Change 1 Article Choose an article Title and introductory text 1 Introduction. 2 Accounting records. 3 A company’s financial year and accounting reference periods. 4 Individual company accounts. 5 Group accounts. 6 Additional disclosure required in notes to accounts. 7 Approval and signing of accounts. 8 Directors’ report. 9 Auditors’ report. 10 Publication of accounts and reports. 11 Laying and delivering of accounts and reports. 12 Remedies for failure to comply with accounting requirements. 13 Small and medium-sized companies and groups. 14 Dormant companies. 15 Public listed companies: provision of summary financial statement. 16 Private companies: election to dispense with laying of accounts and reports before general meeting. 17 Unlimited companies: exemption from requirement to deliver accounts and reports. 18 Banking and insurance companies and groups: special provisions. 19 Accounting standards. 20 Power to alter accounting requirements. 21 Parent and subsidiary undertakings. 22 Other interpretation provisions. 23 Consequential amendments. 24 Introduction. 25 Eligibility for appointment. 26 Effect of appointment of partnership. 27 Ineligibility on ground of lack of independence. 28 Effect of ineligibility. 29 Power of Secretary of State to require second audit. 30 Supervisory bodies. 31 Meaning of “appropriate qualification”. 32 Qualifying bodies and recognised professional qualifications. 33 Approval of overseas qualifications. 34 Eligibility of individuals retaining only 1967 Act authorisation. 35 The register of auditors. 36 Information about firms to be available to public. 37 Matters to be notified to the Secretary of State. 38 Power to call for information. 39 Compliance orders. 40 Directions to comply with international obligations. 41 False and misleading statements. 42 Offences by bodies corporate, partnerships and unincorporated associations. 43 Time limits for prosecution of offences. 44 Jurisdiction and procedure in respect of offences. 45 Fees. 46 Delegation of functions of Secretary of State. 46A Circumstances in which Secretary of State may delegate functions to existing body 47 Restrictive practices. 48 Exemption from liability for damages. 49 Service of notices. 50 Power to make consequential amendments. 51 Power to make provision in consequence of changes affecting accountancy bodies. 52 Meaning of “associate”. 53 Minor definitions. 54 Index of defined expressions. 55 Investigations by inspectors not leading to published report. 56 Production of documents and evidence to inspectors. 57 Duty of inspectors to report. 58 Power to bring civil proceedings on the company’s behalf. 59 Expenses of investigating a company’s affairs. 60 Power of Secretary of State to present winding-up petition. 61 Inspectors’ reports as evidence. 62 Investigation of company ownership. 63 Secretary of State’s power to require production of documents. 64 Entry and search of premises. 65 Provision for security of information obtained. 66 Punishment for destroying, mutilating, &c. company documents. 67 Punishment for furnishing false information. 68 Disclosure of information by Secretary of State or inspector. 69 Protection of banking information. 70 Investigation of oversea companies. 71 Investigation of unregistered companies. 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Amendment of the Building Societies Act 1986. 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Request for assistance by overseas regulatory authority. 83 Power to require information, documents or other assistance. 84 Exercise of powers by officer, &c. 85 Penalty for failure to comply with requirement, &c. 86 Restrictions on disclosure of information. 87 Exceptions from restrictions on disclosure. 88 Exercise of powers in relation to Northern Ireland. 89 Prosecutions. 90 Offences by bodies corporate, partnerships and unincorporated associations. 91 Jurisdiction and procedure in respect of offences. 111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 Charitable companies (Scotland). 113 Written resolutions of private companies. 114 Written resolutions: supplementary provisions. 115 Election by private company to dispense with certain requirements. 116 Elective resolution of private company. 117 Power to make further provision by regulations. 118 Introduction. 119 Appointment of auditors. 120 Rights of auditors. 121 Remuneration of auditors. 122 Removal, resignation, &c. of auditors. 123 Statement by person ceasing to hold office as auditor. 124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Delivery of documents to the registrar. 130 Company contracts and execution of documents by companies. 134 Disclosure of interests in shares. 135 Orders imposing restrictions on shares. 136 A company’s registered office. 137 Effecting of insurance for officers and auditors of company. 138 Increase of limits on certain exemptions. 139 Annual returns. 140 Floating charges (Scotland). 141 Application to declare dissolution of company void. 143 Rights of inspection and related matters. 144 “Subsidiary”, “holding company” and “wholly-owned subsidiary”. 145 146 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Undertakings as alternative to merger reference. 148 Enforcement of undertakings. 149 Temporary restrictions on share dealings. 150 Obtaining control by stages. 151 False or misleading information. 