452 Company that issues equity securities not FMC reporting entity if fewer than 50 shareholders

(1)

A company within the meaning of section 2(1) of the Companies Act 1993 is not an FMC reporting entity under section 451(a) if it—

(a)

has fewer than 50 shareholders or fewer than 50 parcels of shares that are voting products; and

(b)

would, but for this section, be an FMC reporting entity by reason only of being an issuer of equity securities that are both voting products and regulated products.

(2)

In this section, shareholder means a shareholder holding a voting product.

Compare: 1993 No 106 s 6(g); 1993 No 107 s 2A

Section 452: replaced, on 1 April 2014, by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).