Technical factsheet 175 Guidance on audit exemption for companies and LLPs
|
|
- Aubrie Cox
- 6 years ago
- Views:
Transcription
1 Technical factsheet 175 Guidance on audit exemption for companies and LLPs Contents Page 1 Introduction 1 2 Articles of association 2 3 Members right to require audit 2 4 Non-group companies and LLPs 2 5 Group companies and LLPs 4 6 EEA parent s subsidiaries 6 7 Dormant companies and LLPs 8 1 INTRODUCTION Following the publication by the Department for Business Innovation and Skills (BIS) of the Government s response to the consultation on audit exemptions and the laying of the related statutory instrument in front of Parliament, the rules in respect of audit exemption for companies and LLPs have been substantially modified in respect of financial years ending on or after 1 October (SI 2012/2301 The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations
2 The effect of the new rules is that of taking out of the mandatory audit net a significant number of companies and LLPs; BIS estimates a total figure of 119,000 companies. The main changes introduced by the new rules include: the alignment of audit thresholds to accounting thresholds for small companies, so that a company will be able to claim audit exemption if it qualifies as small by meeting two out of three criteria for turnover, total assets and number of employees changes for group companies so that companies will be able to claim exemption if they are member of a group qualifying as small by meeting two out of three criteria a new exemption available to subsidiaries of any size controlled by an EEA parent by meeting a number of conditions. The guidance in this document considers when a company or LLP may opt for audit exemption in light of the amendments to Companies Act 2006 effective from 1 October ARTICLES OF ASSOCIATION The articles of association of a company may prescribe that an audit of the accounts should be carried out regardless of the fact that audit exemption may be available in accordance with relevant legislation. The articles would therefore need to be carefully considered when determining whether exemption from audit could be claimed. The articles of association supplement but do not replace statutory audit requirements. 3 MEMBERS RIGHT TO REQUIRE AUDIT The ability of a small company or LLP to claim audit exemption is limited by the right of members to require an audit. Members representing not less than 10% of the issued share capital, or not less than 10% of the members in number, if the company does not have a share capital, may require an audit of the accounts of a company under section 476 of Companies Act. This request is required to be in place in the year and given not later than one month before the end of that year. 2
3 4 NON-GROUP COMPANIES AND LLPS Under amended section 477 of the act, companies and LLPs that are not part of a group may claim exemption from audit if they qualify as small in a year in accordance with section 382 of Companies Act 2006 and if they do not fall within a category of companies and LLPs excluded by section 478 of the act. Small companies and LLPs Under section 382 of the act a company or LLP qualifies as small in its first financial year if it meets at least two of the following three requirements: Turnover Not more than 6.5m Balance sheet total Not more than 3.26m Number of employees Not more than 50 For subsequent financial years a company or LLP will qualify as small if it meets the twoyear rule, ie it will continue to be small unless it fails two of the three criteria in two consecutive financial years or it will become small if it meets two out of the three criteria for two consecutive years. However, if a company or LLP qualified as small for each prior period and does not meet the conditions in the following period only, it will still qualify as small in the next period. A company or LLP will not qualify as small, even if it qualified as small in the previous period, if it fails to meet the criteria for both a period and the period before. If the accounting period in question is actually more or less than a year, the turnover figure needs to be proportionally adjusted. The balance sheet total means the total of the assets shown in the balance sheet without deducting any liability. The average number of employees is calculated by taking the number of persons employed under contracts of service by the company or LLP in each month, adding the monthly totals and dividing it by the number of months in the financial year. 3
4 In accordance with section 382 of the Act if a company or LLP fails to meet two out of the three criteria in a financial year, it may still claim audit exemption in that year providing it satisfied two out of the three criteria and qualified as small in the preceding financial year. Excluded entities A non-group company or LLP is unable to claim audit exemption if, at any time during the financial year, it falls within one of the following categories of companies and LLPs excluded by section 478 of the act: 1 a public company 2 an LLP whose securities are admitted to trading on a regulated market in an EEA state 3 a company or LLP that: (i) is an authorised insurance company, a banking entity, an e-money issuer, a MiFID investment firm or a UCITS management company, or (ii) carries on insurance market activity 4 a special registered body or an employers association as defined in the Trade Union and Labour Relations (Consolidation) Act 1992 or the Industrial Relations (Northern Ireland) Order GROUP COMPANIES AND LLPs In addition to meeting the conditions for non-group entities outlined above (ie qualifying as small and not being an excluded entity), companies and LLPs that are parents or subsidiaries of a group may claim audit exemption if the group of which they are part qualifies as a small group in accordance with section 383 of the act and if the group was not at any time in the financial year an ineligible group under section 384 of the act. The exemption provisions for group companies and LLPs are included in the amended section 479 of the act. Small groups Under section 383 of the act a group qualifies as small in respect of its parent s first financial year if it meets at least two of the following three requirements: 4
