The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016

Amendment to Part 4 of Schedule 1 (special provision where LLP is a parent LLP or subsidiary undertaking: non-IAS individual accounts)

57

In Part 4 of Schedule 1 (special provision where LLP is a parent LLP or subsidiary undertaking: non-IAS individual accounts), omit paragraph 71 (LLP’s own accounts: guarantees and other financial commitments in favour of group undertakings).

Amendments to Part 1 of Schedule 2 (provisions applying to all LLPs: information on related undertakings required whether preparing non-IAS or IAS accounts)

58

In Part 1 of Schedule 2 (provisions applying to all LLPs: information on related undertakings required whether preparing non-IAS or IAS accounts)—

• (a) for paragraph 1(3)(a) (subsidiary undertakings) substitute—

(a) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

• (b) for paragraph 4(2)(a) (significant holdings in undertakings other than subsidiary undertakings) substitute—

(a) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

; and

• (c) for paragraph 6(3)(a) (parent undertaking drawing up accounts for larger group) substitute—

(a) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

Amendments to Part 3 of Schedule 2 (LLP required to prepare group accounts: information on related undertakings required whether preparing non-IAS or IAS accounts)

59

In Part 3 of Schedule 2 (LLP required to prepare group accounts: information on related undertakings required whether preparing non-IAS or IAS accounts)—

• (a) for paragraph 16(1)(b) (joint ventures) substitute—

(b) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

; and

• (b) for paragraph 17(3)(b) (associated undertakings) substitute—

(b) the address of the undertaking’s registered office (whether in or outside the United Kingdom).

Amendments to Schedule 3 (non-IAS group accounts)

60

In Schedule 3 (non-IAS group accounts)—

• (a) after paragraph 2(1) (concerning the consolidated balance sheet and profit and loss account) insert—

(1A) Group accounts must be drawn up as at the same date as the accounts of the parent LLP.

• (b) after paragraph 9(5) (concerning the acquisition method of accounting) insert—

(6) Negative goodwill may be transferred to the consolidated profit and loss account where such a treatment is in accordance with the principles and rules of Part 2 of Schedule 1 to these Regulations.

• (c) after paragraph 16 (certain information need not be disclosed if an undertaking is established under the law of a country, or carries on business, outside of the UK) insert—

(16A) Where an acquisition has taken place in the financial year and the merger method of accounting has been adopted, the notes to the accounts must also disclose the names and the addresses of the registered offices of the undertakings concerned (whether in or outside the United Kingdom).

• (d) for paragraph 17 (minority interests) substitute—

(17) (1) The formats set out in Schedule 1 to these Regulations have effect in relation to group accounts with the following additions. (2) In the balance sheet formats there must be shown, as a separate item and under the heading “non-controlling interests”, the amount of capital and reserves attributable to shares in subsidiary undertakings included in the consolidation held by or on behalf of persons other than the parent LLP and its subsidiary undertakings. (3) In the profit and loss account formats there must be shown, as a separate item and under the heading “non-controlling interests”, the amount of any profit or loss attributable to shares in subsidiary undertakings included in the consolidation held by or on behalf of persons other than the parent LLP and its subsidiary undertakings. (4) For the purpose of paragraph 4(1) and (2) of Schedule 1 (power to adapt or combine items)— (a) the additional item required by sub-paragraph (2) above is treated as one to which a letter is assigned, and (b) the additional item required by sub-paragraph (3) above is treated as one to which an Arabic number is assigned.

• (e) in paragraph 18 (joint ventures)—

• (i) in sub-paragraph (2), after “consolidated accounts” insert “and sections 402 and 405 of the 2006 Act”; and

• (ii) after sub-paragraph (2) insert—

(3) In addition to the disclosure of the average number of employees employed during the financial year (see section 411(7) of the 2006 Act), there must be a separate disclosure in the notes to the accounts of the average number of employees employed by undertakings that are proportionately consolidated.

; and

• (f) after paragraph 22 (related party transactions) insert—

(22A) Deferred tax balances must be recognised on consolidation where it is probable that a charge to tax will arise within the foreseeable future for one of the undertakings included in the consolidation.

Amendments to Schedule 4 (general interpretation)

61

In paragraph 2(1) of Schedule 4 (definitions of financial instruments), for the words from “Council Directive 78/660/EEC” to the end, substitute “Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings[^f00047] and Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings[^f00048].”.

