The Bank Accounts Directive (Miscellaneous Banks) Regulations 1991

UK Statutory Instrument 1991 No. 2704 — creates 3 criminal offences.

3offences created

0recorded in force

3revoked

Made: 1 December 1991
In force from: 2 December 1991
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: European Communities Act 1972

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations implement Council Directive 86/635/EEC Official Journal No L372 of 31.12.1986 pages 1-17 on the Annual Accounts and Consolidated Accounts of Banks and Other Financial Institutions, in so far as that Directive is applicable to bodies corporate or unincorporate other than (a) bodies corporate to which Part VII of the Companies Act 1985 (“the 1985 Act”) applies and (b) building societies. (The Companies Act 1985 (Bank Accounts) Regulations 1991 (S.I. 1991/2705) implement Directive 86/635/EEC in respect of bodies corporate to which Part VII of the 1985 Act applies. Separate Regulations will deal with building societies.) The scope of application of the Regulations is set out in Regulation 3. They apply, in effect, to certain institutions authorised under the Banking Act 1987 to carry on a deposit taking business which were incorporated or formed by or under Public General Acts which predate modern legislation governing the legal forms in which business may be carried on. The directors of bodies of persons to which the Regulations apply are required by Regulation 4 to prepare accounts and a directors' report, and to obtain an auditors' report on such accounts, in accordance with the provisions of Part VII of the 1985 Act which are applicable to banking companies and groups, subject to certain modifications set out in the Schedule to the Regulations. The Schedule disapplies requirements of Part VII which do not derive from the European Community Directives on Accounts. Regulation 5 requires the documents prepared under Regulation 4 to be made available for inspection without charge at the body’s principal place of business within Great Britain; the documents are also to be those to which section 45 of the Banking Act 1987 applies. That section requires the accounts of an institution authorised under that Act to be open to inspection at any of its branches. Regulations 6 and 7 impose criminal penalties for failure to comply with the Regulations. Regulation 8 permits the directors of a body of persons to which the Regulations apply not to prepare accounts and a directors' report (and obtain an auditors' report on the accounts)under the Regulations for financial years commencing on a date prior to 23rd December 1992. This transitional provision mirrors the transitional provision contained in the Companies Act 1985 (Bank Accounts) Regulations 1991.

Offences created by this instrument

Penalties for non-compliance regulation 6(1) · Revoked · Strict liability
Penalties for non-compliance regulation 6(2) · Revoked · Strict liability
Penalties for non-compliance regulation 7(1) · Revoked · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Statutory Instruments, &C Commons · Commons Chamber · 11 November 1991
Motion made, and Question put forthwith pursuant to Standing Order No. 101(3) (Standing Committees onStatutory Instruments, &c.), That the draft Scottish Seed Potato Development Council (Amendment) Order 1991 be referred to a Standing Committee on Statutory Instruments, &c. That the draft Companies Act 1985 (Bank Accounts) Regulations 1991 be referred to a Standing Committee on Statutory Instruments, &c. That the draft Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 be referred to a Standing Committee on Statutory Instruments, &c. That the draft Waltham Forest Housing Action…
Banking Commons · Commons Chamber · 25 November 1991
That the draft Bank Accounts Directive (Miscellaneous Banks) Regulations 1991, which were laid before this House on 16th October, in the last Session of Parliament, be approved.
Companies Act 1985 (Bank Accounts) Regulations 1991 Lords · Lords Chamber · 28 November 1991
The noble Viscount said: My Lords, in moving these draft regulations, I shall also speak to the Bank Accounts Directive (Miscellaneous Banks) Regulations 1991. The purpose of these regulations is short and simple: to implement the EC Bank Accounts Directive. The directive, on the other hand, is neither short nor simple. Neither, inevitably, are the regulations. The directive complements the fourth and seventh company law directives, which established for companies other than banks and insurance companies the accounting requirements for individual and consolidated accounts. They were…
Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 Lords · Lords Chamber · 28 November 1991

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

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