5 Aggregate turnover Not more than 6.5m net or 7.8m gross Aggregate balance sheet total Not more than 3.26m net or 3.9m gross Aggregate number of employees Not more than 50 For subsequent financial years a group will qualify as small if it meets the two-year rule, ie it will continue to be small unless it fails two of the three criteria in two consecutive financial years, or it will become small if it meets two out of three criteria for two consecutive years, ie if it meets two of the three requirements for that period and the period before. However, if the group qualified as small for a period and does not meet the criteria in the following period only, it will still qualify as small in the next period. The group will not qualify as small, even if it qualified as small in the previous period, if it does not meet two out of the three requirements for both a period and the period before. The aggregate figures for turnover and balance sheet are obtained by aggregating the relevant figures for each member of the group. Net aggregate turnover and balance sheet means after any set-offs and other adjustments to eliminate intra-group transactions under applicable accounting standards. Gross means without such set-offs and adjustments. Any of the requirements may be satisfied by using either the net or the gross figure. The figures to be used for each subsidiary undertaking are those included in its individual accounts ending on the same date as the accounts of the parent undertaking or those included in the accounts ending before the parent s financial year end. In accordance with section 383 of the act a group company or LLP may still be able to claim audit exemption even if the group fails to meet two out the three requirements in a financial year, provided that it met at least two requirements and qualified as a small group in the previous financial year. 5
6 Ineligible groups A company or LLP is unable to claim audit exemption if, at any time during the financial year, it was part of an ineligible group. Under section 384 of Companies Act, a group is ineligible if any of its members is: a public company a body corporate (other than a company) whose shares are admitted to trading on a regulated market in an EEA state a person (other than a small company or small LLP) who has permission under Part 4 of the Financial Services and Markets Act 2000 (c 8) to carry on a regulated activity a small company or small LLP that is an authorised insurance company, a banking company or banking LLP, an e-money issuer, a MiFID investment firm or a UCITS management company a person who carries on insurance market activity 6 EEA PARENT S SUBSIDIARIES A new exemption from mandatory audit has been introduced by a new section of the act (479A) for qualifying subsidiaries that fulfil a set of rather stringent conditions. The eligibility for this exemption is not limited by the failure of the company or LLP to meet the requirements of section 477, 478 or 479 of Companies Act outlined above. The availability of the exemption is in fact regulated by a new set of specifically drafted sections of the act (479A, 479B and 479C). A subsidiary company or LLP will be able to claim audit exemption if it fulfils all of the following conditions: a) its parent undertaking is established under the law of an EEA (European Economic Area) state b) all members must agree to the exemption in respect of the financial year in question c) the parent must give a statutory guarantee under section 479C of all the outstanding liabilities to which the subsidiary is subject at the end of the financial year d) the company or LLP must be included in the consolidated accounts drawn up by the parent undertaking, which must be prepared in accordance with the Seventh Company Law Directive or International Accounting Standards specifically drafted 6
7 e) the use of the exemption by the subsidiary under Companies Act 2006 must be disclosed in the notes to the consolidated accounts drawn up by the parent f) the following documents must be filed by the directors or designated members of the subsidiary at Companies House on or before the date that they file the subsidiary s accounts: i) written notice of the agreement in (b) ii) a statement under section 479C by the parent that it guarantees the subsidiary s liabilities iii) a copy of the consolidated report and accounts referred to in (d) and the auditor s report on those accounts g) the company is not quoted within s385(2) of the Companies Act ( the act ) at any time in the year h) it is not an authorised insurance company, a banking company or LLP, an e-money issuer, a MiFID investment firm or a UCITS management company, or carries on insurance market activity i) it is not a trade union or an employer s association. The statement of guarantee of a subsidiary s liabilities given by its parent under section 479C of the act that is delivered to Companies House needs to specify: the name of the parent undertaking the registered number of the parent undertaking if incorporated in the UK for a parent undertaking outside the UK, the identity of the register and the number with which it is registered the name and registered number of the subsidiary whose liabilities are guaranteed the date of the statement the financial year to which the guarantee relates. The statement must be authenticated by the parent and will have the effect of binding the parent undertaking to guarantee all the liabilities of the subsidiary that are outstanding at the end of the financial year, until they have been satisfied in full. Any person to whom the subsidiary is liable at the end of the financial year will be able to enforce the guarantee 7