Review

62

After regulation 7 (general interpretation) insert—

(8) (1) The Secretary of State must from time to time— (a) carry out a review of the provisions of these Regulations to which amendments have been made by Part 4 of the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (“the 2016 Regulations”), (b) set out the conclusions of the review in a report, and (c) publish the report. (2) The report must, in particular— (a) set out the objectives intended to be achieved by those provisions, (b) assess the extent to which those objectives are achieved, (c) assess whether those objectives remain appropriate, and (d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision. (3) The first report under this regulation must be published before the end of the period of 5 years beginning with the date on which the 2016 Regulations come into force. (4) Subsequent reports under this regulation must be published at intervals not exceeding 5 years. (5) In this regulation, “regulatory provision” has the meaning given by section 32(4) of the Small Business, Enterprise and Employment Act 2015[^f00049].

PART 5 — Qualifying partnerships: micro-entities’ accounts

Amendment to the Small Companies (Micro-Entities’ Accounts) Regulations 2013

63

• (1) The Small Companies (Micro-Entities’ Accounts) Regulations 2013[^f00050] are amended as follows.

• (2) Omit regulation 3(1)(a) (disapplication of the Small Companies (Micro-Entities’ Accounts) Regulations 2013 to qualifying partnerships).

Amendment to the Partnerships (Accounts) Regulations 2008

64

• (1) The Partnerships (Accounts) Regulations 2008[^f00051] are amended as follows.

• (2) After regulation 18 (revocation and transitional provisions etc.) insert—

(19) (1) The Secretary of State must from time to time— (a) carry out a review of regulations 4(1)[^f00052] and 9(1) and Part 1 of the Schedule[^f00053], (b) set out the conclusions of the review in a report, and (c) publish the report. (2) The report must, in particular— (a) set out the objectives intended to be achieved by those provisions, (b) assess the extent to which those objectives are achieved, (c) assess whether those objectives remain appropriate, and (d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision. (3) In carrying out the review, the Secretary of State must have regard to how the provisions of Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings are implemented in other Member States. (4) The first report under this regulation must be published before the end of the period of 5 years beginning with the date on which the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 come into force. (5) Subsequent reports under this regulation must be published at intervals not exceeding 5 years. (6) In this regulation, “regulatory provision” has the meaning given by section 32(4) of the Small Business, Enterprise and Employment Act 2015.

PART 6 — Amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

Amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

65

The Large and Medium-sized Companies Accounts Regulations are amended in accordance with this Part.

66

In paragraph 18(1) (information to be given in the notes to the accounts in respect of an undertaking in a joint venture dealt with by proportional consolidation) of Part 3 of Schedule 4, for sub-paragraphs (a) and (b) substitute—

(a) the name of the undertaking, (b) the address of the undertaking’s registered office (whether in or outside the United Kingdom),

67

After regulation 13 (general interpretation) insert—

(14) (1) The Secretary of State must from time to time— (a) carry out a review of the provisions of these Regulations to which amendments have been made by Part 6 of the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (“the 2016 Regulations”), (b) set out the conclusions of the review in a report, and (c) publish the report. (2) The report must, in particular— (a) set out the objectives intended to be achieved by those provisions, (b) assess the extent to which those objectives are achieved, (c) assess whether those objectives remain appropriate, and (d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision. (3) In carrying out the review, the Secretary of State must have regard to how the provisions of Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings which are implemented by means of the provisions mentioned in paragraph (1)(a) are implemented in other Member States. (4) The first report under this regulation must be published before the end of the period of 5 years beginning with the date on which the 2016 Regulations come into force. (5) Subsequent reports under this regulation must be published at intervals not exceeding 5 years. (6) In this regulation, “regulatory provision” has the meaning given by section 32(4) of the Small Business, Enterprise and Employment Act 2015.

Signed

Neville-Rolfe — Parliamentary Under Secretary of State for Business, Innovation and Skills — Department for Business, Innovation and Skills — 10th May 2016

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations amend the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), the Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912), the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1913), the Small Companies (Micro-Entities’ Accounts) Regulations 2013 (S.I. 2013/3008) (“the 2013 Regulations”), the Partnerships (Accounts) Regulations 2008 (S.I. 2008/569) and the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410).

