Ongoing filing obligations and trading disclosures of a limited liability partnership Coronavirus (COVID-19): Following the COVID-19 outbreak, some Companies House filing and other administrative procedures for limited liability partnerships have been temporarily suspended or changed. For further details of the impact of COVID-19 on such matters, see Practice Note: Coronavirus (COVID–19)—impact on company filing and administrative procedures. A limited liability partnership (LLP) is a body corporate which is formed under the Limited Liability Partnerships Act 2000 (LLPA 2000). The majority of law applicable to LLPs is actually modified company law rather than partnership law (see Practice Note: The nature of a limited liability partnership and its legal framework). The requirements for an LLP's ongoing filing obligations and trading disclosures are set out in the LLPA 2000 and the Companies Act 2006 (CA 2006), as modified and applied by certain statutory instruments. The key statutory instruments are: • the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 (LLP (Application of CA 2006) Regs) • the Limited Liability Partnerships (Application of Companies Act 2006) (Amendment) Regulations 2013 (LLP (Application of CA 2006) (Amendment) Regs) • the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 (LLP (PSC) Regs), as amended by The Information about People with Significant Control (Amendment) Regulations 2017, SI 2017/693 • the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
Company records—a company's statutory registers Coronavirus (COVID-19) IMPACT: Certain filing and registration deadlines are extended by temporary measures introduced to mitigate the consequences of the coronavirus pandemic (see Part 2 of The Companies etc. (Filing Requirements) (Temporary Modifications) Regulations 2020), for example the period allowed for giving notice to the registrar of the place where the registers of members or directors are kept available for inspection and of any change in that place is increased from 14 to 42 days. The temporary provisions expire at the end of 5 April 2021. For further information see Practice Note: Coronavirus (COVID–19)—impact on company filing and administrative procedures. The Companies Act 2006 (CA 2006) requires companies to keep the following statutory registers: • the register of members • the register of directors • the register of people with significant control (the PSC register) • the register of directors' residential addresses, and • the register of secretaries This practice note considers each of these registers in more detail. A company may also choose to keep other registers that are not required by statute, such as: • a register of applications and allotments • a register of transfers, and • a register of debenture holders For more detail on these non-statutory registers, see Practice Note: Company records—a company's non-statutory registers. It should be noted that a company's registers can be kept in electronic or paper format, as long as they comply with statutory requirements.
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Which statutory registers may be kept on the central (public) register? The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) amends the Companies Act 2006 (CA 2006) to give private companies, since 30 June 2016, the option of keeping certain information on the central register kept by the registrar instead of keeping it on their own registers. The Companies and Limited Liability Partnerships (Filing Requirements) Regulations 2016, SI 2016/599 amend the Limited Liability Partnerships (Application of the Companies Act 2006) Regulations 2009 (the 2009 Regulations) to also provide for alternative record-keeping in relation to Limited Liability Partnerships (LLPs). The option to keep information on the central register at companies house applies to the following private company
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Welcome to the weekly round-up of the latest key legal news stories, handpicked by the Lexis®PSL in-house team, including news articles and links to cases, legislation and consultation trackers.
Welcome to the weekly Banking & Finance highlights from the Lexis®PSL Banking & Finance team for the week ending 30 June. This week’s edition of Banking & Finance highlights includes (1) analysis on the potential impact of Brexit, (2) publication by the PRA of final rules on contractual recognition of bail-in under BRRD, (3) new standard form documentation published by BIMCO, (4) the new EU Benchmark Regulation published, (5) publication of a new Regulation extending the exemption date for commodity dealers under the CRR, (6) MiFID II supplemented again with further regulatory technical standards, (7) relevant updates from the Lexis®PSL Corporate, Planning and Restructuring & Insolvency teams, and (8) a list of cases reported by the Lexis®PSL Banking & Finance team this week
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