Paragraph 3

The summary financial statement of a listed public company being:

(a)

an insurance company the directors of which are not required to prepare group accounts under Part VII of the unamended 1985 Act and, being entitled to do so, have prepared special category individual accounts thereunder for the financial year in question; or

(b)

a company the directors of which are required to prepare group accounts under Part VII of the unamended 1985 Act and, being entitled to do so by reason of the company being an insurance company or the holding company of an insurance company, have prepared special category group accounts thereunder for the financial year in question,

shall be in the form, and contain the information, required by Schedule 3 to these Regulations, so far as applicable to such a company, with the following modifications:

(i)

paragraph 2(a) shall apply as if the reference therein to section 234(1)(a) of the 1985 Act was a reference to section 235(1)(a) or (insofar as it requires a directors' report to deal with the company’s state of affairs) to section 261(2), as may be appropriate, of the unamended 1985 Act;

(ii)

paragraph 2(b) and (c) shall not apply where the company’s individual accounts are special category;

(iii)

paragraph 2(d) shall apply as if the reference therein to section 234(2) of the 1985 Act was a reference to section 235(2) of the unamended 1985 Act;

(iv)

paragraph 3(2) shall apply as if the reference therein to paragraph 1(1) of Part I of Schedule 6 to the 1985 Act was a reference to paragraph 22(1) of Schedule 5 to the unamended 1985 Act;

(v)

where, in the case of a company the directors of which are required to prepare group accounts under Part VII of the unamended 1985 Act, the full group accounts of the company are prepared in an alternative form permitted by section 229(6) of the unamended 1985 Act, the summary financial statement for that company shall contain, in place of the summary consolidated profit and loss account and balance sheet required by paragraphs 3(1) and 4(1):

a summary profit and loss account for the group showing the information required by paragraph 3(1) with such modifications as are required to summarise appropriately the profit or loss of the group; and
a summary balance sheet for the group showing the information required by paragraph 4(1) with such modifications as are required to summarise appropriately the state of affairs of the group,

and as if the other references in that Schedule to provisions in Part VII of the 1985 Act were references to those provisions in the unamended 1985 Act.