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

Publication Date:January 01, 2016
 
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2016No. 136

COMPANIES

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

8thFebruary2016

8thFebruary2016

5thApril2016

The Secretary of State, being a Minister designated( 1) for the purposes of section 2(2) of the European Communities Act 1972( 2) in 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.

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.

Amendment of the Companies Act 2006

2. In section 790C of the Companies Act 2006( 3) (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 2015( 4))—

(a) for subsection (4)(a) substitute—

‘(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) 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;’.

8th February 2016

Baroness Neville-Rolfe

Parliamentary Under-Secretary of State and Minister for Intellectual Property

Department for Business, Innovation and Skills

EXPLANATORY NOTE

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