These Regulations amend the law relating to the preparation of the annual accounts of limited liability partnerships (“LLPs”) and to related matters such as the filing of their accounts. This includes the introduction of an exemption from certain financial reporting requirements for very small LLPs (“micro-entities”). The Regulations also introduce such an exemption for very small partnerships (including limited partnerships) which are “qualifying partnerships” under the Partnerships (Accounts) Regulations 2008. As regards qualifying partnerships (but not LLPs), these Regulations (Part 5) implement aspects of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ No L 182, 29.6.2013, p.19). Those aspects of the Directive have already been implemented for companies by the 2013 Regulations.

These Regulations extend to the whole of the United Kingdom.

Part 1 of the Regulations deals with introductory matters. Regulation 1 provides that the amended law applies in respect of financial years commencing on or after 1st January 2016, but an LLP or qualifying partnership may also choose to apply the amended law (except in one respect) to its financial year beginning on or after 1st January 2015 (but before 1st January 2016) if a copy of its accounts for that financial year has not already been delivered to the registrar of companies before the Regulations come into force.

Part 2 of the Regulations amends the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Those Regulations apply to LLPs, with modifications, provisions on the accounts and audit of companies contained in the Companies Act 2006 (c.46) (“the 2006 Act”).

Regulation 5(2)(c) and (3)(c) raises the thresholds which determine when an LLP or group qualifies as “small” for the purposes of certain accounting and reporting exemptions, and for exemption from audit. Regulation 5(4)(b) applies to LLPs a new modified section 384(2)(a) of the 2006 Act, with the effect that an LLP that is a member of a group one or more of whose members is a company admitted to trading on an EEA regulated market (such as the London Stock Exchange) does not qualify as “small”. Section 384(2)(a), as previously applied to LLPs, had the effect that an LLP that was a member of a group one or more of whose members was a public company did not qualify as “small”.

Regulation 6 applies to LLPs new modified sections 384A and 284B of the 2006 Act. The modified section 384A prescribes the thresholds, based on turnover, balance sheet total and employee numbers, relevant to qualification as a micro-entity. Section 384B identifies those categories of LLP (including those LLPs already excluded from the small LLPs regime under Part 15 of the 2006 Act as applied to LLPs, those LLPs voluntarily preparing group accounts, and those LLPs whose accounts are included in consolidated group accounts) which are excluded from being treated as micro-entities.

Regulation 7 amends the modified section 393 of the 2006 Act that applies to LLPs, to identify, in the case of micro-entities, relevant considerations for the members of an LLP, when deciding whether to approve accounts on the basis that they give a true and fair value of the financial position of the LLP.

Regulation 8(3) amends the modified section 394B of the 2006 Act that applies to LLPs, to exclude from the dormant subsidiaries exemption LLPs whose transferable securities are admitted to trading on a regulated market. Regulation 8(4) amends the modified section 396 of the 2006 Act that applies to LLPs, to introduce a presumption that micro-entities’ accounts that comply with certain minimum requirements give a true and fair view.

Regulation 9(2) and (3) amends the law regarding the exemptions from a parent LLP’s obligation to prepare group accounts where that parent is itself included in the group accounts of a larger group.

Regulation 10(2) and (3) terminates the application to LLPs of the modified section 410 of the 2006 Act, with the effect that it will no longer be possible for an LLP to disclose relevant information about related undertakings (for instance, its subsidiaries) in its annual return – such information (where required) will have to be disclosed in the annual accounts.

Regulation 10(4) and (5) amends the modified sections 410A and 411 of the 2006 Act that apply to LLPs as regards the information which, generally speaking, LLPs must provide in their annual accounts concerning “off-balance sheet arrangements” and employee numbers and costs.

Regulation 11 amends the modified section 414 of the 2006 Act that applies to LLPs: it requires accounts prepared in accordance with the provisions applicable to LLPs that qualify as micro-entities to include a statement to that effect above the signature on the LLP’s balance sheet.

Regulation 12(3) amends the modified section 444 of the 2006 Act that applies to LLPs – the modified section concerns the filing obligations of small LLPs. Key changes here reflect the fact that a small LLP will no longer be able to file (at Companies House) annual accounts which are an abbreviated version of the accounts which it prepares and sends to its members – instead a small LLP must file the versions of the balance sheet and profit and loss account (where the profit and loss account is filed) which are prepared and sent to the members.

Regulation 15(3) amends the modified section 448B of the 2006 Act that applies to LLPs, to exclude from the dormant subsidiaries exemption LLPs whose transferable securities are admitted to trading on a regulated market.

