Article 11 Limitations on exemptions for small and medium-sized companies in relation to accounts etc.I1

Section 247A of the 1985 Act (limitations on exemptions for small and medium-sized companies in relation to accounts etc.)^f1 is amended as follows.

In subsection (1), for paragraph (a) substitute—

“(a)

the company is, or was at any time within the financial year to which the accounts relate—

(i)

a public company,

(ii)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities, or

(iii)

a person who carries on insurance market activity;”.

In subsection (2), for paragraphs (b) to (d) substitute—

“(b)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or

(c)

a person who carries on an insurance market activity.”.