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COMPANIES ACT 2006: IMPLEMENTATION |
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The text of the Companies Act 2006, explanatory notes and tables of destinations and origins are freely available to download at: http://www.opsi.gov.uk/acts/acts2006a.htm. To see when specific sections of the Act will or have come into force, check the implementation timetable on the FL Memo Ltd newsletter homepage (follow the link to “Companies Act 2006 implementation timetable”). The implementation timetable is up to date to the final version of the Eighth Commencement Order. |
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Finalised regulations published See CLM ¶259, ¶526, ¶585, ¶915, ¶1087, ¶1166, ¶1222, ¶1318, ¶1326, ¶1378, ¶1394, ¶1405, ¶3907, ¶3920, ¶3982 A final version of the Companies (Trading Disclosures) (Amendment) Regulations has been published (SI 2009/218). It sets out the same trading disclosures requirements as the previous draft (see CLM 2008 Newsletter Issue 3) and will come into force on 1 October 2009. The Companies (Shares and Share Capital) Order 2009 has also been published (SI 2009/388). It sets out the information that will have to be provided to Companies House when the company’s share capital changes: » the statement of capital that will have to be filed for various changes to a company’s share capital; » the return of allotment; and » the directors’ statement that will be needed on a redemption or purchase of a private company’s own shares out of capital; The requirements are the same as those set out in the draft Companies (Shares, Share Capital and Authorised Minimum) Regulations 2008 (see CLM 2007 Newsletter Issue 3 and CLM 2008 Newsletter Issue 3), and supersede the parts of these draft regulations dealing with these topics. The Order will come into force on 1 October 2009. Lastly, a final version of the Companies (Disclosure of Address) Regulations 2009 (SI 2009/214) has been published. It provides for the protection of the residential addresses of directors, shareholders and others. No changes have been made since the previous draft; see CLM 2008 Newsletter Issue 3 for further details. The regulations will also come into force on 1 October 2009. New draft regulations published See CLM ¶740, ¶952, ¶1351, ¶1383, ¶1387, ¶1435, ¶1487 The draft Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 have been published for comment. They will make amendments to CA 2006 provisions by: » removing the restriction that a company can only hold up to 10% of its issued share capital, or up to 10% of any class of shares, as treasury shares (reg 5); » reducing the minimum period for which a pre-emptive offer must be open for acceptance from 21 days to 14 days (reg 2); » requiring creditors who object to a reduction of capital to demonstrate that their claim is at risk (the equivalent requirement already exists under CA 1985) (reg 3); and » extending the life of the shareholders’ authority for a public company to carry out an own share purchase from 18 months to 5 years (reg 4). BERR is inviting comments on the draft regulations by 17 April 2009. The finalised regulations are expected to come into force on 1 October 2009. Extending the Takeover Panel’s powers to the Isle of Man See CLM ¶6755 The provisions of CA 2006 giving the Takeover Panel power to regulate takeovers (see ¶6729+) have been extended to the Isle of Man as of 1 March 2009 (SI 2008/3122,SI 2009/202). |
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- the latest regulations issued under the Companies Act 2006 - not-for-profit organisations - small and medium-sized entities - financial instruments - environmental accounting - the UK GAAP / IFRS conversion process. |
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