR/4/?view=chapter. A printed copy of the modules or the sourcebook can also be obtained from The Stationary Office (https://www.tsoshop.co.uk/bookstore.asp?FO=1350564).

M19 2000 c. 8.

32.  In article 2 (appointment in relation to issuers)— U.K.

(a) in paragraph (1)—

(i) in the opening words, before “regulated market” insert “ UK ”;

[F2 (ii) after “which is” insert “ a body corporate.”;]

(iii) omit paragraphs (a) and (b).

(b) in paragraph (2)—

(i) for “provisions implementing Articles 4 and 5 of the transparency obligations directive (annual financial reports and half-yearly financial reports)” substitute [F3 “Section 1 of Chapter 4 (annual financial report) and Section 2 of Chapter 4 (half-yearly financial reports) of the DGTR sourcebook”];

[F4 (ii) for sub-paragraph (a), substitute—

“(a) rule 4.4.1, rule 4.4.2 (exemptions) and TP 1.19 (exemption for certain large debt securities issuers) of the DGTR sourcebook, or”;]

[F5 (iii) in sub-paragraph (b)—

(aa) for “Disclosure Rules and Transparency Rules Sourcebooks” substitute “ DGTR sourcebook ”;

(bb) at the end insert “ (where the Listing Rules and the Prospectus Rules means those Rules as they had effect on IP completion day) ”.]

Textual Amendments

F2 Sch. 3 para. 32(a)(ii) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), regs. 1(2), 23(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Sch. 3 para. 32(b)(i) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), regs. 1(2), 23(b); 2020 c. 1, Sch. 5 para. 1(1)

F4 Sch. 3 para. 32(b)(ii) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), regs. 1(2), 23(c); 2020 c. 1, Sch. 5 para. 1(1)

F5 Sch. 3 para. 32(b)(iii) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), regs. 1(2), 23(d) (as amended by S.I. 2020/523, regs. 1(2), 24); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I32 Sch. 3 para. 32 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)

33.  In article 3 (appointment in relation to accounts), for the words from “Articles 4 and 5” to the end substitute [F6 “Section 1 of Chapter 4 (annual financial report) and Section 2 of Chapter 4 (half-yearly financial reports) of the DGTR sourcebook”]. U.K.

Textual Amendments

F6 Words in Sch. 3 para. 33 substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), regs. 1(2), 23(e); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I33 Sch. 3 para. 33 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)

The Companies (Receipt of Accounts and Reports) Regulations 2013 U.K.

34.  In regulation 9(4) of the Companies (Receipt of Accounts and Reports) Regulations 2013 M20 (supplementary provisions), before “an EEA State”, in each place it occurs, insert “ the United Kingdom or ”.

Commencement Information

I34 Sch. 3 para. 34 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

M20 S.I. 2013/1973.

The Reports on Payments to Governments Regulations 2014 U.K.

35.  The Reports on Payments to Governments Regulations 2014 M21 are amended in accordance with paragraphs 36 to 42.

Commencement Information

I35 Sch. 3 para. 35 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

M21 S.I. 2014/3209, amended by S.I. 2015/1928 and 2017/701.

36.  In regulation 2(1) (interpretation)— U.K.

(a) omit the definition of “the Directive”;

(b) for the definition of “equivalent reporting requirements” substitute—

““equivalent reporting requirements” are reporting requirements in any country or territory outside the United Kingdom that—

(a) are equivalent to the reporting requirements in these Regulations, by virtue of regulation 12ZA(1); or

(b) are determined by the Secretary of State to be equivalent to the reporting requirements in these Regulations, in accordance with regulation 12ZA;”;

(c) for the definition of “logging undertaking” substitute—

““logging undertaking” means an undertaking which undertakes in primary forests the activity referred to in the UK Standard Industrial Classification (SIC) by Economic Activity, as set out in Table 1 in the Schedule to these Regulations, issued under section 9 of the Statistics and Registration Services Act 2007 M22 as updated from time to time;”;