8 against the parent undertaking. A creditor who has obtained a judgement against the parent guarantor in the courts of England and Wales, Scotland or Northern Ireland will generally be able to enforce that judgement in another EEA jurisdiction without issuing separate proceedings there. The effect of this new exemption will be that of allowing qualifying subsidiaries to claim audit exemption even if they are not small companies in their own right or are part of groups that are ineligible or not small. A public company or a member of a group that includes a banking company may still be eligible to claim audit exemption if they meet the new requirements for qualifying subsidiaries. 7 DORMANT COMPANIES AND LLPs A dormant company or LLP may be able to claim exemption from audit under section 480 of Companies Act 2006 if: it has been dormant since its formation it has been dormant since the end of the previous financial year and the conditions below are met. The conditions are that the company or LLP: as regards its individual accounts for the financial year in question: a) is entitled to prepare accounts in accordance with the small companies or LLPs regime, or b) would be so entitled but for having been a member of an ineligible group, and c) is not required to prepare group accounts for that year. Some dormant companies or LLPs will not be able to claim exemption from audit if at any time during the financial year in question they were: an authorised insurance company, a banking company or banking LLP, an e-money issuer, a MiFID investment firm or a UCITS management company carried on insurance market activity. 8
9 A company or LLP is not subject to the limitations and conditions in terms of audit exemption under section 479 of the act if throughout a financial year it was a dormant subsidiary undertaking. A dormant company or LLP is defined by section 1169 of Companies Act as one that does not have any significant accounting transactions, ie one that needs to be entered into its accounting records. The issue of shares in the company by a subscriber in connection with the formation of the company or the payment of some fees or penalty to the registrar are not considered. ACCA LEGAL NOTICE This technical factsheet is for guidance purposes only. It is not a substitute for obtaining specific legal advice. While every care has been taken with the preparation of the technical factsheet, neither ACCA nor its employees accept any responsibility for any loss occasioned by reliance on the contents. 9
4.01 LIMITED COMPANY ACCOUNTANT S REPORT. 1 Your responsibilities as directors
4.01 LIMITED COMPANY ACCOUNTANT S REPORT The purpose of this schedule the Stard Terms of Business is to set out the basis on which we are to act as accountants advisors with regard to the production of
More informationUK COMPANY ACCOUNTS The New Reporting Regime FACTSHEET 02 SIZE REALLY DOES MATTER
UK COMPANY ACCOUNTS The New Reporting Regime FACTSHEET 02 SIZE REALLY DOES MATTER Contents Introduction... 2 Scope... 2 Effective date... 2 What the changes mean... 3 Eligibility criteria... 4 More on
More informationFRS 100 Application of Financial Reporting Requirements
Standard Accounting and Reporting Financial Reporting Council March 2018 FRS 100 Application of Financial Reporting Requirements The FRC's mission is to promote transparency and integrity in business.
More informationTechnical factsheet: Charitable incorporated organisations
Technical factsheet: Charitable incorporated organisations Contents Page Introduction 2 Reporting requirements 3 Advantages and disadvantages 5 Converting to the CIO structure 6 Appendix: checklist 10
More informationInvestments Publication Date: March 2018 INVESTMENTS. 1. Legislation Regulations Guidance... 13
INVESTMENTS Contents 1. Legislation... 2 2. Regulations... 6 3. Guidance... 13 3.1 Investment policy... 13 3.2 Accounting for Investments... 14 3.3 Assessing Investments... 14 Version History Version Date
More informationDelegations will find attached a Presidency compromise on the above Commission proposal, following the meeting of 13 November.
COUNCIL OF THE EUROPEAN UNION Brussels, 18 November 2009 Interinstitutional File: 2009/0132 (COD) 15911/09 EF 168 ECOFIN 789 DRS 68 CODEC 1303 NOTE from: to: Subject: Presidency Delegations Proposal for
More informationAdditional Practising Regulations for the United Kingdom, Jersey, Guernsey and Dependencies and the Isle of Man
Additional Practising Regulations for the United Kingdom, Jersey, Guernsey and Dependencies and the Isle of Man Annex 1 to The Chartered Certified Accountants Global Practising Regulations 2003 1. Application
More informationClients Classification Policy
Clients Classification Policy Contents Introduction... 1 Section 1. Retail Clients... 1 Section 2. Professional Clients... 1 A. Per se professional clients:... 2 B. Elective professional clients... 4 B1.
More informationFRED 48: The Financial Reporting Standard applicable in the UK and Republic of Ireland - ROI legal references
FRED 48: The Financial Reporting Standard applicable in the UK and Republic of Ireland - ROI legal references Introduction to table of Republic of Ireland legal references This table shows the provisions
More informationPART 2 CUSTOMER DUE DILIGENCE
Meaning of customer due diligence measures 5. Customer due diligence measures means PART 2 CUSTOMER DUE DILIGENCE identifying the customer and verifying the customer s identity on the basis of documents,
More information2005 No COMPANIES. The Companies Act 1985 (Operating and Financial Review and Directors Report etc.) Regulations 2005
STATUTORY INSTRUMENTS 2005 No. 1011 COMPANIES The Companies Act 1985 (Operating and Financial Review and Directors Report etc.) Regulations 2005 Made - - - - 21st March 2005 Coming into force - - 22nd
More informationCBOE EUROPE RECOGNISED INVESTMENT EXCHANGE RULE BOOK
CBOE EUROPE RECOGNISED INVESTMENT EXCHANGE RULE BOOK 2 January 2018 VERSION 12 2 Contents 1. Definitions and Interpretations... 4 2. Participation... 12 3. Direct Electronic Access... 14 4. Cboe LIS...
