• Chapter 5 Chapter 5 Trading Disclosures

    • 70. Requirement To Disclose Company Name Etc

      (1) The Board may make rules requiring companies–
      (a) to display specified information in specified locations,
      (b) to state specified information in specified descriptions of document or communication, and
      (c) to provide specified information on request to those they deal with in the course of their business.
      (2) The rules–
      (a) must in every case require disclosure of the name of the company,
      (b) may make provision as to the manner in which any specified information is to be displayed, stated or provided, and
      (c) may declare specified companies exempt in whole or in part from the requirements imposed under this section.
      (3) The rules may provide that, for the purposes of any requirement to disclose a company’s name, any variation between a word or words required to be part of the name and a permitted abbreviation of that word or those words (or vice versa) shall be disregarded.
      (4) In this section “specified” means specified in the rules made under this section.

    • 71. Consequences Of Failure To Make Required Disclosure

      (1) This section applies to any legal proceedings brought by a company to which section 70 (requirement to disclose company name etc) applies to enforce a right arising out of a contract made in the course of a business in respect of which the company was, at the time the contract was made, in breach of rules under that section.
      (2) The proceedings shall be dismissed if the defendant to the proceedings shows–
      (a) that he has a claim against the claimant arising out of the contract that he has been unable to pursue by reason of the latter’s breach of the rules, or
      (b) that he has suffered some financial loss in connection with the contract by reason of the claimant’s breach of the rules,
      unless the Court before which the proceedings are brought is satisfied that it is just and equitable to permit the proceedings to continue.
      (3) This section does not affect the right of any person to enforce such rights as he may have against another person in any proceedings brought by that person.

    • 72. Consequences Of Failure To Make Required Disclosures

      (1) Rules under section 70 (requirement to disclose company name etc) may provide–
      (a) that where a company fails, without reasonable excuse, to comply with any specified requirement of rules under that section a contravention of these Regulations is committed by–
      (i) the company, and
      (ii) every officer of the company who is in default,
      (b) that a person who commits the contravention referred to in subsection (1)(a) shall be liable to a level 1 fine.
      (2) The rules may provide that, for the purposes of any provision made under subsection (1), a shadow director of the company is to be treated as an officer of the company.
      (3) In subsection (1)(a) “specified” means specified in the rules.

    • 73. Minor Variations In Form Of Name To Be Left Out Of Account

      (1) For the purposes of this Chapter, in considering a company’s name no account is to be taken of–
      (a) whether upper or lower case characters (or a combination of the two) are used,
      (b) whether diacritical marks or punctuation are present or absent, or
      (c) whether the name is in the same format or style as is specified under section 51(1)(b) (permitted characters etc) for the purposes of registration,
      provided there is no real likelihood of names differing only in those respects being taken to be different names.
      (2) This does not affect the operation of regulations under section 51(1)(a) (permitted characters etc) permitting only specified characters, diacritical marks or punctuation.