Companies Act 2014 section 1211

Non-application of Part 6 to CLGs that are credit institutions or insurance undertakings

Section 1211 provides that the financial statements and reporting rules in Part 6 of the Companies Act 2014 do not apply to companies limited by guarantee (CLGs) that operate as credit institutions or insurance undertakings, where separate accounting rules already apply under other legislation.

• Part 6 of the Companies Act 2014, which deals with financial statements, annual returns and audit, does not apply to CLGs that are credit institutions or insurance undertakings.
• The exemption applies to the extent that separate accounting regulations have been made under the European Communities Act 1972 to implement EU rules on the accounts of credit institutions and insurance undertakings.
• The exemption also applies to the extent provided by any other enactment that governs the financial reporting of these entities.
• In practice, this means that CLGs operating as credit institutions or insurance undertakings follow their own sector-specific accounting and reporting frameworks rather than the general company law requirements in Part 6.

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