Regulation 17(2) and (3) raises the thresholds which determine when an LLP or group qualifies as “medium-sized” for the purposes of certain accounting and reporting exemptions.

Regulation 18 amends the modified section 469 of the 2006 Act that applies to LLPs, to exempt micro-entities from the requirement to draw up a note relating to the exchange rate applied, when translating amounts set out in the accounts into euros.

Regulation 20 amends the modified section 472 of the 2006 Act that applies to LLPs, to provide that minimum prescribed notes to the accounts for micro-entities must appear at the foot of the balance sheet and not in a separate document.

Regulation 21 amends the modified section 474(1) of the 2006 Act that applies to LLPs, to insert several new definitions, including definitions relating to micro-entities.

Regulation 22(3) amends the modified section 479B of the 2006 Act that applies to LLPs, to exclude from the subsidiary LLPs audit exemption LLPs whose transferable securities are admitted to trading on a regulated market.

Regulation 24 amends the modified section 495 of the 2006 Act that applies to LLPs, to identify, in the case of micro-entities, relevant considerations for auditors, when deciding for the purposes of the auditor’s report whether the accounts give a true and fair view of the financial position of the LLP.

Part 3 of the Regulations amends the Small Limited Liability Partnerships (Accounts) Regulations 2008. Those Regulations apply to LLPs, with modifications, provisions of the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (S.I. 2008/409).

Regulations 29 to 36 amend Part 2 of S.I. 2008/1912 which concerns the form and content of individual accounts. Regulation 29 disapplies, in the case of LLPs which are micro-entities, provision for fair value accounting and provision for the filing of micro-entity accounts. Regulation 32 applies regulation 5A of S.I. 2008/409, with modifications, to LLPs, which exempts micro-entities from the obligation to draw up notes to the accounts other than the prescribed minimum notes.

Regulations 34 to 36 make amendments to Part 1 of Schedule 1 to S.I. 2008/1912 (which concerns the general rules and formats for a small LLP’s non-IAS individual accounts). Regulations 34 and 35 make changes to the prescribed formats, which include allowing LLPs which qualify as small to prepare abridged versions of the prescribed balance sheet and profit and loss account formats set out in Schedule 1, and allowing small LLPs to adapt the prescribed formats if conditions are satisfied. Regulation 36 amends Part 1 of Schedule 1 to S.I. 2008/1912 to provide, in new Section C, for two balance sheet formats and one profit and loss account format suitable for use by micro-entities.

Regulations 37 to 40 amend Part 2 of Schedule 1 to S.I. 2008/1912 (which concerns accounting principles and rules applicable to the annual accounts of small LLPs). Regulation 41 amends Part 3 of Schedule 1 to S.I. 2008/1912 so as to reduce greatly the number of notes to the annual accounts of small LLPs. Regulation 42 omits Schedule 2 to S.I. 2008/1912, reducing the information that small LLPs have to provide in their accounts if they are not preparing group accounts. Regulation 42 also omits Schedule 3 to S.I. 2008/1912, to reflect the fact that small LLPs are no longer permitted to file accounts which are different to those which they prepare and send to their members. Regulations 43 and 44 amend Schedule 4 to S.I. 2008/1912 concerning the accounts of a small group.

Part 4 of the Regulations amends the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008. Those Regulations apply to LLPs, with modifications, provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410).

Regulations 50 and 51 make various changes to Part 1 of Schedule 1 to S.I. 2008/1913 (which concerns the general rules and formats for a large or medium-sized LLP’s non-IAS individual accounts), including allowing a large or medium-sized LLP to adapt the prescribed balance sheet and profit and loss account formats set out in Schedule 1, and introducing changes to the prescribed formats. Regulations 52 to 55 amend Part 2 of Schedule 1 to S.I. 2008/1913 concerning accounting principles and rules applicable to medium-sized and large LLPs, and mirror the changes being made to Part 2 of Schedule 1 to S.I. 2008/1912.

Regulation 56 amends Part 3 of Schedule 1 to S.I. 2008/1913 as regards the notes to the annual accounts of these LLPs. Regulations 58 and 59 amend Schedule 2 to S.I. 2008/1913 which concerns the information which all LLPs to which S.I. 2008/1913 applies must provide in their annual accounts as regards “related undertakings” (including subsidiaries). Regulation 60 amends Schedule 3 to S.I. 2008/1913 as regards the accounts of medium-sized and large groups.

