Statutory Instruments
2016 No. 136
Companies
The Companies Act 2006 (Amendment of Part 21A) Regulations 2016
Made
8th February 2016
Laid before Parliament
8th February 2016
Coming into force
5th April 2016
The Secretary of State, being a Minister designated( 1 ) for the purposes of section 2(2) of the European Communities Act 1972( 2 ) in relation to the creation, operation, regulation or dissolution of companies, makes the following Regulations in exercise of the powers conferred by section 2(2) of that Act.
Citation and commencement
1. —(1) These Regulations may be cited as the Companies Act 2006 (Amendment of Part 21A) Regulations 2016.
(2) These Regulations come into force on 5th April 2016.
Amendment of the Companies Act 2006
2. In section 790C of the Companies Act 2006( 3 ) (which explains some key terms in Part 21A of that Act and is inserted by paragraph 1 of Schedule 3 to the Small Business, Enterprise and Employment Act 2015( 4 ))—
(a) for subsection (4)(a) substitute—
“ (a) they are “non-registrable” if they do not hold any interest in the company except through one or more legal entities over each of which they have significant control and—
(i) as respects any shares or right in the company which they hold indirectly as described in paragraph 9(1)(b)(i) of Schedule 1A, the legal entity through which the shares or right are held is a relevant legal entity in relation to the company; and
(ii) as respects any shares or right in the company which they hold indirectly as described in paragraph 9(1)(b)(ii) of Schedule 1A, at least one of the legal entities in the chain is a relevant legal entity in relation to the company ” ;
(b) for subsection (8)(a) substitute—
“ (a) it is “non-registrable” if it does not hold any interest in the company except through one or more other legal entities over each of which it has significant control and—
(i) as respects any shares or right in the company which it holds indirectly as described in paragraph 9(1)(b)(i) of Schedule 1A, the legal entity through which the shares or right are held is also a relevant legal entity in relation to the company; and
(ii) as respects any shares or right in the company which it holds indirectly as described in paragraph 9(1)(b)(ii) of Schedule 1A, at least one of the legal entities in the chain is also a relevant legal entity in relation to the company; ” .
Baroness Neville-Rolfe
Parliamentary Under-Secretary of State and Minister for Intellectual Property
Department for Business, Innovation and Skills
8th February 2016
1972 c. 68 ; section 2(2) was amended by section 27(1) of the Legislative and Regulatory Reform Act 2006 (c. 51) and by Part 1 of the Schedule to the European Union (Amendment) Act 2008 (c. 7) . The enabling powers of section 2(2) were extended by virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c. 51) .