Companies Act 2014 section 1375

Application of sections 279 and 280 to a traded company excluded

Section 1375 excludes publicly traded holding companies from the transitional provisions that allow certain holding companies to use US accounting standards or other internationally recognised accounting standards.

• A holding company that is a traded company is excluded from the definition of "relevant holding company" in section 279(1)
• This means traded holding companies cannot avail of the transitional provision permitting the use of US accounting standards
• No category of traded holding company may be the subject of regulations made under section 280
• Traded holding companies are therefore also excluded from any regulations permitting the use of other internationally recognised accounting standards during a transitional period