Part 5 of the Regulations (regulation 63) amends the 2013 Regulations: regulation 3(1)(a) of the 2013 Regulations is revoked. As regulations 4(1) and 9(1) of, and Part 1 of the Schedule to, the Partnerships (Accounts) Regulations 2008 apply to qualifying partnerships, with modifications and adaptations, provisions of the 2006 Act and associated regulations relating to accounts and audit for companies, the effect of regulation 63 is to introduce for very small qualifying partnerships the exemption from certain financial reporting requirements that was introduced by the 2013 Regulations for very small companies.

Part 6 of the Regulations (regulation 66) makes a minor correction to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Regulations 26, 46, 62, 64 and 67 require the Secretary of State to review the provisions amended or affected by these Regulations, and to publish a report within five years after these Regulations come into force and within every five years after that. Following a review it will fall to the Secretary of State to consider whether the provisions should remain as they are, or be revoked or be amended. A further instrument would be needed to revoke or amend the provisions.

A transposition note for the 2013 Regulations, as amended by this instrument, is available alongside the 2013 Regulations at www.legislation.gov.uk.

A full regulatory impact assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available from the Business Environment Directorate, Department for Business, Innovation and Skills, 1 Victoria Street, London SW1H OET or from www.gov.uk/bis, and is also available alongside this instrument at www.legislation.gov.uk.

Footnotes

[^f00001]: S.I. 2007/193, to which there are amendments not relevant to these Regulations, and S.I. 2007/1679.

[^f00002]: 1972 c.68; section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and by Part 1 of the Schedule to the European Union (Amendment) Act 2008 (c.7). The enabling powers of section 2(2) were extended by virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51).

[^f00003]: 2000 c.12.

[^f00004]: 2006 c. 46.

[^f00005]: Paragraph 2(2) of Schedule 2 was amended by section 27(c) of the Legislative and Regulatory Reform Act 2006.

[^f00006]: Section 17(5)(b) was substituted by S.I. 2009/1804, regulation 85 and paragraph 7(1) and (3) of Part 1 of Schedule 3.

[^f00007]: 2006 c.46. Provisions of Parts 15 and 16 (accounts, reports and audit) were applied with modifications to LLPs by S.I. 2008/1911 and to qualifying partnerships by S.I. 2008/569.

[^f00008]: S.I. 2008/410, amended by S.I. 2015/980; there are other amending instruments but none is relevant. Provisions of S.I. 2008/410 were applied with modifications to LLPs by S.I. 2008/1913 and to qualifying partnerships by S.I. 2008/569.

[^f00009]: S.I. 2008/409; relevant amending instruments are S.I. 2013/3008 and 2015/980. Provisions of S.I. 2008/409 were applied with modifications to LLPs by S.I. 2008/1912 and to qualifying partnerships by S.I. 2008/569.

[^f00010]: S.I. 2008/1911; relevant amending instruments are S.I. 2009/1342, 2009/1804, 2011/99, 2012/1439, 2012/2301, 2013/472.

[^f00011]: Section 444 as applied to LLPs is amended by regulation 12 of these Regulations. Section 445 as applied to LLPs is amended by regulation 13 of these Regulations.

[^f00012]: Sections 382(2) and 383(3) as applied to LLPs are amended by regulation 5 of these Regulations.

[^f00013]: Section 410 as applied to LLPs is omitted by regulation 10 of these Regulations.

[^f00014]: Section 414 as applied to LLPs is amended by regulation 11 of these Regulations.

[^f00015]: Regulation 3 was substituted by S.I. 2013/2005, regulation 4(1) and (3).

[^f00016]: S.I. 2008/569, amended by S.I. 2013/2005, 2015/980.

[^f00017]: S.I. 2015/980.

[^f00018]: Section 445 was amended by S.I. 2008/393, regulation 6(8); S.I. 2013/1970, regulation 14 and paragraphs 1 and 9 of the Schedule; and S.I. 2015/980, regulation 8(1), (4) and (5).

[^f00019]: Section 446 was amended by S.I. 2008/393, regulation 6(9); S.I. 2009/1581, regulation 3(1) to (3); and S.I. 2013/1970, regulation 14 and paragraphs 1 and 10 of the Schedule.

