{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2006/schedule-6/paragraph-7",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2006/schedule-6/paragraph-7.json",
  "legislation": "ukdsi/2006/0110755529",
  "legislation_title": "The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2006",
  "path": "schedule/6/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": "Amendment of the Companies Act 1985",
  "text": "(1) The Companies Act 1985 is amended as follows.\n(2) In section 23(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”.\n(3) In section 162 (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,”.\n(4) In section 162E (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”.\n(5) In section 226 (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”.\n(6) In section 227 (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”.\n(7) In section 228 (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”.\n(8) In section 228A (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”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1985 c.6."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "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)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "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."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Section 162E was inserted by S.I. 2003/1116 and is prospectively repealed by the Companies Act 2006, Schedule 16."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Section 226 was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "Section 227 was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "Section 228 is prospectively repealed by the Companies Act 2006, Schedule 16."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "Section 228A was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2006/0110755529/schedule/6/paragraph/7",
    "retrieved_at": "2026-10-30T15:20:31.857832+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}