Companies Act 2014 section 310

Credit institutions: exceptions to disclosure by holding company under sections 307 to 309 in the case of connected persons and certain officers

Section 310 provides specific exemptions from the financial statement disclosure requirements of sections 307 to 309 for holding companies of credit institutions, particularly in relation to transactions involving persons connected with directors and certain officers.

• The holding company of a credit institution is exempt from disclosing loans, quasi-loans, credit transactions, guarantees, and related agreements entered into by the credit institution with or for persons connected with directors of the holding company or institution.
• The holding company is also exempt from disclosing transactions, arrangements, or agreements made by the credit institution with its own officers or officers of the holding company.
• Where the credit institution is party to an arrangement or transaction and the only person with a material interest is someone connected with a director (rather than the director themselves), the section 309 disclosure requirements do not apply.
• Where both a connected person and a director have a material interest in a transaction involving the credit institution, the connected person's name and the nature of their interest need not be disclosed.