§ Mr. WatersonTo ask the President of the Board of Trade what progress is being made on the implementation of the EC 11 th company law directive and the bank branches directive.
§ Mr. Neil HamiltonThe Department of Trade and Industry has today issued a consultation document inviting comments on draft regulations to implement the EC 11th company law directive and the bank branches directive.
These draft regulations represent a major step towards full implementation of both.
The 11th 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 11th directive by setting special requirements regarding the disclosure of the accounting documents of a credit of 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 790W 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 23 September 1992.