More informationLife of a company part 2 event driven filings
Life of a company part 2 event driven filings GP3 February 2014 Companies Act 2006 This guidance is available in alternative formats which include Braille, large print and audio tape. For further details
More informationCOMMISSION DELEGATED REGULATION (EU) No /.. of
EUROPEAN COMMISSION Brussels, 17.12.2014 C(2014) 9656 final COMMISSION DELEGATED REGULATION (EU) No /.. of 17.12.2014 supplementing Directive 2004/109/EC of the European Parliament and of the Council with
More informationClient Assets. Chapter 5. Client money: insurance mediation activity
Client Assets Chapter Client money: insurance .1 Application.1.1 (1) CASS.1 to CASS.6 apply, subject to (2), (3) and CASS.1.3 to CASS.1.6, to a firm that receives or holds money in the course of or in
More informationThe Board of the Pension Protection Fund
The Board of the Pension Protection Fund Determination under Section 175(5) of the Pensions Act 2004 in respect of the financial year 1 April 2019 31 March 2020 Date of publication: 12 December 2018 Pension
More informationStatement of Recommended Practice. Accounting by Limited Liability Partnerships
Statement of Recommended Practice Accounting by Limited Liability Partnerships Effective for periods commencing on or after 1 January 2019. Early adoption is permitted for accounting periods beginning
More informationStatement of Insolvency Practice 6 England and Wales
Statement of Insolvency Practice 6 England and Wales DEEMED CONSENT AND DECISION PROCEDURES IN INSOLVENCY PROCEEDINGS INTRODUCTION 1. Insolvency practitioners play a key role in ensuring that persons entitled
More informationThe Board of the Pension Protection Fund. Provisional Determination in respect of the financial year 1 April March 2018
The Board of the Pension Protection Fund Provisional Determination in respect of the financial year 1 April 2017 31 March 2018 Date of publication: 15 December 2016 IMPORTANT NOTE: This document is an
More informationThis consolidation has been compiled by TISA. The association can accept no liability for the accuracy thereof.
Consolidated Child Trust Funds Act 2004 2004 CHAPTER 6 as amended by Finance Act 2007 (c.11) and The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (SI 2009 No.56) and The Immigration
More informationRule change consultation
Rule change consultation October 2012 2 Contents Foreword Page 3 Background Page 4 The consultation process Page 5 Chapter 1: Changes to NEST rules in response to proposed changes to the NEST order Page
More information[No. 38.] Companies Act [2014.]
PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT CHAPTER 1 Preliminary 272. What this Part contains and use of prefixes Companies Act and IFRS 273. Overall limitation on discretions with respect to
More informationFeedback Statement on CP Consultation on Second Edition of the Central Bank Investment Firms Regulations including changes related to MiFID II
Feedback Statement on CP 111 - Consultation on Second Edition of the Central Bank Investment Firms Regulations including changes 2017 1 Feedback statement on CP 111 Consultation on second edition of the
More informationThe accounts and audit rules applicable to Jersey companies
GUIDE The accounts and audit rules applicable to Jersey companies Last reviewed: January 2017 Contents Introduction 2 Requirement to prepare accounts 2 Entitlement to copies of accounts 2 Time limits for
More informationClient Assets. Chapter 5. Client money: insurance mediation activity
Client Assets Chapter Client money: insurance CASS : Client money: insurance Section.1 : Application.1 Application.1.1 (1) CASS.1 to CASS.6 apply, subject to (2), (3) and CASS.1.3 to CASS.1.6, to a firm
More informationAnnex A Application of the standstill direction to amendments made in Statutory Instruments and Exit Instruments amending technical standards
Annex A Application of the standstill direction to amendments made in Statutory Instruments and Exit Instruments amending technical standards In this Annex, terms in bold take the meaning as stipulated
More informationEstablishing a business presence in the UK. lewissilkin.com
Establishing a business presence in the UK lewissilkin.com Contents 1. Establishing a UK branch or other place of business 1 2. Establishing a UK subsidiary 3 3. Establishing a UK limited liability partnership
