Companies (Accounting) Act 2017
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Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 | ||
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100. The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352 of 2011 ) are amended— | ||
(a) by the insertion of the following Regulation after Regulation 42: | ||
“42A. (1) This Regulation applies to UCITS which are constituted as— | ||
(a) investment companies with fixed capital that are registered as public limited companies, or | ||
(b) investment companies with variable capital that are registered as public limited companies and the articles of which provide that— | ||
(i) the amount of the paid-up share capital of the investment company concerned shall at all times be equal to the net asset value of the company, and | ||
(ii) the shares of the investment company concerned shall have no par value. | ||
(2) A company to which this Regulation applies shall, once in every year after the expiration of its first financial year, deliver to the Registrar, in the prescribed manner, copies of the documents referred to in paragraph (3) not later than 11 months after the end of the company’s financial year. | ||
(3) The documents are as follows, namely: | ||
(a) the statutory financial statements of the company for the financial year; | ||
(b) the directors’ report, including any group directors’ report for the financial year; | ||
(c) the statutory auditors’ report on those financial statements and that directors’ report. | ||
(4) The reference in paragraph (2) to a copy of a document is a reference to a copy that satisfies the following conditions: | ||
(a) it is a true copy of the original save for the difference that the signature or signatures on the original, and any date or dates thereon, shall appear in typeset form on the copy; | ||
(b) it is accompanied by a certificate of a director and the secretary of the company, that bears the signature of the director and the secretary in electronic or written form, stating that the copy is a true copy of the original (and one such certificate relating to all documents referred to in paragraph (2) suffices and the foregoing statement need not be qualified on account of the difference permitted by paragraph (a) as to the form of a signature or of a date). | ||
(5) Section 376 of the Companies Act 2014 shall apply to a company to which this Regulation applies as if the following subsection were substituted for subsection (1): | ||
“(1) This section has effect where the directors of an investment company to which Regulation 42A of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352 of 2011 ) (inserted by section 100 of the Companies (Accounting) Act 2017) applies have prepared revised financial statements or a revised directors’ report under section 367 and a copy of the original statutory financial statements or directors’ report, has been delivered to the Registrar under that Regulation.”. | ||
(6) If an investment company to which this Regulation applies fails to comply with the requirements of this Regulation, the company and any officer of it who is in default is guilty of an offence. | ||
(7) A person guilty of an offence under paragraph (6) is liable, on summary conviction, to a class A fine or imprisonment for a term not exceeding 6 months or to both. | ||
(8) In this Regulation ‘Registrar’ means ‘Registrar of Companies’.”, | ||
and | ||
(b) by the substitution of the following Regulation for Regulation 93: | ||
“93. (1) The accounting information given in the annual report shall be audited— | ||
(a) in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 20068 as amended by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 20149 on statutory audits of annual accounts and consolidated accounts, and | ||
(b) by one or more persons empowered by law to audit accounts in accordance with the Companies Act 2014 . | ||
(2) The auditor’s report, including any qualifications, shall be reproduced in full in the annual report. | ||
(3) The form of the auditor’s report shall comply with the requirements of section 336 of the Companies Act 2014 subject to the modification that references in that section to a company shall be construed as references to a UCITS.”. | ||