Companies Act 2014 section 995

Disclosures by DAC that is a credit institution

Section 995 extends the disclosure requirements that apply to public limited companies acting as credit institutions so that they also apply to Designated Activity Companies (DACs) that are credit institutions.

• Section 995 addresses the financial disclosure obligations of a DAC that operates as a credit institution.
• It applies the same disclosure rules (set out in section 1120) that already govern public limited companies to DACs.
• Section 1120 itself applies sections 310 to 313 of the Act, which deal with specific financial statement disclosures required of credit institutions.
• The effect is that a DAC operating as a credit institution must meet the same disclosure standards as a public limited company in the same role.