§ The Earl of Swintonasked Her Majesty's Government:
What progress is being made on the implementa-tion of the EC Eleventh Company Law Directive and the Bank Branches Directive.
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Baroness Denton of Wakefield)The Department of Trade and Industry has today issued a consultation document inviting comments on draft regulations to implement the EC Eleventh Company Law Directive and the Bank Branches Directive.
These draft regulations represent a major step towards full implementation of both.
The Eleventh Company Law Directive deals with the disclosures, including accounting documents, to be made by-the branches established in a member state of companies registered in another member state or non-EC country. The Bank Branches Directive complements the Eleventh Directive by setting special requirements regarding the disclosure of the accounting documents of a credit or financial institution which has established a branch in a member state, but has its head office outside that member state.
The Government have also taken the opportunity provided by these regulations to deal with two other minor matters relating to the accounts of banks. These are amendments to Sections 255A and 255B of the Companies Act 1985 as inserted by the Companies Act 1985 (Bank Accounts) Regulations 1991. Copies of the consultation document have been placed in the Library. Views are invited by 23rd September 1992.