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Companies Act 1989

Volume 168: debated on Wednesday 28 February 1990

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To ask the Secretary of State for Trade and Industry what further plans he has to commence the provisions of the Companies Act 1989.

On Monday I signed two orders; one of which commences most of part I (company accounts) of the Act, and certain provisions of part V (appointment and removal of auditors, and written and elective resolutions, amongst others); the other commences most of part VIII (amendments of the Financial Services Act 1986) and transfers functions under the Financial Services Act to the Securities and Investments Board. The dates of commencement are 1 April 1990 for the relevant provisions of parts I and V, and 15 March 1990 for part VIII. The orders provide for various transitional and saving provisions; the provisions in part I relating to preparation and delivery of company accounts will apply only to accounts for financial years starting after 22 December 1989. I have placed copies of the orders in the Library.