Standards & Guidance
Companies Act implementation explained
The UK government clarified which areas of the
Companies Act
will come into law first in a
written statement to parliament last month.
From 1 January provisions relating to increased facilities for electronic
communications between firms and Companies House took effect - these relate to
changes to the first company law directive.
From 20 January provisions relating to the transparency obligations directive
will take effect. The provisions are those relating to company communications
with shareholders and others, including facilitating electronic communications;
those relating to a public company's right to investigate who has an interest in
its shares and section 463 setting out a statutory basis of directors' liability
to the company in relation to the directors' report, which includes the business
review, and the directors' remuneration report.
All powers to make orders or regulations by statutory instrument also take
effect from 20 January.
Provisions relating to the implementation of the takeovers directive; the
extension of the community interest company regime to Northern Ireland and an
amendment of part of the Enterprise Act 2002 will take effect from 6 April. At
the same time certain provisions of the Companies Act 2005 will be repealed.
Consultation will begin in February on issues relating to secondary
legislation that will be required under the Act.
Links
Companies Act
Parliamentary Written Statement
January, 2007 |
