EXPLANATORY MEMORANDUM TO THE COMPANIES ACT 2006 (ACCOUNTS, REPORTS AND AUDIT) REGULATIONS 2009

EXPLANATORY MEMORANDUM TO THE COMPANIES ACT 2006 (ACCOUNTS, REPORTS AND AUDIT) REGULATIONS 2009 2009 No. 1. This explanatory memorandum has been prepared by the Department for Business, Enterprise and Regulatory Reform and is laid before Parliament by Command of Her Majesty. 2. Purpose of the instrument 12.1 This instrument amends Parts 15 and 16 of the Companies Act 2006 on accounts and audit. Its main purpose is to complete implementation of the EU 2Company Reporting Directive (Directive 2006/46) by requiring filing at Companies House of, and an auditor’s report on, corporate governance statements of publicly traded companies where the corporate governance statements are not included in the directors’ report. The instrument also makes some technical amendments to other accounting provisions in Part 15 and regulations made under that Part. 3. Matters of special interest to the Joint Committee on Statutory Instruments 3.1 None 4. Legislative Context 4.1 This instrument completes UK implementation of the requirements of Directive 2006/46 which made a number of amendments to the EC Accounting Directives. The bulk of that Directive was implemented by regulations which came 3into force on 6 April 2008 . A transposition note was prepared (an updated version of which is included at Annex A to this Memorandum) setting out how Directive 2006/46 is transposed into UK law. 4.2 Explanatory Memorandum OTNYR EM covering the ...