UK: Small Business, Enterprise and Employment Bill 2014-15 introduced in Parliament

The Small Business, Enterprise and Employment Bill 2014-15 was introduced in Parliament yesterday and received its First reading: see here. Second reading is scheduled to begin today. A copy of the Bill, as introduced, is available here or here (pdf). Explanatory notes are available here or here (pdf). Further materials, including impact assessments, have been published by the Department for Business, Innovation and Skills: see here.

The Bill contains a wide range of provisions, including those for the establishment of a register of those with significant control over companies. It will also introduce a new general rule that company directors must be natural persons (at present, under section 155 of the Companies Act 2006, companies can act as a director of a company where that company has at least one director that is a natural person). This general rule can, however, be subject to exceptions determined by the Secretary of State.