LR TR 13 Transitional Provisions for the UK Corporate Governance Code

1.

LR 9.8.6R(3)

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3[expired]

2.

LR 9.8.6R(5), LR 9.8.6R(6) and LR 15.6.6R(2)

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3[expired]

3.

LR 9.8.10R

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3[expired]

34.

LR 9.8.6R(3), LR 9.8.6R(5), LR 9.8.6R(6) and LR 15.6.6R(2)

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[expired]4

35.

LR 9.8.10R

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[expired]4

46.

LR 9.8.6R(3)

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In the case of an annual financial report of a listed company or a closed-ended investment fund incorporated in the United Kingdom for an accounting period beginning before 1 January 2019:

(1) LR 9.8.6R(3) does not apply; and

(2) the annual financial report must include statements by the directors on:

(a) the appropriateness of adopting the going concern basis of accounting (containing the information set out in provision C.1.3 of the UK Corporate Governance Code published by the Financial Reporting Council in April 2016); and

(b) their assessment of the prospects of the company (containing the information set out in provision C.2.2 of the UK Corporate Governance Code published by the Financial Reporting Council in April 2016);

prepared in accordance with the ‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting’ published by the Financial Reporting Council in September 2014.

From 13 December 2019 to 30 June 2020

13 December 2019

47.

LR 9.8.6R(5)

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In the case of an annual financial report of a listed company or a closed-ended investment fund for an accounting period beginning before 1 January 2019:

(1) LR 9.8.6R(5) does not apply; and

(2) the annual financial report must include a statement of how the listed company has applied the Main Principles set out in the UK Corporate Governance Code published by the Financial Reporting Council in April 2016, in a manner that would enable shareholders to evaluate how the principles have been applied.

From 13 December 2019 to 30 June 2020

13 December 2019

48.

LR 9.8.6R (6)

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In the case of an annual financial report of a listed company or a closed-ended investment fund for an accounting period beginning before 1 January 2019:

(1) LR 9.8.6R(6) does not apply; and

(2) the annual financial report must include a statement as to whether the listed company has:

(a) complied throughout the accounting period with all relevant provisions set out in the UK Corporate Governance Code published by the Financial Reporting Council in April 2016; or

(b) not complied throughout the accounting period with all relevant provisions set out in the UK Corporate Governance Code published by the Financial Reporting Council in April 2016 and if so, setting out:

(i) those provisions, if any, it has not complied with;

(ii) in the case of provisions whose requirements are of a continuing nature, the period within which, if any, it did not comply with some or all of those provisions; and

(iii) the company’s reasons for non-compliance.

From 13 December 2019 to 30 June 2020

13 December 2019

49.

LR 9.8.10R

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In the case of an annual financial report of a listed company or a closed-ended investment fund for an accounting period beginning before 1 January 2019:

(1) LR 9.8.10R does not apply; and

(2) the listed company must ensure that the auditors review each of the following before the annual report is published:

(a) LR 9.8.6R(3) (statements by the directors regarding going concern and longer-term viability); and

(b) the parts of the statement required by LR 9.8.6R(6) (corporate governance) that relate to the following provisions of the UK Corporate Governance Code published by the Financial Reporting Council in April 2016:

(i) C.1.1;

(ii) C.2.1 and C.2.3; and

(iii) C.3.1 to C.3.8.

From 13 December 2019 to 30 June 2020

13 December 2019

410.

LR 15.6.6R(2)

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In the case of an annual financial report of a closed-ended investment fund for an accounting period beginning before 1 January 2019:

(1) LR 15.6.6R(2) does not apply; and

(2) a closed-ended investment fund’s statement required by LR 9.8.6R(6) need not include details about the following principles and provisions of the UK Corporate Governance Code published by the Financial Reporting Council in April 2016 except to the extent that those principles or provisions relate specifically to non-executive directors:

(a) Principle D.1 (including Code Provisions D.1.1 to D.1.5): and

(b) Principle D.2 (including Code Provisions D.2.1 to D.2.4).

From 13 December 2019 to 30 June 2020

13 December 2019