Source: http://www.legislation.gov.uk/uksi/2009/1581/made
Timestamp: 2013-05-21 02:37:54
Document Index: 256809550

Matched Legal Cases: ['ART 1', 'ART 2', 'art 15', 'art 16', 'art 15', 'art 16', 'ART 3', 'art 2', 'art 3', 'art 15']

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Status:This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.Statutory Instruments2009 No. 1581CompaniesThe Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009Made26th June 2009Coming into force in accordance with regulation 1(2) The Secretary of State is a Minister designated for the purposes of section 2(2) of the European Communities Act 1972(1) in relation to auditors and the audit of accounts(2).
PART 1INTRODUCTIONCitation, commencement and application1.—(1) These Regulations may be cited as the Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009.
PART 2CORPORATE GOVERNANCE STATEMENTSApproval and signing of separate corporate governance statement2. After section 419 of the Companies Act 2006 (approval and signing of directors’ report) insert—
“Approval and signing of separate corporate governance statement419A. Any separate corporate governance statement must be approved by the board of directors and signed on behalf of the board by a director or the secretary of the company.”.
Filing obligations of unquoted companies3.—(1) Section 446 of the Companies Act 2006 (filing obligations of unquoted companies) is amended as follows.
(4) After subsection (3A) (inserted by way of transitional adaptation by paragraph 8(2) of Schedule 1 to the Companies Act 2006 (Commencement No.5, Transitional Provisions and Savings) Order 2007(4)), insert—
Filing obligations of quoted companies4.—(1) Section 447 of the Companies Act 2006 (filing obligations of quoted companies) is amended as follows.
Part 15 definition of “corporate governance statement”5. After section 472 of the Companies Act 2006 insert—
“Meaning of “corporate governance statement” etc472A.—(1) In this Part “corporate governance statement” means the statement required by rules 7.2.1 to 7.2.11 in the Disclosure Rules and Transparency Rules sourcebook issued by the Financial Services Authority.
Auditor’s report on separate corporate governance statement6. After section 497 of the Companies Act 2006 (auditor’s report on auditable part of directors’ remuneration report) insert—
Auditor’s duties in relation to separate corporate governance statement7. After section 498 of the Companies Act 2006 (duties of auditor) insert—
“Auditor’s duties in relation to separate corporate governance statement498A. Where the company is required to prepare a corporate governance statement in respect of a financial year and no such statement is included in the directors’ report—
Part 16 definition of “corporate governance statement”8. Before section 539 of the Companies Act 2006 insert—
“Meaning of “corporate governance statement” etc538A.—(1) In this Part “corporate governance statement” means the statement required by rules 7.2.1 to 7.2.11 in the Disclosure Rules and Transparency Rules sourcebook issued by the Financial Services Authority.
Index of defined expressions9. In Schedule 8 to the Companies Act 2006 (index of defined expressions), at the appropriate place insert—
“corporate governance statement and separate corporate governance statement— in Part 15
— in Part 16
section 538A”.
PART 3ACCOUNTS AMENDMENTSAmendment of section 444A10. In section 444A of the Companies Act 2006 (filing obligations of companies entitled to small companies exemption in relation to directors’ report)(5), for subsection (4) substitute—
Amendment of Small Companies Accounts Regulations11.—(1) The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008(6) are amended as follows.
Amendment of Large and Medium-sized Companies Accounts Regulations12.—(1) The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008(7) are amended as follows.
“(b)the transfer value, calculated in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations 1996(8), of the person’s accrued benefits under the scheme at the end of the relevant financial year;”.
Rosie WintertonMinister of StateDepartment for Business, Innovation and Skills26th June 2009EXPLANATORY NOTE(This note is not part of the Regulations)
Annex C of the Disclosure Rules and Transparency Rules Sourcebook (Corporate Governance Rules) Instrument 2008 made by the Financial Services Authority on 26th June 2008 (FSA 2008/32) requires certain publicly traded companies to prepare a corporate governance statement in implementation of articles 1.7 and 2.2 of Directive 2006/46.
Part 2 of the Regulations implements the Directive’s requirements that where the corporate governance statement is a separate statement and not part of the directors’ report, it must be filed with the registrar of companies and the auditor must give an opinion as to whether the information required to be shown in the statement as to internal control and risk management systems in relation to the financial reporting process and certain disclosures required by the Takeovers Directive (Directive 2004/25/EEC) is consistent with the annual accounts for the year in question. For the remaining information in the corporate governance statement, the auditor must check that the statement has been produced.
Part 3 of the Regulations amends Part 15 of the Companies Act 2006 (accounts and reports) and regulations made under that Part.
Regulation 10 amends section 444A of the Companies Act 2006 by revoking a provision requiring signature of the auditor’s report that will become spent on 1st October 2009.
Regulation 11 amends regulation 12 of, and Schedule 7 to, the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (S.I. 2008/409) to specify provisions for the purposes of section 841(2)(a) of the Companies Act 2006 (treatment of provisions as realised losses). Regulation 12(1), (2) and (4) makes the corresponding amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410).
Regulation 12(3) updates a cross-reference in paragraph 13 of Schedule 8 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (quoted companies: directors’ remuneration report).
A transposition note has been prepared which sets out how Directive 2006/46 is transposed into UK law. An Impact Assessment of the effect that the implementation of Directive 2006/46 will have on the costs of business, charities or voluntary bodies has also been prepared. Both are available from the Department for Business, Enterprise and Regulatory Reform, Corporate Law and Governance Directorate, 1 Victoria Street, London SW1. They are also available electronically at www.berr.gov.uk. Copies have also been placed in the libraries of both Houses of Parliament. Otherwise, an Impact Assessment has not been produced for these Regulations as they have only a negligible impact on the costs of business, charities or voluntary bodies.
(2)S.I. 2007/1679.
(3)2006 c.46.
(4)S.I. 2007/3495 (C.150).
(5)Section 444A was inserted by regulation 6(7) of S.I. 2008/393.
(6)S.I. 2008/409.
(7)S.I. 2008/410.
(8)S.I. 1996/1847; regulations 7 to 7E were inserted by regulation 4 of S.I. 2008/1050.