Companies Act 2014 section 1215

Disclosures by CLG that is credit institution

Section 1215 extends the disclosure requirements that apply to public limited companies acting as credit institutions so that they also apply to companies limited by guarantee (CLGs).

• Section 1120 sets out specific disclosure requirements for credit institutions structured as public limited companies.
• Section 1215 extends those same disclosure requirements to companies limited by guarantee (CLGs) that are credit institutions.
• A CLG that is a credit institution must comply with the same disclosure obligations as a public limited company in that role.
• This ensures consistent financial reporting standards regardless of whether a credit institution is structured as a PLC or a CLG.