Companies Act 2014 section 991

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

Section 991 provides that the financial statements, annual return and audit requirements in Part 6 of the Companies Act 2014 do not apply to Designated Activity Companies (DACs) that are credit institutions or insurance undertakings, because these entities are subject to separate sector-specific accounting and reporting requirements.

• Part 6 of the Companies Act 2014, which deals with financial statements, annual returns and audit, does not apply to DACs operating as credit institutions or insurance undertakings.
• The disapplication arises where regulations made under section 3 of the European Communities Act 1972 implement EU rules on accounts specific to credit institutions and insurance undertakings.
• Part 6 is also disapplied to the extent provided by any other enactment that sets out alternative accounting or reporting requirements for these entities.
• The effect is that such DACs must instead comply with the sector-specific financial reporting frameworks applicable to credit institutions and insurance undertakings respectively.