152 Fees. 153 Other amendments about mergers and related matters. 154 Introduction. 155 Market contracts. 155A Qualifying collateral arrangements and qualifying property transfers 156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 158 Modifications of the law of insolvency. 159 Proceedings of recognised bodies take precedence over insolvency procedures. 160 161 Supplementary provisions as to default proceedings. 162 Duty to report on completion of default procedings. 163 Net sum payable on completion of default proceedings. 164 Disclaimer of property, rescission of contracts, &c. 165 Adjustment of prior transactions. 166 Powers ... to give directions. 167 Application to determine whether default proceedings to be taken. 168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 Supplementary provisions. 170 Certain overseas exchanges and clearing houses. 170A Third country central counterparties 170B Third country central counterparties: procedure 170C Third country CSDs 171 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172 Settlement arrangements provided by the Bank of England. 173 Market charges. 174 Modifications of the law of insolvency. 175 Administration orders, &c. 176 Power to make provision about certain other charges. 177 Application of margin or default fund contribution not affected by certain other interests. 179 Priority of market charge over unpaid vendor’s lien. 180 Proceedings against market property by unsecured creditors. 181 Power to apply provisions to other cases. 182 Powers of court in relation to certain proceedings begun before commencement. 182A Recognised central counterparties: disapplication of provisions on mutual credit and set-off 183 Insolvency proceedings in other jurisdictions. 184 Indemnity for certain acts, &c. 185 Power to make further provision by regulations. 186 Supplementary provisions as to regulations. 187 Construction of references to parties to market contracts. 188 Meaning of “default rules” and related expressions. 189 Meaning of “relevant office-holder”. 189A Meaning of “transfer” 190 Minor definitions. 191 Index of defined expressions. 192 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Jurisdiction of High Court and Court of Session. 201 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 Transfer of securities. 208 Summary proceedings in Scotland for offences in connection with disqualification of directors. 209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 Restriction of duty to supply statements of premium income. 211 Building societies: miscellaneous amendments. 211A “Bank of England” 212 Repeals. 213 Provisions extending to Northern Ireland. 214 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 Commencement and transitional provisions. 216 Short title. SCHEDULE 1 SCHEDULE 2 SCHEDULE 3 SCHEDULE 4 SCHEDULE 5 SCHEDULE 6 SCHEDULE 7 SCHEDULE 8 SCHEDULE 9 SCHEDULE 10 Amendments Consequential on Part I SCHEDULE 11 SCHEDULE 12 SCHEDULE 13 SCHEDULE 14 Supervisory and qualifying bodies: Restrictive practices SCHEDULE 15 Charges on Property of Oversea Companies SCHEDULE 17 Company Contracts, Seals, &c.: Further Provisions SCHEDULE 18 “Subsidiary” and related expressions: consequential amendments and savings SCHEDULE 19 Minor amendments of the Companies Act 1985 SCHEDULE 20 Amendments about mergers and related matters SCHEDULE 21 SCHEDULE 22 SCHEDULE 23 SCHEDULE 24 Repeals
What to do with it
As published
157
(1) A recognised body shall give the appropriate regulator at least three months notice of any proposal to amend, revoke or add to its default rules; and the regulator may within three months from receipt of the notice direct the recognised body not to proceed with the proposal, in whole or in part.
(1A) The appropriate regulator may, if it considers it appropriate to do so, agree a shorter period of notice and, in a case where it does so, any direction under this section must be given by it within that shorter period.
(2) A direction under this section may be varied or revoked.
(3) Any amendment or revocation of, or addition to, the default rules of a recognised body in breach of a direction under this section is ineffective.
(4) The appropriate regulator”—
(a) in relation to a recognised UK investment exchange, means the FCA, and
(b) in relation to a recognised clearing house or a recognised CSD, means the Bank of England.
Your wording
Your change, as a redline
157
(1) A recognised body shall give the appropriate regulator at least three months notice of any proposal to amend, revoke or add to its default rules; and the regulator may within three months from receipt of the notice direct the recognised body not to proceed with the proposal, in whole or in part.
(1A) The appropriate regulator may, if it considers it appropriate to do so, agree a shorter period of notice and, in a case where it does so, any direction under this section must be given by it within that shorter period.
(2) A direction under this section may be varied or revoked.
(3) Any amendment or revocation of, or addition to, the default rules of a recognised body in breach of a direction under this section is ineffective.
(4) The appropriate regulator”—
(a) in relation to a recognised UK investment exchange, means the FCA, and
(b) in relation to a recognised clearing house or a recognised CSD, means the Bank of England.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.