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Version status: | Document consolidation status: No known changes
Version date: 17 July 2018 - onwards

Explanatory Note

(This note is not part of the Regulations)

These Regulations make changes to the reporting requirements found in Part 15 of the Companies Act 2006 and the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 ("the 2008 Regulations"). These Regulations also amend the Community Interest Company Regulations 2005 ("the CIC Regulations"). These Regulations extend to the whole of the United Kingdom, reflecting the extent of the Companies Act 2006 and Part 2 of the Companies (Audit, Investigations and Community Enterprise) Act 2004.

Regulation 1 makes provision for differential commencement in relation to the provisions of these Regulations and for their application.

Part 2 (regulations 3 to 6) amends the Companies Act 2006, providing a new requirement to include a statement in the strategic report on how the directors have had regard to the matters set out in section 172 of that Act in the exercise of their duties.

Part 3 amends the 2008 Regulations to require companies to report additional information in the directors’ report.

Regulation 8 makes consequential provision, and regulation 9 amends the review clause in the 2008 Regulations to require a review of the amendments made by these Regulations.