More informationBrussels, 18 March 2010 COUNCIL OF THE EUROPEAN UNION 7614/10. Interinstitutional File: 2009/0009 (CNS) FISC 26
COUNCIL OF THE EUROPEAN UNION Brussels, 18 March 2010 Interinstitutional File: 2009/0009 (CNS) 7614/10 FISC 26 OUTCOME OF PROCEEDINGS of: ECOFIN Council on: 16 March 2010 No. Cion prop.: 5985/09 FISC 13
More informationAPPENDIX 1 PRA 2015/92
Powers exercised PRA RULEBOOK: FINANCIAL CONGLOMERATES INSTRUMENT 2015 A. The Prudential Regulation Authority ( PRA ) makes this instrument in the exercise of the following powers and related provisions
More informationFRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
Standard Accounting and Reporting Financial Reporting Council March 2018 FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime The FRC's mission is to promote transparency and
More informationRTS 28: Draft regulatory technical standards on criteria for establishing when an activity is to be considered to be ancillary to the main business
CHAPTER 7: COMMODITY DERIVATIVES RTS 28: Draft regulatory technical standards on criteria for establishing when an activity is to be considered to be ancillary to the main business COMMISSION DELEGATED
More informationTERMS AND CONDITIONS OF THE BONDS
TERMS AND CONDITIONS OF THE BONDS The following (excluding italicised paragraphs) are the terms and conditions of the Bonds which will be endorsed on the Certificates relating to the Bonds: The issue of
More information(Legislative acts) DIRECTIVES
11.12.2010 Official Journal of the European Union L 327/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2010/73/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2010 amending Directives 2003/71/EC
More informationINFORMATION MEMORANDUM DATED October 17, 2013
INFORMATION MEMORANDUM DATED October 17, 2013 CANADIAN IMPERIAL BANK OF COMMERCE (a Canadian chartered bank) CAD 15,000,000,000 Global Covered Bond Programme unconditionally and irrevocably guaranteed
More informationCBM1. Draft terms of formation of Cross-Border Merger involving an Irish registered company
CBM1 Draft terms of formation of Cross-Border Merger involving an Irish registered company Regulation 8(1) of the European Communities (Cross- Border Mergers) Regulations 2008 Company number CRO receipt
More informationKey Legislative Reforms Companies Act
Key Legislative Reforms Companies Act ACRA-SAICSA SEMINAR: KEY LEGISLATIVE REFORMS TO THE COMPANIES ACT AND BUSINESS REGISTRATION ACT, AND KEY FEATURES OF THE ENHANCED BIZFILE SYSTEM Accounting and Corporate
More informationTRANSPARENCY OBLIGATIONS DIRECTIVE (DISCLOSURE AND TRANSPARENCY RULES) INSTRUMENT 2006
FSA 2006/70 TRANSPARENCY OBLIGATIONS DIRECTIVE (DISCLOSURE AND TRANSPARENCY RULES) INSTRUMENT 2006 Powers exercised A. The Financial Services Authority makes this instrument in the exercise of the following
More informationHightown Housing Association Limited 4 per cent. Bonds due 31 October 2027 (including Retained Bonds)
PROSPECTUS DATED 10 OCTOBER 2017 Hightown Hightown Housing Association Limited 4 per cent. Bonds due 31 October 2027 (including Retained Bonds) Issued by Retail Charity Bonds PLC secured on a loan to Hightown
More informationFINANCIAL SERVICES (BANKING REFORM) BILL
FINANCIAL SERVICES (BANKING REFORM) BILL EXPLANATORY NOTES INTRODUCTION 1. These Explanatory Notes relate to the Financial Services (Banking Reform) Bill as introduced in the House of Commons on 4 February
More informationLEGAL & GENERAL INVESTMENT FUNDS ICVC an umbrella Open-Ended Collective Investment Scheme comprising the following Fund:
1 THIS DOCUMENT IS IMPORTANT. IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER. PROSPECTUS Legal & General (Unit Trust Managers) Limited, the authorised
More informationHolding the BBC to account for delivering for audiences. Procedures for setting and amending the operating licence
Holding the BBC to account for delivering for audiences Procedures for setting and amending the operating licence Publication Date: 13 October 2017 1. Procedures and considerations for setting and amending
More informationContents FXORO MCA Intelifunds Ltd,
Contents Client Classification... 2 Retail clients... 2 Professional Clients... 2 Eligible counterparties (ECP)... 3 Opt-down... 4 Opt-up... 4 Changes to professional client / eligible counterparty categorisation...
