Following the transposition of Directive 2013/34/EU regarding annual financial statements of companies, as from the 1st January 2016 there will be two major changes to the Companies Act:
1. The exemption from the preparation of consolidated accounts in the case of eligible Financial Holding companies has been removed. The Registry of Companies will therefore not be able to grant any exemption for financial periods commencing on or after the 1st January 2016.
2. The possibility for certain companies to extend the period allowed for laying accounts before the general meeting will no longer be available. Therefore, the official registry Form U and Form U(1) may no longer be submitted to the Registry of Companies for financial periods commencing on or after the 1st January 2016.
Please feel free to contact us should you require any further clarifications.