Company Law Forum - Explaining Companies Act 2006 - Companies Act 2006

Companies Act 2006 - recently published statutory instruments

Written by Stephen Barc

Monday, 03 March 2008

6 April 2008 commencement

In connection with the commencement of most of the provisions of Part 15 (accounts: CA 2006, ss 380–474) and Part 16 (audit: CA 2006, ss 475–539) on 6 April 2008, a number of statutory instruments have been made, as follows (# indicates that the SI (or part of the SI, where shown) applies to companies financial years’ beginning on or after 6 April 2008, so that any provisions revoked or repealed continue to apply for earlier financial years):

Companies (Revision of Defective Accounts and Reports) Regulations 2008 (SI 2008 No 373)#, which set out how the provisions of the CA 2006 are to apply to revised annual accounts, directors’ reports, directors’ remuneration reports and summary financial statements (SFSs) prepared under CA 2006, s 454;

Companies (Summary Financial Statement) Regulations 2008 (SI 2008 No 374)#, which regulate SFSs;

Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (SI 2008 No 393)#, which implement in part Directive 2006/46/EC;

Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008 No 409)#, which specify the form and content of the accounts and directors’ report of companies subject to the small companies regime under Part 15 of the CA 2006;

Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008 No 410)#, which specify the form and content of the accounts and reports of companies under Part 15 of the CA 2006, other than those subject to the small companies regime;

Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 (SI 2008 No 489; # applies in relation to auditor remuneration);

Statutory Auditors (Delegation of Functions etc.) Order 2008 (SI 2008 No 496)#, which transfers most of the functions of the Secretary of State under Part 42 of the CA 2006 (statutory auditors) to the Professional Oversight Board; and

Companies (Late Filing Penalties) and Limited Liability Partnerships (Filing Periods and Late Filing Penalties) Regulations 2008 (SI 2008 No 497), which determine the penalties which companies (and LLPs) must pay to the Registrar of Companies if they file their annual accounts and reports late (and which broadly increase late filing penalties from 1 February 2009, for all financial years).

1 October 2008 commencement

The Fifth Commencement Order brings further provisions of the CA 2006 into force on 1 October 2008; the Companies (Trading Disclosures) Regulations 2008 (SI 2008 No 495) have been made, which come into force on that date.