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Company Law Reform Bill [HL]

moved Amendment No. A183A:"Page 323, line 29, leave out ““that”” and insert ““which is not required by the law of the country in which it is incorporated to prepare, have audited and publicly disclose accounts, and which””" The noble Lord said: In moving the amendment, I shall also speak to Amendments Nos. A183B and A183C. There seems to be an inconsistency between subsections (1) and (3), in that under subsection (1) it is envisaged that an overseas company is required to prepare UK-style reports and accounts, whereas subsection (3) stages that regulations may require that an overseas company should file either UK-style accounts or its home-state accounts. In any event, we are advised that Article 3 of the 11th EU company law directive suggests that it would not be possible to compel an overseas entity with a UK branch to produce UK-style accounts or to deliver them in a shorter time scale than would be required in its home state. This group of amendments is intended to address and rectify that anomaly. I beg to move.