More informationBUPA. BUPA Finance PLC (Incorporated in England and Wales with limited liability, registered number )
OFFERING CIRCULAR DATED 15 DECEMBER, 2004 BUPA BUPA Finance PLC (Incorporated in England and Wales with limited liability, registered number 2779134) 330,000,000 Callable Subordinated Perpetual Guaranteed
More informationQ&A for LGPS Members Freedom and Choice - Transfers from the LGPS to Defined Contribution Schemes
Q&A for LGPS Members Freedom and Choice - Transfers from the LGPS to Defined Contribution Schemes From 6 April 2015, the Government introduced greater flexibility ( Freedom and Choice ) in the way individuals,
More informationTHE RECLASSIFICATION OF LOCAL AUTHORITIES AS RETAIL INVESTORS WILL HAVE SERIOUS CONSEQUENCES FOR INVESTMENT IN INFRASTRUCTURE
FCA: MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE II IMPLEMENTATION CONSULTATION PAPER III: CONSULTATION RESPONSE BY THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION THE RECLASSIFICATION OF LOCAL AUTHORITIES
More informationMAIN SECURITIES MARKET LISTING RULES
MAIN SECURITIES MARKET LISTING RULES Release 3 3 July 2016 CONTENTS Chapter 1 Compliance with and Enforcement of the Listing Rules 1.1 Preliminary 1.2 Modifying Rules and Consulting with the ISE 1.3 Information
More informationITE GROUP PLC. (Incorporated and registered in England and Wales under number ) ( Company )
ITE GROUP PLC (Incorporated and registered in England and Wales under number 1927339) ( Company ) SCRIP DIVIDEND SCHEME - TERMS AND CONDITIONS The Scrip Dividend Scheme as approved by an ordinary resolution
More informationAIFM Directive Disclosure Document for Baker Steel Resources Trust Limited
AIFM Directive Disclosure Document for Baker Steel Resources Trust Limited Baker Steel Resources Trust Limited (the Company) is categorised as an externally managed non- EEA AIF for the purposes of Directive
More informationJune Implementation of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 for Credit Unions Frequently Asked Questions
June 2016 Implementation of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 for Credit Unions Frequently Asked Questions [Type text] 1 Contents Introduction... 3 Application of the
More informationCompanies Act 1985 amendments relating to the drawing up of accounts, directors reports and the Operating and Financial Review
Companies Act 1985 amendments relating to the drawing up of accounts, directors reports and the Operating and Financial Review This document sets out, in consolidated form, amendments to the Companies
More informationRules of the London Stock Exchange
Rules of the London Stock Exchange Draft Rule Book PROPOSED EFFECTIVE DATE 3 JANUARY 2018 Table of Contents Contents Introduction to the Rulebook and the Markets in Financial Instruments Directive Page
More information2015 The Law Society. All rights reserved.
HMT: Proposal on using Legislative Reform Order to change partnership legislation for private equity investments: consultation on draft legislation The Law Society's response October 2015 2015 The Law
More informationSaad Investments Finance Company (No. 3) Limited
Saad Investments Finance Company (No. 3) Limited (incorporated with limited liability in the Cayman Islands and having its corporate seat in the Cayman Islands) 70,000,000 Guaranteed Floating Rate Note
More informationA Guide to Preparing and Submitting Company Accounts to Companies House
A Guide to Preparing and Submitting Company Accounts to Companies House Business Information Factsheet BIF069 May 2016 Introduction All businesses must keep accounting records for tax purposes, and a business
More informationCAYMAN ISLANDS. Supplement No. 21 published with Extraordinary Gazette No. 53 of 17th July, MUTUAL FUNDS LAW.
CAYMAN ISLANDS Supplement No. 21 published with Extraordinary Gazette No. 53 of 17th July, 2015. MUTUAL FUNDS LAW (2015 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9
More informationCompanies (Accounts)
Companies (Accounts) 1999-29 COMPANIES (ACCOUNTS) ACT, 1999 Principal Act Act. No. 1999-29 Commencement 1.4.2000 Assent 28.10.1999 Amending enactments Relevant current provisions Commencement date Act.
More informationCROATIAN PARLIAMENT. Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION
CROATIAN PARLIAMENT 3173 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON THE TAKEOVER OF JOINT STOCK COMPANIES I hereby promulgate
More informationStatement of Policy The implementation of ring-fencing: the PRA s approach to ring-fencing transfer schemes. March 2016
Statement of Policy The implementation of ring-fencing: the PRA s approach to ring-fencing transfer schemes March 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation
More informationPayment Services and Electronic Money Our Approach
DRAFT FOR CONSULTATION Payment Services and Electronic Money Our Approach The FCA s role under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 DRAFT April 2017 1 DRAFT FOR
More informationTechnical factsheet Matters of material significance reportable to charity regulators
Technical factsheet Matters of material significance reportable to charity regulators Contents Page Introduction 2 Reportable matters 3 Reporting to the regulators 9 This factsheet has been produced in
More informationTowards a New Prospectus Regulation.
