Registrar may grant exemptions to overseas companies

Heading: inserted, on 1 April 2014, by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

207L Registrar may grant exemptions to overseas companies

(1)

The Registrar may, by notice in the Gazette, exempt any large overseas company, or any class of large overseas companies, from compliance with any provision of sections 201, 202, 207, and 207E.

(2)

The Registrar must not grant an exemption under this section unless he or she is satisfied that—

(a)

compliance with the relevant provision would require the overseas company to comply with requirements that are unduly onerous or burdensome; and

(b)

financial reporting requirements must be complied with in relation to the overseas company under the law in force in the country where the overseas company is incorporated or constituted and that those requirements are satisfactory; and

(c)

the extent of the exemption is not broader than what is reasonably necessary to address the matters that gave rise to the exemption.

(3)

The exemption may be granted on any terms and conditions that the Registrar thinks fit.

(4)

The Registrar may vary or revoke an exemption in the same way as an exemption may be granted under this section.

Compare: 1993 No 106 s 35B(1)–(3), (5)

Section 207L: inserted, on 1 April 2014, by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).