§ Lord Gainford
asked Her Majesty's Government:
What plans they have to commence provisions of the Companies Act 1989.
§ The Minister of State, Department of Trade and Industry (Lord Hesketh)
My honourable friend the Minister for Corporate Affairs signed an order on 4th March which commences certain provisions of the Act. Sections 126 and 127(3) concerning company records come into force on 1st July. Certain powers to make regulations under Part VII of the Act (Financial Markets and Insolvency) are also commenced so as to permit regulations under that part to be made to take effect at the time the substantive provisions come into force (expected to be in mid-April). The remaining provisions of Section 193 come into force on 1st April 1991. Section 193 inserts Section 62A and paragraph 22A of Schedule 11 into the Financial Services Act 1986, restricting to private investors the right to bring action for contravention of rules, regulations, etc. My honourable friend the Minister for Corporate Affairs has also made regulations under Section 62A of the 1986 Act defining "private investor" and specifying circumstances in which rights are retained by persons other than private investors. These will also come into force on 1st April 1991.
A copy of the order has been placed in the Library.