# The Companies Act 1985 (Bank Accounts) Regulations 1994, Note: Explanatory note


(This note is not part of the Regulations)
1 These Regulations amend the special provisions in Part VII of the Companies Act 1985 (“the 1985 Act”) applicable to the accounts of banking companies and groups.
2 Regulations 3 and 5 amend section 255B of, and Part IV of Schedule 9 to, the 1985 Act to extend the provisions relating to companies which are holding companies of banking companies, to companies which are holding companies of credit institutions (as defined in section 262 of the 1985 Act). Part IV is also amended so that companies to which it applies can if they so wish comply with Schedule 6 to the 1985 Act for the purposes of their accounts for a financial year, without the special adaptations made by Part IV of Schedule 9. Regulation 6 amends section 343 of the 1985 Act consequentially upon the amendments to Part IV and makes consequential repeals in Schedule 10 to the Companies Act 1989.
3 Regulation 4 repeals the definitions of “Banking activities” and “Banking transactions” in Part I of Schedule 9 to the 1985 Act, so as to align the provisions of that Part of the Schedule more closely with the provisions of the Bank Accounts Directive (86/635/EEC, O.J. No. L372 of 31.12.1986, pages 1-17).
4 Regulations 7 and 8 contain transitional provisions.
5 A Compliance Cost Assessment is available, copies of which have been placed in the libraries of both Houses of Parliament. Copies are also available from the Companies Division of the Department of Trade and Industry, Room 519 10-18 Victoria Street, London SW1H 0NN.

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Source: https://www.legislation.gov.uk/uksi/1994/233/note (the official version)
Page: https://openlegislation.uk/companies-act-1985-bank-accounts-regulations-1994/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.