372. Public interest entities and financial institutions
Past version: effective from 14/06/2015 - 13/06/2015
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(1) For the purposes of this Part a company is a public interest entity in relation to a financial year if it is a public interest entity immediately before the end of the accounting reference period by reference to which that financial year was determined.
(2) A "public-interest entity" means a company:
(a) that is listed on a recognised investment exchange, or
(b) that is designated by the Board as a public-interest entity, because of the nature of its business, its size or the number of its employees.
(3) For the purposes of this Part a company is a "financial institution" in relation to a financial year if it is licensed under the Commercial Licensing Regulations 2015 as a financial institution at any time during the accounting reference period by reference to which that financial year was determined.
(4) The Board may make rules amending or replacing the provisions of subsections (1) to (3) so as to limit or extend the application of some or all of the provisions of this Part that refer to public interest entities and/or financial institutions.