How will the Act affect private companies?
The emphasis of the current law will change so as to introduce a much simpler and more lightly regulated regime for private companies. The provisions relating to all companies are set out first in the Act, followed by the extra requirements which apply to public and quoted companies. (The Act applies certain provisions only to quoted companies. These are defined to include companies on the Official List of the London Stock Exchange but not companies on AIM). How will the Act affect public and quoted companies? The changes are largely designed to ensure greater transparency of company information and proceedings as well as accountability, and to give all shareholders, including indirect shareholders, a greater opportunity to participate in company business. When will the Act come into force? Most provisions of the Act will become effective by October 2008, but some parts will be effective sooner. For instance, the Takeover Directive is implemented into UK law under the Act and the Takeo
