Paragraph 7 Amendment of the Companies Act 1985

(1)

The Companies Act 1985^f1 is amended as follows.

(2)

In section 23^f2(membership of holding company), in subsection (3B)(c), for “Article 16 of Council Directive 93/22/EEC on investment services in the securities field” substitute “Article 47 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments”.

(3)

In section 162^f3 (power of company to purchase own shares), in subsection (4)(d), for “for the purposes of Article 16 of Council Directive 93/22/EEC on investment services in the securities field” substitute “which appears on the list drawn up by that State pursuant to Article 47 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments,”.

(4)

In section 162E^f4 (Treasury shares: mandatory cancellation), in subsection (3), for “is a regulated market for the purposes of Article 16 of Council Directive 93/22/EEC on investment services in the securities field” substitute “appears on the list drawn up by an EEA State pursuant to Article 47 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments”.

(5)

In section 226^f5 (duty to prepare individual accounts), in subsection (5), for “Council Directive 93/22/EEC on investment services in the securities field” substitute “Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments”.

(6)

In section 227^f6 (duty to prepare group accounts), in subsection (6), for “Council Directive 93/22/EEC on investment services in the securities field” substitute “Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments”.

(7)

In section 228^f7 (exemption for parent companies included in accounts of larger group), in subsection (3), for “Council Directive 93/22/EEC on investment services in the securities field” substitute “Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments”.

(8)

In section 228A^f8 (exemption for parent companies included in non-EEA group accounts), in subsection (3), for “Council Directive 93/22/EEC on investment services in the securities field” substitute “Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments”.

Annotations

Footnotes

f1: 1985 c.6.
f2: Section 23 was substituted by section 129 of the Companies Act 1989 (c.40), and subsection (3B) was inserted by S.I. 1997/2306. Section 23 is prospectively repealed by the Companies Act 2006 (c. 46).
f3: Subsection (4) of section 162 was inserted by S.I. 2003/1116 and section 162 is prospectively repealed by the Companies Act 2006, Schedule 16.
f4: Section 162E was inserted by S.I. 2003/1116 and is prospectively repealed by the Companies Act 2006, Schedule 16.
f5: Section 226 was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16.
f6: Section 227 was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16.
f7: Section 228 is prospectively repealed by the Companies Act 2006, Schedule 16.
f8: Section 228A was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16.