The Companies Act 2006 (Amendment of Part 21A) Regulations 2016

JurisdictionUK Non-devolved
CitationSI 2016/136
Year2016

2016 No. 136

Companies

The Companies Act 2006 (Amendment of Part 21A) Regulations 2016

Made 8th February 2016

Laid before Parliament 8th February 2016

Coming into force 5th April 2016

The Secretary of State, being a Minister designated1for the purposes of section 2(2) of the European Communities Act 19722in relation to the creation, operation, regulation or dissolution of companies, makes the following Regulations in exercise of the powers conferred by section 2(2) of that Act.

S-1 Citation and commencement

Citation and commencement

1.—(1) These Regulations may be cited as the Companies Act 2006 (Amendment of Part 21A) Regulations 2016.

(2) These Regulations come into force on 5th April 2016.

S-2 Amendment of the Companies Act 2006

Amendment of the Companies Act 2006

2. In section 790C of the Companies Act 20063(which explains some key terms in Part 21A of that Act and is inserted by paragraph 1 of Schedule 3 to the Small Business, Enterprise and Employment Act 20154)—

(a) for subsection (4)(a) substitute—

“(a)

“(a) they are “non-registrable” if they do not hold any interest in the company except through one or more legal entities over each of which they have significant control and—

(i) as respects any shares or right in the company which they hold indirectly as described in paragraph 9(1)(b)(i) of Schedule 1A, the legal entity through which the shares or right are held is a relevant legal entity in relation to the company; and

(ii) as respects any shares or right in the company which they hold indirectly as described in paragraph 9(1)(b)(ii) of Schedule 1A, at least one of the legal entities in the chain is a relevant legal entity in relation to the company”;

(b) for subsection (8)(a) substitute—

“(a)

“(a) it is “non-registrable” if it does not hold any interest in the company except through one or more other legal entities over each of which it has significant control and—

(i) as respects any shares or right in the company which it holds indirectly as described in paragraph 9(1)(b)(i) of Schedule 1A, the legal entity through which the shares or right are held is also a relevant legal entity in relation to the company; and

(ii) as respects any shares or right in the company which it holds indirectly as described in paragraph 9(1)(b)(ii) of Schedule 1A, at least one of the legal entities in the chain is also a relevant legal entity in relation to the company;”.

Baroness Neville-Rolfe

Parliamentary...

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