Publication
US Supreme Court sidesteps discovery rule question and allows copyright owners to recover damages without time limit
The Copyright Act provides that a copyright owner must bring an infringement claim within three years of its accrual.
Global | Publication | December 2, 2016
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On November 29, 2016 the Department for Business, Energy & Industrial Strategy (BEIS) published its much heralded Green Paper on corporate governance reform for discussion. A range of options are proposed for strengthening the UK’s corporate governance framework, since “the behaviour of a limited few has damaged the reputation of many”. Section 172 of the Companies Act 2006 enshrines the importance of wider interest groups in corporate governance. Under that section, directors are required to take account of wider interests when seeking to promote the success of a company for the benefit of its shareholders. Therefore, in the Green Paper, the Government is exploring new ways to connect boards to a wider range of interested groups and to build upon existing good governance practices. Options include: increasing shareholder influence over executive pay, strengthening the employee, customer and supplier voice at boardroom level, and extending higher minimum corporate governance and reporting standards to large, privately-held businesses.
Responses to the Green paper are requested by February 17, 2017.
For more information, please see our briefing on the Green Paper.
On November 28, 2016 the Financial Conduct Authority (FCA) published a consultation paper proposing changes to DTR 2.5 in order to make it consistent with the European Securities and Markets Authority’s (ESMA) guidelines on legitimate interests to delay disclosure of inside information and situations in which the delay of disclosure is likely to mislead the public and persons receiving market soundings under the Market Abuse Regulation (MAR).
In relation to market soundings, the FCA has decided that it is not necessary to make any changes to the FCA Handbook to comply with ESMA’s guidelines on market soundings and therefore all of the proposed changes are intended to implement the guidelines on delay in the disclosure of inside information.
In amending DTR 2.5 the FCA intends to follow the approach adopted in its policy statement on the implementation of MAR. This entails deleting any FCA Handbook material that conflicts with or duplicates the ESMA guidelines and, where a provision is deleted, cross-referring to the guidelines as appropriate.
The proposed amendments to DTR 2.5 include:
The FCA has requested comments by January 6, 2017.
On November 25, 2016 the Big Innovation Centre published an interim report on executive remuneration by the Steering Group of its Purposeful Company Taskforce (Taskforce), which is developing a range of policy recommendations to support the development of UK companies pursuing sustainable growth inspired by purpose.
The interim report notes that executive remuneration has been impacting on public trust in business and, as a result, policy-makers are considering reforms to address three perceived failings in current executive pay practices and governance:
The Taskforce puts forward four proposals to help align executive incentives better with long-term purposeful behaviour and to help rebuild public confidence in executive pay:
The Taskforce’s final recommendations will be published in January 2017 and will take into account the Government's Green Paper on executive pay and corporate governance and feedback from members of the Taskforce and other stakeholders.
(Big Innovation Centre, The Purposeful Company: Interim Executive Remuneration Report, 25.11.16)
Publication
The Copyright Act provides that a copyright owner must bring an infringement claim within three years of its accrual.
Publication
On April 22, 2024, draft Securitisation (Amendment) Regulations 2024 were published. They amend the Securitisation Regulations 2024 (made on January 29, 2024) which form part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services.
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The Regulator has issued its DB Funding Statement, which is aimed primarily at schemes with valuation dates between September 22, 2023, and September 21, 2024, or “Tranche 19 schemes”. However, the statement is also relevant for schemes which have been significantly impacted by the “changes in market conditions” in recent years, and therefore need to review their investment strategy.
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