Commentary on Sections Regulation of loans Section 71W Proceedings under sections 71I and 71S
365.This section provides that proceedings on applications by the Electoral Commission relating to sections 71I(4) and 71S(7) are to be heard in the county court in England and Wales and in Northern Ireland, and, in Scotland, by the sheriff.
Schedule 6A — Details to be given in transaction reports
366.Schedule 6A sets out the details which have to be recorded in a transaction report. The principal matters which must be reported are as follows:
	The name and address of the participant (paragraphs 2 and 3).
	The nature of the transaction (i.e. whether it is a loan, credit facility or security agreement) (paragraph 5).
	The value of the transaction (paragraph 5).
	The transaction date (that is, the date on which the transaction was entered into) (paragraphs 5 and 8).
	Certain other particulars in respect of loans and credit facilities (the repayment date; the interest to be paid on moneys lent; whether any security has been provided; whether capitalisation provisions exist) (paragraph 6).
	Certain other particulars in respect of the provision by third parties of guarantees and securities (e.g., the nature of the transaction that the guarantee or security supports; and details of any property provided by way of security) (paragraph 7).
	Where the transaction was only reported because of aggregation with donations, this fact must be reported (paragraph 5).
367.In respect of regulated transactions entered into with persons who are not authorised participants, the following information is to be reported (paragraph 4):
	The name and address of the participant.
	The date, and manner in which, the transaction was dealt with (i.e. the circumstances in which the moneys were repaid).
368.Paragraph 9 provides an order making power which allows the Secretary of State to vary the details required to be included in transaction reports.
369.Subsection (6) of section 61 amends Schedule 20 of the 2000 Act, to stipulate the penalties for the criminal offences created by the provisions of the new Part 4A. Subsection (7) introduces Part 6 of Schedule 1, which makes provision for the control of loans to individual members of political parties and members associations (see below *INSERT PARA NUMBER).