Companies Act 2014
Application of sections 290(7)(b), 293 and 362 to a traded company | ||
1376. (1) Section 290 (7) shall apply to a traded company as if the following paragraph were substituted for paragraph (b): | ||
“(b) the company ceases to be a company with securities admitted to trading on a regulated market in an EEA state; or”. | ||
(2) In a case where a traded company has, at the end of its financial year, securities of it admitted to trading on a regulated market in an EEA state section 293 shall apply to it as if— | ||
(a) the following subsection were substituted for subsection (3): | ||
“(3) A company that is required to prepare group financial statements shall prepare the statements in accordance with international financial reporting standards and section 295 .”; | ||
(b) the following subsection were substituted for subsection (4): | ||
“(4) Group financial statements prepared in accordance with international financial reporting standards and section 295 shall be known, and are in this Act referred to, as ‘IFRS group financial statements’.”; | ||
and | ||
(c) subsections (5) to (8) were omitted. | ||
(3) Without prejudice to its adaptation by sections 994 (2) and 1218 (3), s ection 362 shall apply to a designated activity company and a company limited by guarantee as if the cases specified in that section in which the audit exemption, as referred to in section 358 or 359 , as the case may be, is not available to a company, or a holding company and its subsidiary undertakings, included a case in which the company or holding company, as appropriate, is a traded company. |