Definition
The CIC Regulator is the Office of the Regulator of Community Interest Companies, the public body that decides whether a company can become a CIC and oversees CICs afterwards. It works alongside Companies House.
What it does
- Decides whether a new or converting company meets the community interest test.
- Reviews the CIC34 report each CIC files every year.
- Approves certain changes, such as a change to the company’s objects or a transfer of assets to a body not named in its articles.
- Sets the dividend cap and the cap on performance-related interest.
- Investigates complaints, and can appoint or remove directors or apply to wind a company up where the asset lock is at risk.
How it fits with Companies House
A CIC is still a company, so it is on the Companies House register and files its accounts and confirmation statement there like any other. The CIC Regulator deals only with the things that make it a CIC, and describes its own approach as light touch.
Read more: Community Interest Companies: the CT600 and the CIC34 report.