[^f00020]: Section 447 was amended by S.I. 2009/1581, regulation 4(1) to (3); S.I. 2013/1970, regulation 14 and paragraphs 1 and 11 of the Schedule.

[^f00021]: Sections 384A and 384B of the Companies Act 2006 (c.46) were inserted by S.I. 2013/3008, regulation 4(1) and (4).

[^f00022]: OJ No L 182, 29.6.13, p.19.

[^f00023]: OJ No L 176, 27.06.13, p.338, as last amended by Directive 2014/59/EU.

[^f00024]: OJ No L 374, 31.12.91, p.7, as last amended by Directive 2006/46/EC.

[^f00025]: Section 394A as applied to LLPs was inserted into regulation 9 of S.I. 2008/1911 by S.I. 2012/2301, regulation 20(1) and (5)(b).

[^f00026]: OJ No L 182, 29.6.13, p.19, as last amended by Council Directive 2014/102/EU.

[^f00027]: Section 394B as applied to LLPs was inserted into regulation 9 of S.I. 2008/1911 by S.I. 2012/2301, regulation 20(1) and (5)(b).

[^f00028]: OJ No L 340, 22.12.07, p.66, as last amended by Commission Delegated Regulation (EU) 2015/1605.

[^f00029]: Section 410 of the Companies Act 2006 (c.46) was repealed by S.I. 2015/980, regulation 5(1) and (13).

[^f00030]: Paragraph 1A of Schedule 1 is inserted by regulation 34 of these Regulations.

[^f00031]: Regulation 19A was inserted by S.I. 2012/2301, regulation 20(1) and (7).

[^f00032]: OJ No L 182, 29.6.13, p. 19, as last amended by Council Directive 2014/102/EU.

[^f00033]: Section 471(1) as applied to LLPs was amended by S.I. 2012/2301, regulation 20(1) and (10).

[^f00034]: Regulation 5A is inserted by regulation 32 of these Regulations.

[^f00035]: Paragraph 55 of Part 3 of Schedule 1 is substituted by regulation 41 of these Regulations.

[^f00036]: Section 474(1) as applied to LLPs was amended by S.I. 2009/1804, regulation 85 and paragraph 15(3) of Part 2 of Schedule 3); S.I. 2009/1342, article 31; S.I. 2011/99, regulation 79 and paragraph 20 of Part 2 of Schedule 4; S.I. 2012/1439, article 8(1) and (4)); and S.I. 2013/472, article 3 and paragraph 143(b) of Schedule 2.

[^f00037]: Regulation 34A was inserted by S.I. 2012/2301, regulation 20(1) and (4).

[^f00038]: Regulation 55 was amended by S.I. 2009/1804, regulation 85 and paragraph 15 of Part 2 of Schedule 3.

[^f00039]: OJ L 145, 30.4.04, p.1, as last amended by Directive 2010/78/EU.

[^f00040]: 2015 c.26.

[^f00041]: S.I. 2008/1912.

[^f00042]: 2000 c.12.

[^f00043]: OJ No L 182, 29.06.13, p. 19, as last amended by Council Directive 2014/102/EU.

[^f00044]: 2015 c.26.

[^f00045]: S.I. 2008/1913.

[^f00046]: 2000 c.12.

[^f00047]: OJ No L 182, 29.6.13, p. 19, as last amended by Council Directive 2014/102/EU.

[^f00048]: OJ No L 374, 31.12.91, p.7, as last amended by Directive 2006/46/EC.

[^f00049]: 2015 c.26.

[^f00050]: S.I. 2013/3008.

[^f00051]: S.I. 2008/569, amended by S.I. 2013/2005, 2015/980.

[^f00052]: Regulation 4(1) was amended by S.I. 2013/2005, regulation 4(1) and (4).

[^f00053]: The Schedule was amended by S.I. 2015/980, regulation 42(1) and (5).