December 2016 Towards a New Prospectus Regulation. Key features for Debt Capital Markets. Political agreement has been reached on a new prospectus regime, which will take the form of a regulation and have
More informationPZ CUSSONS PLC. (incorporated in England and Wales under company number 19457) Notice of the 2017 Annual General Meeting
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker,
More informationALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD)
ALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD) CURRENT CHALLENGES DECEMBER 2014 1 AIFMD CURRENT CHALLENGES The AIFMD goes back to April 2009 when the European Commission proposed a Directive
More information19/05/2015. The new EU Accounting Directive what UK companies need to know now. The new EU Accounting Directive what UK companies need to know now
The new EU Accounting Directive what UK companies need to know now 19 May 2015 Download the slides to accompany the webinar /FRFwebinars The new EU Accounting Directive what UK companies need to know now
More informationAgency Application Form Apple Underwriting
Agency Application Form Apple Underwriting Apple Underwriting 2 6 Bridge Street, Shotton, Deeside, Flintshire. CH5 1TW. Email : Scott.Woodward@AppleUnderwriting.co.uk Tel : 01244 817077 Or Email : Tasha.Williams@DeesideInsurance.co.uk
More information(Non-legislative acts) REGULATIONS
9.6.2012 Official Journal of the European Union L 150/1 II (Non-legislative acts) REGULATIONS COMMISSION DELEGATED REGULATION (EU) No 486/2012 of 30 March 2012 amending Regulation (EC) No 809/2004 as regards
More informationEuropean Regulatory Snapshot: The Amended Transparency Directive
CLIENT MEMORANDUM European Regulatory Snapshot: The Amended Transparency Directive October 24, 2013 Introduction On October 17, 2013, the Council of the EU adopted the proposal for a directive to amend
More informationA CREDITORS GUIDE TO LIQUIDATORS FEES ENGLAND AND WALES
A CREDITORS GUIDE TO LIQUIDATORS FEES ENGLAND AND WALES 1. Introduction 1.1. When a company goes into liquidation the costs of the proceedings are paid out of its assets. The creditors, who hope to recover
More informationConsultation Paper CP39/15 The PRA s approach to identifying other systemically important institutions (O-SIIs)
Consultation Paper CP39/15 The PRA s approach to identifying other systemically important institutions (O-SIIs) October 2015 Consultation Paper CP39/15 The PRA s approach to identifying other systemically
More informationCommercial & Political Risks Policy
1. INTRODUCTION AND GENERAL CONDITIONS (1.1) Contract of Insurance We, CIFS Limited ("CIFS"), agree on behalf of the Insurers listed on the Schedule to insure You (the Insured as named in the Schedule)
More information261. Interests that are not disclosable interests for the purposes of this Chapter.
261. Interests that are not disclosable interests for the purposes of this Chapter. 262. Duty to notify disclosable interests first of the 5 cases in which duty arises interests held at commencement of
More information2004 No. INSOLVENCY. The Credit Institutions (Reorganisation and Winding up) Regulations 2004
STATUTORY INSTRUMENTS 2004 No. INSOLVENCY COMPANIES The Credit Institutions (Reorganisation and Winding up) Regulations 2004 Made - - - - 2004 Laid before Parliament 2004 Coming into force - - 5th May
More informationEmployment Allowance: technical consultation on excluding employers of illegal workers
Employment Allowance: technical consultation on excluding employers of illegal workers Consultation document Publication date: 8 November 2016 Closing date for comments: 3 January 2017 Subject of this
More informationSchroder UK Property Fund Feeder Trust
For professional investors only. Not suitable for retail clients. Schroder UK Property Fund Feeder Trust Schroder Unit Trusts Limited. 31 Gresham Street, London EC2V 7QA. Registered No. 04191730 England.
More informationSupporting your international development
Supporting your international development Technology & media PRECISE. PROVEN. PERFORMANCE. Supporting your international development Even in difficult economic circumstances throughout Europe, the technology
More informationL 145/30 Official Journal of the European Union
L 145/30 Official Journal of the European Union 31.5.2011 REGULATION (EU) No 513/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating
More informationCorporate Governance Requirements for Investment Firms and Market Operators 2018
Corporate Governance Requirements for Investment Firms and Market Operators 2018 Corporate Governance Requirements for Investment Firms and Market Operators Central Bank of Ireland Page 2 Contents Introduction...
More informationPROSPECTUS SUPPLEMENT NO. 3 TO THE BASE PROSPECTUS DATED 12 FEBRUARY 2013 FOR THE GUARANTEED SENIOR SECURED NOTES PROGRAMME " GOLDMAN SACHS INTERNATIONAL (Incorporated with unlimited liability in England)
More informationPractical issues around articles of association relating to dividend distributions. 1 Executive summary
1 Executive summary There has been significant focus on payment methods for dividends in recent years in terms of efficiency, cost and security. A large number of companies and businesses have taken measures
More informationUganda Online Law Library
THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY ACT, 2011 Section 1. Interpretation ARRANGEMENT OF SECTIONS PART I PRELIMINARY PART II ESTABLISHMENT AND MODE OF OPERATION OF THE UGANDA RETIREMENT BENEFITS
More informationSwedbank Central Asia Equity Fund
Swedbank Central Asia Equity Fund Established on 12.04.2006 RULES (Effective as of 01.05.2012) TRANSLATION FROM ESTONIAN In case of any discrepancies, between this translation and original Estonian version,
More informationEU legislative proposals affecting the cross-border distribution of investment funds
EU legislative proposals affecting the cross-border distribution of investment funds On 12 March 2018, the European Commission published two new legislative proposals which will amend the existing legal
More informationA CREDITORS GUIDE TO LIQUIDATORS REMUNERATION SCOTLAND
A CREDITORS GUIDE TO LIQUIDATORS REMUNERATION SCOTLAND 1. Introduction 1.1 When a company goes into liquidation the costs of the proceedings are paid out of its assets in priority to creditors claims.
