Section 133C | The disclosure condition ^F1

(1)In relation to expenses incurred by a company (“company A”) in respect of amounts of relevant compensation, the “disclosure condition” is met if—^F1

(a)a relevant document indicates that the company—^F1

(i)is or has been, or^F1

(ii)will become,^F1

liable to pay compensation in respect of a particular matter and the relevant compensation can reasonably be regarded as relating to that matter, or

(b)a relevant document refers to disciplinary action taken or to be taken by a regulator in respect of a particular matter and the relevant compensation can reasonably be regarded as relating to that matter.^F1

(2)A disclosure in a relevant document is to be disregarded for the purposes of paragraph (a) of subsection (1) if the disclosure is concerned with liability to pay compensation to or for the benefit of one (and only one) customer of the company concerned in respect of a single error in the conduct of the company concerned.^F1

(3)In subsection (2) “the company concerned” means company A or a company which is associated with company A (see section 133L).^F1

(4)For the purposes of subsection (1)(a) it does not matter whether the indication is express or implicit (or how it is expressed or conveyed) provided that it is reasonably clear from the relevant document that the company is or has been, or will become, liable to pay compensation in respect of the matter concerned.^F1

(5)In this section “a relevant document” means—^F1

(a)relevant accounts,^F1

(b)a relevant statutory report, or^F1

(c)a relevant listing disclosure.^F1

(6)For the purposes of this section the following are “relevant accounts” in relation to expenses incurred by company A—^F1

(a)company A's statutory accounts for a relevant period, and^F1

(b)relevant consolidated accounts for a relevant period.^F1

(7)For the purposes of this section, any of the following is a “relevant statutory report” in relation to company A if the report in question is prepared for a relevant period—^F1

(a)any published report prepared by the directors of the company for the purposes of any provision of the legislation under which company A is registered or, as the case may be, established;^F1

(b)any published consolidated report prepared for such purposes, if the company is included in the consolidation.^F1

(8)In this section “relevant listing disclosure” means a disclosure required—^F1

(a)by rules under section 73A of FISMA 2000, or^F1

(b)by virtue of a requirement imposed by or under a corresponding provision of the law of a territory outside the United Kingdom,^F1

if the disclosure is made in the period of 5 years ending at the end of the period of account in which the expenses are recognised for accounting purposes.

(9)In this section “relevant period”, in relation to expenses incurred by company A, means—^F1

(a)the period of account in which the expenses are recognised for accounting purposes, or^F1

(b)any period which begins not more than 5 years before, and ends not later than, the end of that period.^F1

(10)In this section, in relation to a company—^F1

“relevant compensation” has the meaning given by section 133A(3);

“statutory accounts” means accounts prepared for the purposes of any provision of the legislation under which the company is registered or, as the case may be, established;

“relevant consolidated accounts” means consolidated accounts prepared for any such purposes, if the company is included in the consolidation.