Editorial notes

[^key-83bcc3770dd7918e68c3c584c8a905b1]: Reg. 1 in force at 17.5.2016, see reg. 2(1)

[^key-ba2f9b964ccbbbb92b013460f71031e7]: Reg. 2 in force at 17.5.2016, see reg. 2(1)

[^key-982fc26b3b8c2a9de7ce4cdd3b802641]: Reg. 3 in force at 17.5.2016, see reg. 2(1)

[^key-6a2e2cdb1c82eeaadde56d2dc83a2a43]: Reg. 4 in force at 17.5.2016, see reg. 2(1)

[^key-464ac8f86a9962ff7fd45c08a4fcd943]: Reg. 5 in force at 17.5.2016, see reg. 2(1)

[^key-9a5083537b204f2de44e59f373bb3f07]: Reg. 6 in force at 17.5.2016, see reg. 2(1)

[^key-0d67e4d251d9d249c525f38aadab3f46]: Reg. 7 in force at 17.5.2016, see reg. 2(1)

[^key-6668a76ed4c1b7cae3477bd51301cc41]: Reg. 8 in force at 17.5.2016, see reg. 2(1)

[^key-0c4b63518e9b73e011610e5d9319fcfb]: Reg. 9 in force at 17.5.2016, see reg. 2(1)

[^key-9fb1eac583e2a4389edd34eeec5c3347]: Reg. 10 in force at 17.5.2016, see reg. 2(1)

[^key-b239ad307b4402d09e0fcc8a9750ac08]: Reg. 11 in force at 17.5.2016, see reg. 2(1)

[^key-9ca196af6f9ab5522f2d9abbbdeef4e7]: Reg. 12 in force at 17.5.2016, see reg. 2(1)

[^key-f839c6dd9fa306af9aa744cac49cb00a]: Reg. 13 in force at 17.5.2016, see reg. 2(1)

[^key-41c4f3ee1ce5856e1c16ac9eca4617cc]: Reg. 14 in force at 17.5.2016, see reg. 2(1)

[^key-5f45318943ca4c372a233def5094d00c]: Reg. 15 in force at 17.5.2016, see reg. 2(1)

[^key-2eff8876072e2542a0d36dcf864d1c40]: Reg. 16 in force at 17.5.2016, see reg. 2(1)

[^key-7fd0137d0ada7ce7b82995f895198a06]: Reg. 17 in force at 17.5.2016, see reg. 2(1)

[^key-31e5a720421047d8c466b3b0f3f2a700]: Reg. 18 in force at 17.5.2016, see reg. 2(1)

[^key-98a3d8b315dff14f484052c6f9d5b3b6]: Reg. 19 in force at 17.5.2016, see reg. 2(1)

[^key-6d8acbccfd93d5d0f8616e4aee889632]: Reg. 20 in force at 17.5.2016, see reg. 2(1)

[^key-5311d64953a1b6f202d3ca0b55bd715a]: Reg. 21 in force at 17.5.2016, see reg. 2(1)

[^key-6201740e101c077cac8cbe18177a223c]: Reg. 22 in force at 17.5.2016, see reg. 2(1)

[^key-0d6132bd65c028acb0cb3aea6c13e646]: Reg. 23 in force at 17.5.2016, see reg. 2(1)

[^key-821f7249ca4ccbd705b9000af9649219]: Reg. 24 in force at 17.5.2016, see reg. 2(1)

[^key-4d3f38a935469ef1904d17366d709493]: Reg. 25 in force at 17.5.2016, see reg. 2(1)

[^key-45836894e01ac264ccf0d4c222b7a25b]: Reg. 26 in force at 17.5.2016, see reg. 2(1)

[^key-72cc777f6ce396e1ef65377d8bb31079]: Reg. 27 in force at 17.5.2016, see reg. 2(1)

[^key-9483315cd18234c021823f709a2c08b3]: Reg. 28 in force at 17.5.2016, see reg. 2(1)

[^key-c67baa108cdc3f12091cc9aff50d5608]: Reg. 29 in force at 17.5.2016, see reg. 2(1)

[^key-5de2c9df4aeacd882fcaed98a8c80736]: Reg. 30 in force at 17.5.2016, see reg. 2(1)

[^key-ccb16d83a4190fa9b2944b4fabd6b040]: Reg. 31 in force at 17.5.2016, see reg. 2(1)

[^key-066098d1c6d8ee4d252eab8628fa299f]: Reg. 32 in force at 17.5.2016, see reg. 2(1)

[^key-cda01d7361c62ff4a524cf8da099c67c]: Reg. 33 in force at 17.5.2016, see reg. 2(1)

[^key-6ca844e10e53e4cd452388f785613bf2]: Reg. 34 in force at 17.5.2016, see reg. 2(1)

[^key-42a403053d026a8682e0a43471438b24]: Reg. 35 in force at 17.5.2016, see reg. 2(1)

