The Reporting on Payment Practices and Performance Regulations 2017
| Jurisdiction | UK Non-devolved |
| Citation | SI 2017/395 |
(1) These Regulations may be cited as the Reporting on Payment Practices and Performance Regulations 2017.(2) These Regulations come into force on 6th April 2017.(3) These Regulations cease to have effect on 6th April 2024.In these Regulations— (1) For each reporting period, a qualifying company must publish a report containing the information set out in the Schedule.within the filing period, andon the web-based service provided for the purposes of these Regulations by or on behalf of the Secretary of State.A qualifying company’s information for a reporting period must be approved by a director of that company before it is published. (1) These Regulations apply to a company in relation to every financial year in which it is a qualifying company.its first financial year;a financial year which began before 6th April 2017.in its second financial year if on its last balance sheet date before that financial year it exceeded two or all three of the general thresholds;in a subsequent financial year if on both of the relevant balance sheet dates it exceeded two or all three of the general thresholds.it exceeded two or all three of the general thresholds, andthe group headed by it exceeded two or all three of the group thresholds;it exceeded two or all three of the general thresholds, andthe group headed by it exceeded two or all three of the group thresholds.“balance sheet date” means the date as at which the company’s balance sheet was made up;the “general thresholds” are the maximum figures for a company’s turnover, balance sheet total and number of employees set out in subsection (3) of section 465 of the 2006 Act (companies qualifying as medium-sized: general) , determined in accordance with subsections (4) to (6) of that section;“group” means a parent company and its subsidiary undertakings;the “group thresholds” are the maximum figures for a group’s turnover, balance sheet total and number of employees set out in subsection (4) of section 466 of the 2006 Act (companies qualifying as medium-sized: parent companies) , determined in accordance with subsections (5) to (7) of that section;“parent company” has the meaning given in section 1173 of the 2006 Act;the company’s last balance sheet date before the relevant financial year, andthe balance sheet date preceding that;“subsidiary undertaking” has the meaning given in section 1162 of, and Schedule 7 to, the 2006 Act.(6) Paragraph (7) applies if the 2006 Act is amended so that the general thresholds or group thresholds which apply to a financial year (“X”) differ from those which applied to either of the preceding two financial years.(7) For the purpose of determining whether a company is a qualifying company in financial year X, the company is to be treated as if the general thresholds or group thresholds which apply to financial year X had also applied to the two preceding financial years.(1) A qualifying contract is a relevant contract which satisfies the conditions in paragraphs (2) and (3) .(2) The first condition is that the relevant contract is not a contract for financial services, as defined in section 2 of the Small Business, Enterprise and Employment Act 2015.governed by the law of a part of the United Kingdom otherwise than by choice of the parties;has a significant connection with that part of the United Kingdom, orwithout that choice, its applicable law would still be the law of a part of the United Kingdom; orwithout that choice, its applicable law would be the law of a part of the United Kingdom, andhas no significant connection with any country outside the United Kingdom.(4) In this regulation “foreign law” means the law of a country outside the United Kingdom.the first reporting period is the six months beginning with the first day of that financial year;the second reporting period is the remainder of that financial year.(2) In the event that a qualifying company’s accounting reference period is shortened in accordance with section 392 (alteration of accounting reference date) of the 2006 Act so that a financial year lasts 9 months or less, the reporting period is that financial year.the first reporting period is the six months beginning with the first day of that financial year;the second reporting period is the six months beginning with the day after the last day of the first reporting period;the third reporting period is the remainder of that financial year.(4) In this regulation “accounting reference period” has the meaning given in section 391 of the 2006 Act.(1) If the requirements of regulation 3 are not met in relation to a reporting period, the qualifying company and every person who was a director of the qualifying company immediately before the end of the filing period commits an offence.(2) It is a defence for a director to prove that the director took all reasonable steps for securing that the requirements of regulation 3 would be complied with before the end of the filing period.in England and Wales, to a fine;in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.to publish or cause to be published, for the purposes of these Regulations, a report or any information, orto make, for any such purpose, a statement,in England and Wales, to a fine;in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.in England and Wales except by or with consent of the Secretary of State or the Director of Public Prosecutions;in Northern Ireland except by or with consent of the Secretary of State or the Director of Public Prosecutions for
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