Companies Act 2014 section 1387

Application of Parts 1 to 14 to investment companies

Section 1387 sets out which provisions of Parts 1 to 14 of the Companies Act 2014 apply to investment companies, and identifies the extensive list of provisions that are disapplied or do not apply to them.

• Parts 1 to 14 of the Act generally apply to investment companies, but with significant exceptions — any provisions already disapplied to public limited companies under section 1002 are also disapplied to investment companies.
• A wide range of provisions relating to share capital, distributions, own-share acquisitions, financial assistance, and capital reductions are disapplied, reflecting the fact that these rules are not compatible with how investment companies operate.
• Directors of investment companies are not required to prepare compliance statements under section 225, because these companies are subject to additional regulatory oversight from the financial services sector.
• Where a provision listed in the Table is disapplied, any other provision that is consequential, incidental, or supplemental to it is also automatically disapplied, even if not expressly listed.