[^key-19cb344675988b946362538541c61f64]: Reg. 36 in force at 17.5.2016, see reg. 2(1)

[^key-24a582f31781ee309857cc46b939b5e2]: Reg. 37 in force at 17.5.2016, see reg. 2(1)

[^key-cf2d0d9031ecb3754ee7a9069c96a8de]: Reg. 38 in force at 17.5.2016, see reg. 2(1)

[^key-438bda1c4b54ecc4a7a39c63368bb909]: Reg. 39 in force at 17.5.2016, see reg. 2(1)

[^key-1ce6ae1cbfbe7fe8c73e04dbd9850cef]: Reg. 40 in force at 17.5.2016, see reg. 2(1)

[^key-64ffa52317d5a4857bbf512566fb3029]: Reg. 41 in force at 17.5.2016, see reg. 2(1)

[^key-ce5bddea5e10cbfc0f558ca18e0d22ef]: Reg. 42 in force at 17.5.2016, see reg. 2(1)

[^key-20579253364ed0661676ae88e48a04a4]: Reg. 43 in force at 17.5.2016, see reg. 2(1)

[^key-e66f936d132ea8cb4041223b667ec7e6]: Reg. 44 in force at 17.5.2016, see reg. 2(1)

[^key-50170184d737e76382312fd9c31f6e8f]: Reg. 45 in force at 17.5.2016, see reg. 2(1)

[^key-3f6e71cb8e6d13ca00d540443bf4fe89]: Reg. 46 in force at 17.5.2016, see reg. 2(1)

[^key-dc8abfa15e4648e24d886d315e024bc0]: Reg. 47 in force at 17.5.2016, see reg. 2(1)

[^key-86db135b639b59f9f0e736060e263c78]: Reg. 48 in force at 17.5.2016, see reg. 2(1)

[^key-e2049acb5efe1818db4b6073447ebcd4]: Reg. 49 in force at 17.5.2016, see reg. 2(1)

[^key-7e2169a2fe642146be1afebf504ca90b]: Reg. 50 in force at 17.5.2016, see reg. 2(1)

[^key-386e751e184dd612abbaa292c5a66cf4]: Reg. 51 in force at 17.5.2016, see reg. 2(1)

[^key-f4f747c8d47861c9c73f2fd2aa55f11b]: Reg. 52 in force at 17.5.2016, see reg. 2(1)

[^key-6390c80a14a2266da37fa26e6413380e]: Reg. 53 in force at 17.5.2016, see reg. 2(1)

[^key-f7d94abfd5b4eb7882d9bf22a4dffd09]: Reg. 54 in force at 17.5.2016, see reg. 2(1)

[^key-391b3102fbc14d84a15fba90c484ffab]: Reg. 55 in force at 17.5.2016, see reg. 2(1)

[^key-ff26c59f816669c997c217afa3cc259a]: Reg. 56 in force at 17.5.2016, see reg. 2(1)

[^key-076a9322cab5fd66425fe828806e5497]: Reg. 57 in force at 17.5.2016, see reg. 2(1)

[^key-3513525bdf15380375b104a48062c28b]: Reg. 58 in force at 17.5.2016, see reg. 2(1)

[^key-58f2bffb99d0ebfb23f8e10fd34b2c82]: Reg. 59 in force at 17.5.2016, see reg. 2(1)

[^key-ac86878ea56fecf9bd893e61a8ba9488]: Reg. 60 in force at 17.5.2016, see reg. 2(1)

[^key-7fd0d9accd0555b2749535ea9dfdd3df]: Reg. 61 in force at 17.5.2016, see reg. 2(1)

[^key-a5d9dff2c843c71d1ec9109d15bf264f]: Reg. 62 in force at 17.5.2016, see reg. 2(1)

[^key-39da9114f14e5de531d0cad3ce5d2612]: Reg. 63 in force at 17.5.2016, see reg. 2(1)

[^key-c33a3f62297beae89ec7f91843246907]: Reg. 64 in force at 17.5.2016, see reg. 2(1)

[^key-c9dc023c873e6c074ac1c25b125cb35e]: Reg. 65 in force at 17.5.2016, see reg. 2(1)

[^key-1aa1adc3b61079b4ddefc883c7ff320c]: Reg. 66 in force at 17.5.2016, see reg. 2(1)

[^key-5de664a18eb99b294e52d267b1b3080d]: Reg. 67 in force at 17.5.2016, see reg. 2(1)