Explanatory note

These Regulations remove the requirement in section 234AA of the Companies Act 1985 for directors of quoted companies (as defined in section 262(1) of that Act) to prepare operating and financial reviews for financial years beginning on or after 1st April 2005 (regulation 2(1)). Regulation 2(2)(a) and Schedule 1 amend the Companies Act 1985 consequentially on that repeal. Regulation 2(2)(b) and Schedule 2 make consequential amendments to the Companies (Revision of Defective Accounts and Report) Regulations 1990 (S.I. 1990/2570, as last amended by S.I. 2005/2282), the Companies (Summary Financial Statement) Regulations 1995 (S.I. 1995/2092, as last amended by S.I. 2005/2281) and the Limited Liability Partnerships Regulations 2001 (S.I. 2001/1090, as last amended by S.I. 2005/1989).

A full regulatory impact assessment of the effect that this instrument will have on the costs of business is available from the Department of Trade and Industry, Corporate Law and Governance Directorate, 1 Victoria Street, London, SW1H 0ET (it is also available electronically at www.dti.gov.uk/cld). A copy has been placed in the libraries of both Houses of Parliament.