| (1) | A company is not entitled to take advantage of any of the provisions of this Part relating to companies qualifying as medium–sized if it was at any time within the financial year in question— |
| (a) | a public company, |
| (b) | a company that— |
| (i) | has permission under [Part 4A] of the Financial Services and Markets Act 2000 (c 8) to carry on a regulated activity, or |
| (ii) | carries on insurance market activity, |
| [(ba) | an e–money issuer,] or |
| (c) | a member of an ineligible group. |
| (2) | A group is ineligible if any of its members is— |
| [(a) | a traded company,] |
| (b) | a body corporate (other than a company) whose shares are admitted to trading on a regulated market, |
| (c) | a person (other than a small company) who has permission under [Part 4A] of the Financial Services and Markets Act 2000 to carry on a regulated activity, |
| [(ca) | an e–money issuer,] |
| (d) | a small company that is an authorised insurance company, a banking company, . . . [a MiFID investment firm] or a UCITS management company, or |
| (e) | a person who carries on insurance market activity. |
| (3) | A company is a small company for the purposes of subsection (2) if it qualified as small in relation to its last financial year ending on or before the end of the financial year in question. |
| [(4) | This section does not prevent a company from taking advantage of section 417(7) (business review: non–financial information) by reason only of its having been a member of an ineligible group at any time within the financial year in question.] |
| NOTES |
| Derivation |
| Sub–s (1) derived from the Companies Act 1985, s 247A(1), (1A), (1B); sub–s (2) derived from the Companies Act 1985, s 247A(2); sub–s (3) derived from the Companies Act 1985, s 247A(2A). |
| Initial Commencement |
| To be appointed |
| To be appointed: see s 1300(2). |
| Appointment |
| Appointment: 6 April 2008: see SI 2007/3495, art 3(1)(d); for transitional provisions and savings see art 9, Sch 4, Pt 1, paras 6, 7 thereto. |
| Amendment |
| Sub–s (1): in para (b)(i) words “Part 4A” in square brackets substituted by the Financial Services Act 2012, s 114(1), Sch 18, Pt 2, paras 110, 113. |
| Date in force: 1 April 2013: see SI 2013/423, art 3, Schedule. |
| Sub–s (1): para (ba) inserted by SI 2013/2005, reg 2(1), (7)(a). |
| Date in force: this amendment has effect in relation to a financial year of a company beginning on or after 1 October 2013: see SI 2013/2005, reg 1(2). |
| Sub–s (2): para (a) substituted by SI 2015/980, reg 9(1), (4). |
| Date in force (for certain purposes): this amendment has effect in relation to a financial year of a company beginning on or after 1 January 2015, but before 1 January 2016, if the directors of the company so decide: for further effect see SI 2015/980, regs 2(2)(b), (3), 3. |
| Date in force (for remaining purposes): this amendment has effect in relation to financial years beginning on or after 1 January 2016: for further effect see SI 2015/980, regs 2(2)(a), (4), (5), 3. |
| Sub–s (2): in para (c) words “Part 4A” in square brackets substituted by the Financial Services Act 2012, s 114(1), Sch 18, Pt 2, paras 110, 113. |
| Date in force: 1 April 2013: see SI 2013/423, art 3, Schedule. |
| Sub–s (2): para (ca) inserted by SI 2013/2005, reg 2(1), (7)(b). |
| Date in force: this amendment has effect in relation to a financial year of a company beginning on or after 1 October 2013: see SI 2013/2005, reg 1(2). |
| Sub–s (2): in para (d) words omitted repealed by SI 2013/2005, reg 2(1), (7)(c). |
| Date in force: this repeal has effect in relation to a financial year of a company beginning on or after 1 October 2013: see SI 2013/2005, reg 1(2). |
| Sub–s (2): in para (d) words “a MiFID investment firm” in square brackets substituted by SI 2007/2932, reg 3(1), (3). |
| Date in force: 1 November 2007: see SI 2007/2932, reg 1(1). |
| Sub–s (4): inserted by SI 2008/393, reg 7. |
| Date in force: this amendment has effect in relation to financial years beginning on or after 6 April 2008: see SI 2008/393, reg 2(1), (2); for further effect see reg 2(3) thereof. |
| See Further |
| See further, in relation to the application of this section, with modifications, to limited liability partnership accounts for financial years beginning on or after 1 October 2008: the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911, regs 2(1), (2)(a), 26 (as amended by SI 2013/2005, reg 3(1), (3) and SI 2016/575, regs 3(1), 17(1), (4)). |
| References in this section to a public company are to be read as including an old public company: see SI 2009/1941, art 12, Sch 3, paras 1, 2(1)(a), (3) (as amended by SI 2011/1265, art 4(1), (3)(a)). |
| See further, in relation to the application of this section to unregistered companies: the Unregistered Companies Regulations 2009, SI 2009/2436, regs 3–5, 7, 9, Sch 1, para 10(1), Sch 2, paras 21(1), 22(a). |
| References in this section to a public company are to be read as including an old public company: see SI 2011/1265, art 5, Sch 1, paras 1, 2(1)(a), (3). |
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