Part 44— Miscellaneous provisions

Section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) (grants to bodies concerned with accounting standards etc) is amended as follows.

In subsection (2) (matters carried on by bodies eligible for grants) for paragraph (l) substitute— l issuing standards to be applied in actuarial work; m issuing standards in respect of matters to be contained in reports or other communications required to be produced or made by actuaries or in accordance with standards within paragraph (l); n investigating departures from standards within paragraph (l) or (m); o taking steps to secure compliance with standards within paragraph (l) or (m); p carrying out investigations into public interest cases arising in connection with the performance of actuarial functions by members of professional actuarial bodies; q holding disciplinary hearings relating to members of professional actuarial bodies following the conclusion of investigations within paragraph (p); r deciding whether (and, if so, what) disciplinary action should be taken against members of professional actuarial bodies to whom hearings within paragraph (q) related; s supervising the exercise by professional actuarial bodies of regulatory functions in relation to their members; t overseeing or directing any of the matters mentioned above. .

In subsection (5) (definitions) at the appropriate places insert— “professional actuarial body” means— a the Institute of Actuaries, or b the Faculty of Actuaries in Scotland,and the “members” of a professional actuarial body include persons who, although not members of the body, are subject to its rules in performing actuarial functions; “regulatory functions”, in relation to professional actuarial bodies, means any of the following— a investigatory or disciplinary functions exercised by such bodies in relation to the performance by their members of actuarial functions, b the setting by such bodies of standards in relation to the performance by their members of actuarial functions, and c the determining by such bodies of requirements in relation to the education and training of their members; .

Section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) (levy to pay expenses of bodies concerned with accounting standards etc) is amended in accordance with subsections (2) to (5).

In subsection (3)(a) after “to which” insert “ , or persons within subsection (3A) to whom, ”.

After subsection (3) insert— 3A The following persons are within this subsection— a the administrators of a public service pension scheme (within the meaning of section 1 of the Pension Schemes Act 1993); b the trustees or managers of an occupational or personal pension scheme (within the meaning of that section). .

After subsection (4)(b) insert— c make different provision for different cases. .

After subsection (12) insert— 13 If a draft of any regulations to which subsection (10) applies would, apart from this subsection, be treated for the purposes of the standing orders of either House of Parliament as a hybrid instrument, it is to proceed in that House as if it were not such an instrument. .

The above amendments have effect in relation to any exercise of the power to make regulations under section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 after this section comes into force, regardless of when the expenses to be met by the levy in respect of which the regulations are made were incurred.

In Schedule 3 to the Pensions Act 2004 (c. 35) (disclosure of information held by the Pensions Regulator), in the entry relating to the Secretary of State, in the second column, for “or” at the end of paragraph (g) substitute— ga Section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (levy to pay expenses of bodies concerned with accounting standards, actuarial standards etc), or .

Section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (grants to bodies concerned with accounting standards etc) is amended as follows.

For subsection (6) (application of section to Scotland) substitute— 6 In their application to Scotland, subsection (2)(a) to (t) are to be read as referring only to matters provision relating to which would be outside the legislative competence of the Scottish Parliament. .

In subsection (2) in paragraph (c), after “1985 (c. 6)” insert “ or the 1986 Order ”.

In subsection (5)—

In section 66 of that Act (extent), in subsection (2) (provisions extending to Northern Ireland, as well as England and Wales and Scotland) for “17” substitute “ 16 to 18 ”.

The Treasury or the Secretary of State may make provision by regulations requiring institutions to which this section applies to provide information about the exercise of voting rights attached to shares to which this section applies.

This power is exercisable in accordance with— section 1278 (institutions to which information provisions apply), section 1279 (shares to which information provisions apply), and section 1280 (obligations with respect to provision of information).

In this section and the sections mentioned above—

The obligation imposed by regulations under this section is enforceable by civil proceedings brought by—

Regulations under this section may make different provision for different descriptions of institution, different descriptions of shares and for other different circumstances.

Regulations under this section are subject to affirmative resolution procedure.

The institutions to which section 1277 applies are—

Regulations under that section may—

The regulations must specify by whom, in the case of any description of institution, the duty imposed by the regulations is to be fulfilled.

The shares to which section 1277 applies are shares—

For this purpose an institution has an interest in shares if the shares, or a depositary certificate in respect of them, are held by it, or on its behalf. A “depositary certificate” means an instrument conferring rights (other than options)—

Where an institution has an interest—

For this purpose a scheme or vehicle is taken to have an interest in shares if it would be regarded as having such an interest in accordance with subsection (2) if it was an institution to which section 1277 applied.

Regulations under section 1277 may require the provision of specified information about—

The regulations may require information to be provided in respect of specified occasions or specified periods.

Where instructions are given to act on the recommendations or advice of another person, the regulations may require the provision of information about what recommendations or advice were given.

The regulations may require information to be provided—

The regulations may provide—

References in this section to instructions are to instructions of any description, whether general or specific, whether binding or not and whether or not acted upon.

In Chapter 8 of Part 4 of the Insolvency Act 1986 (c. 45) (winding up of companies: provisions of general application), before section 176A (under the heading “Property subject to floating charge”) insert— Payment of expenses of winding up (England and Wales) 176ZA 1 The expenses of winding up in England and Wales, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over any claims to property comprised in or subject to any floating charge created by the company and shall be paid out of any such property accordingly. 2 In subsection (1)— a the reference to assets of the company available for payment of general creditors does not include any amount made available under section 176A(2)(a); b the reference to claims to property comprised in or subject to a floating charge is to the claims of— i the holders of debentures secured by, or holders of, the floating charge, and ii any preferential creditors entitled to be paid out of that property in priority to them. 3 Provision may be made by rules restricting the application of subsection (1), in such circumstances as may be prescribed, to expenses authorised or approved— a by the holders of debentures secured by, or holders of, the floating charge and by any preferential creditors entitled to be paid in priority to them, or b by the court. 4 References in this section to the expenses of the winding up are to all expenses properly incurred in the winding up, including the remuneration of the liquidator. .

In Chapter 8 of Part 5 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) (winding up of companies: provisions of general application), before Article 150A (under the heading “Property subject to floating charge”) insert— Payment of expenses of winding up 150ZA 1 The expenses of winding up, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over any claims to property comprised in or subject to any floating charge created by the company and shall be paid out of any such property accordingly. 2 In paragraph (1)— a the reference to assets of the company available for payment of general creditors does not include any amount made available under Article 150A(2)(a); b the reference to claims to property comprised in or subject to a floating charge is to the claims of— i the holders of debentures secured by, or holders of, the floating charge, and ii any preferential creditors entitled to be paid out of that property in priority to them. 3 Provision may be made by rules restricting the application of paragraph (1), in such circumstances as may be prescribed, to expenses authorised or approved— a by the holders of debentures secured by, or holders of, the floating charge and by any preferential creditors entitled to be paid in priority to them, or b by the Court. 4 References in this Article to the expenses of the winding up are to all expenses properly incurred in the winding up, including the remuneration of the liquidator. .