Explanatory note

These Regulations amend section 209 of the Companies Act 1985.

Subsection (2) of that section provides for certain interests held by way of security to be disregarded for the purposes of the obligation to disclose interests in shares comprised in certain issued share capital of public companies which is imposed by sections 198 to 202 of that Act.

These Regulations amend that subsection to make similar provision for interests held by way of security by stock exchanges situated or operating in a member State and by persons who deal in securities or derivatives (as defined in section 220 of the Companies Act 1985) on an exchange situated or operating in a member State. Article 4 also makes transitional provisions in order to impose an obligation to notify upon persons who, as a result of the coming into force of the Regulations, no longer have a notifiable interest within the meaning of Part VI of the Companies Act 1985 or whose notifiable interest is reduced.

Part VI of the Companies Act 1985 was amended by the Disclosure of Interests in Shares (Amendment) Regulations 1993 (S. I.1993 No.1819), which came into force on 18th September 1993.