COMPANIES HOUSE EU EXIT additional NO DEAL schema

1

Good morning,

An additional EU Exit schema has now been added to the list available at this link:
http://xmlgw.companieshouse.gov.uk/v1-0/xmlgw/SchemaStatusBrexit

This refers in particular to the Confirmation Statement CS01:
http://xmlgw.companieshouse.gov.uk/v1-0/schema/forms/ConfirmationStatement-v1-2-rc1.xsd
<xs:element name=“PSCExemptAsTradingOnRegulatedMarket” type=“xs:boolean” minOccurs=“0”>

The relevant text change is as follows:

Currently:

“The company is exempt from the requirement to obtain information and keep a PSC register because the company has voting shares admitted to trading on a regulated market in an EEA State other than the United Kingdom”

Revised:

“The company is exempt from the requirement to obtain information and keep a PSC register because the company has voting shares admitted to trading on an EU regulated market”

As previously advised, these changes will only come into effect from 29 March 2019 if no deal is agreed by the UK Parliament.

Thanks
SDN

2

Hi Simon,

Just picking up on the difference between the old and new text, with the old referring to ‘EEA’ and the new referring to ‘EU’, does this mean that there is a material change coming from Companies House as to what’s regarded as a regulated market?

For example, if having voting shares traded on markets in the EEA states of Iceland, Liechtenstein and Norway were previously regarded as criteria for being exempt from keeping a PSC register, in the event of a no-deal Brexit, will markets in Iceland, Liechtenstein and Norway cease to be recognised as ones which earn being exempt from keeping a PSC register, for the reason that those 3 countries are members of the EEA but not the EU?

Many thanks,
PJ

3

Hi PJ,

As you can appreciate, this is a more of a legal / policy query, so I will refer to relevant colleagues and get back to you as soon as possible.

SDN

4

Hi Simon,

I appreciate that. Look forward to hearing from you.

Thanks,
PJ

5

Hello PJ,

We understand that the basic principle around the definition change is that there is no material impact between the old and new definition (when it comes into effect). The definition follows that included in the Markets in Financial Instrument (Amendment)(EU Exit) Regulations 2018 (and inserted in the Accounting SI). So, in a nutshell, EEA states will be regarded in the same manner as EU countries going forward.

I hope this clarifies.

SDN

6

Hi Simon,

Many thanks for the response.

Kind regards,
PJ