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Let's talk antitrust: Discussing recent cases and emerging competition issues
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
United Kingdom | Publication | February 2021
On February 5, 2021 the Financial Reporting Council (FRC) published an article by Sir James Wates, Chairman of the Coalition Group that prepared the Wates Corporate Governance Principles for large private companies in December 2018, following an assessment of reporting against the Wates Principles.
The article names private companies that have provided the following:
An area in which reporting could be improved concerns how the company’s purpose has guided board-level discussions and decisions. Corporate governance reports should also be made more accessible on companies’ websites.
The article notes that during 2021, the FRC intends to oversee a body of research with the aim of providing a more complete evidence base of reporting against the Wates Principles and promoting good practice reporting, so as to improve the quality of reporting.
(FRC, Reporting against Wates Principles for large private companies, 05.02.2020)
On February 12, 2021 the Financial Reporting Council (FRC) published for consultation its draft 2021/22 Strategy, Plan and Budget. It states that this reflects its continued commitment to serve the public interest whilst also moving at pace towards building the enhanced capacity and capability necessary to transform into the new Audit, Reporting and Governance Authority (ARGA). The FRC has assumed a further two-year transition period to the creation of ARGA in 2023 in proposing this Strategy and Plan and Budget.
In terms of regulatory focus, key priorities for the FRC in 2021/22 will include the following:
Comments are requested by March 12, 2021.
(FRC: Draft Strategy and Plan and Budget 2021/22,12.02.2021)
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Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
Publication
After a lacklustre finish to 2022 when compared to the vintage year for M&A that was 2021, dealmakers expected 2023 to see the market continue to cool in most sectors, in response to the economic headwinds of rising inflation (with its corresponding impact on financing costs), declining market valuations, tightening regulatory scrutiny and increasing geopolitical tensions.
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On 18 September 2023, the CMA published its Initial Report (Initial Report) on AI Foundation Models (FM), supplemented in April 2024 with the publication of its “Update Paper” focused on potential antitrust risks associated with FMs and a “Technical Update Report” providing more detail on the development on FMs (collectively the “Reports”). Below, we consider these CMA publications.
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