(1) The Secretary of State may by regulations impose a requirement, on such descriptions of companies as may be prescribed, to publish, at such intervals and in such manner as may be prescribed, prescribed information about -

(a) the company's payment practices and policies relating to relevant contracts of a prescribed description, and

(b) the company's performance by reference to those practices and policies.

(2) For the purposes of this section -

"company" has the meaning given by section 1(1) of the Companies Act 2006 (but see subsection (3));

a contract is a "relevant contract" if -

(a) it is a contract for goods, services or intangible assets (including intellectual property), and

(b) the parties to the contract have entered into it in connection with the carrying on of a business;

"prescribed" means prescribed by the regulations.

(3) The regulations may not impose a requirement on a company in relation to any time during which -

(a) it qualifies as a micro-entity for the purposes of section 384A of the Companies Act 2006,

(b) the small companies regime under that Act applies to it (see section 381 of that Act), or