More informationCANDOVER INVESTMENTS PLC (Incorporated and registered in England with limited liability under registration number )
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or the action you should take, you should immediately seek your own professional
More informationINCORPORATION OF COMPANIES
INCORPORATION OF COMPANIES For a company to be incorporated under the Companies Act (1963) it must prepare and file with the Registrar of Companies the following (Section 5): a. Memorandum of Association
More informationSTATUTORY INSTRUMENTS. S.I. No. 60 of 2017 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) (INVESTMENT FIRMS) REGULATIONS 2017
STATUTORY INSTRUMENTS. S.I. No. 60 of 2017 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) (INVESTMENT FIRMS) REGULATIONS 2017 2 [60] S.I. No. 60 of 2017 CENTRAL BANK (SUPERVISION AND
More informationThe data protection fee
The General Data Protection Regulation The data protection fee A guide for controllers Contents 1. Introduction 2. Overview of the 2018 Regulations 3. How much is the data protection fee? 4. Working out
More informationEMIR the road ahead is clearing an update
Thursday, 7 January 2016 EMIR the road ahead is clearing an update First phase interest rate derivatives After months of internal wrangling between the European Commission and ESMA over the details on
More information1 A description of the investment strategy and objectives of the AIF
Alternative Investment Fund Managers Directive - Pre-investment Disclosure Document Premier Global Infrastructure Trust PLC (the "Company") Dated: 2 November 2017 Article 23(1) and (2) of the Directive
More informationBURSA MALAYSIA SECURITIES BERHAD
BURSA MALAYSIA SECURITIES BERHAD PRACTICE NOTE 17 CRITERIA AND OBLIGATIONS OF PN17 ISSUERS Details Cross References Effective date: 3 January 2005 Paragraphs 8.03A, 8.04, 16.02 and 16.11 Revision date:
More informationDisclosure Guidance and Transparency Rules sourcebook. Chapter 5. Vote Holder and Issuer Notification Rules
Disclosure Guidance and Transparency ules sourcebook Chapter Vote Holder and Issuer DT : Vote Holder and Issuer Section.1 : Notification of the acquisition.1 Notification of the acquisition or disposal
More informationIMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER. PROSPECTUS
R186\002\EH7139723.1 IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER. PROSPECTUS OF MI BESPOKE FUNDS ICVC (An open-ended investment
More informationTerritorial Scope of Reporting, Clearing and Trading
Regulatory reforms charting a new course Territorial Scope of Reporting, Clearing and Trading Chris Bates May 2014 EMIR and MiFID2/MiFIR: timeline 15 March 2013 Confirmations Daily valuation NFC+ reporting
More informationSTATUTORY INSTRUMENTS. S.I. No. 604 of 2017 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) (INVESTMENT FIRMS) REGULATIONS 2017
STATUTORY INSTRUMENTS. S.I. No. 604 of 2017 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) (INVESTMENT FIRMS) REGULATIONS 2017 2 [604] S.I. No. 604 of 2017 CENTRAL BANK (SUPERVISION
More informationDisclosure of Commitment to the Japan Stewardship Code
Disclosure of Commitment to the March 2015 Introduction At Sarasin & Partners we believe that stewardship plays an important role in the management of our clients assets. This means that we are long term
More informationDisclosure of Tax Avoidance Schemes (DOTAS) Regime and the Annual Tax on Enveloped Dwellings (ATED)
Disclosure of Tax Avoidance Schemes (DOTAS) Regime and the Annual Tax on Enveloped Dwellings (ATED) Draft regulations and Taxes Information and Impact Note 15 July 2013 1 Contents 1 Introduction 3 2 Draft
More informationEMIR 1.5. July (Regulation EU 648/2012) 2 See the Regulatory Technical Standards and the Annexes published on 4 th October 2016
EMIR 1.5 July 2017 Just as the dust had settled on implementation of the EMIR 1 margin requirements 2, the European Commission recently published a proposal for a new regulation with the aim of simplifying
More informationMable Commercial Funding Limited In Administration
www.pwc.co.uk 21 October 2014 Mable Commercial Funding Limited In Administration Joint Administrators progress report for the period 23 March 2014 to 22 September 2014 Contents Section 1 Purpose of the
More informationStatement of Policy The PRA s approach to identifying other systemically important institutions (O-SIIs) February 2016
Statement of Policy The PRA s approach to identifying other systemically important institutions (O-SIIs) February 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation
More informationTHE GENERAL OPTICAL COUNCIL (REGISTRATION APPEALS) RULES 2005
THE GENERAL OPTICAL COUNCIL (REGISTRATION APPEALS) RULES 2005 The General Optical Council, in exercise of their powers under sections 10, 23C, 23D(7), 23E(8) and 31A of the Opticians Act 1989, after consultation
More information