(d) for the definition of “mining or quarrying undertaking” substitute—

““mining or quarrying undertaking” means an undertaking which performs any activity involving the exploration, prospection, discovery, development, and extraction of minerals, oil, natural gas deposits or other materials within the activities referred to in the UK Standard Industrial Classification (SIC) by Economic Activity, as set out in Table 2 in the Schedule to these Regulations, issued under section 9 of the Statistics and Registration Services Act 2007 as updated from time to time;”;

(e) for the definition of “public interest entity” substitute—

““public interest entity” means an undertaking—

(a) whose transferable securities are admitted to trading on a UK regulated market;

(b) which 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, and a CRR firm within the meaning of Article 4(1)(2A) of that Regulation;

(c) which would be an insurance undertaking within the meaning of Article 2(1) of Council Directive 91/674/EEC of 19th December 1991 on the annual accounts of insurance undertakings M23 were the United Kingdom a member State;”;

(f) after the definition of “subsidiary undertaking” insert—

““transferable securities” has the meaning given by section 1173 of the Act;

“UK regulated market” has the meaning given by section 1173 of the Act;”.

Commencement Information

I36 Sch. 3 para. 36 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

M22 2007 c. 18.

M23 OJ L 374, 31.12.1991, p. 7.

37.  Before regulation 12 insert— U.K.

“12ZA.— (1) Reporting requirements in any country or territory regarding the reporting of payments to governments that have been assessed by the European Commission as being equivalent to the requirements of Chapter 10 of Directive 2013/34/EU of the European Parliament and of the Council of 26th June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings M24 , and were identified in an implementing act adopted before [F7 IP completion day] by the European Commission in accordance with Article 47 of that Directive, are equivalent to the reporting requirements in these Regulations.

(2) The Secretary of State may determine that the reporting requirements regarding the reporting of payments to governments of a country or territory outside the United Kingdom are equivalent to the reporting requirements in these Regulations.

(3) The Secretary of State must consider at least the following criteria when making a determination under paragraph (2)—

(a) target undertakings,

(b) target recipients of payments,

(c) payments captured,

(d) attribution of payments captured,

(e) breakdown of payments captured,

(f) triggers for reporting on a consolidated basis,

(g) reporting medium,

(h) frequency of reporting, and

(i) anti-evasion measures.

(4) The Secretary of State may consider criteria other than those in paragraph (3), but only if they facilitate a direct comparison of reporting requirements of the other country or territory with the reporting requirements of these Regulations.

(5) The Secretary of State may suspend or withdraw—

(a) the equivalence granted by virtue of paragraph (1); or

(b) a determination made under paragraph (2).”

Textual Amendments

F7 Words in Sch. 3 para. 37 substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 12(b)

Commencement Information

I37 Sch. 3 para. 37 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

M24 OJ L 182, 29.6.2013, p. 19.

38.  Omit regulation 7 (exemption for subsidiaries or parent undertakings included in consolidated reports). U.K.

Commencement Information

I38 Sch. 3 para. 38 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)

39.  In regulation 10(1) (exemption from duty to prepare a consolidated report), omit sub-paragraph (c). U.K.

Commencement Information

I39 Sch. 3 para. 39 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)

40.  In regulation 17(7) (enforcement of undertaking's delivery obligations)— U.K.

(a) omit sub-paragraph (e);

(b) omit sub-paragraph (h).

Commencement Information

I40 Sch. 3 para. 40 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)

41.  In regulation 21 (review of Regulations), omit paragraph (2). U.K.

Commencement Information

I41 Sch. 3 para. 41 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)

42.  In the Schedule— U.K.

(a) omit the words “Annex 1 to Regulation (EC) No 1893/2006” preceding Table 1;

(b) in each place it occurs, for “International Standard Industrial Classification Revision 4” substitute “ UK Standard Industrial Classification of Economic Activities ”.

Commencement Information

I42 Sch. 3 para. 42 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)