Publication
Reforming the Consumer Credit Act 1974
Among the documents that the Government published last December as part of its Edinburgh reforms was a consultation paper on reforming the UK’s Consumer Credit Act 1974 (CCA 1974).
Essential Corporate News – week ending May 3, 2019
United Kingdom | Publication | May 2019
FRC: Consultation on revising Standards for Investment Reporting
On May 1, 2019 the Financial Reporting Council (FRC) launched a consultation on revisions to the Standards for Investment Reporting (SIRs) 1000-5000 and on an exposure draft for a new SIR 6000 dealing with Quantified Financial Benefits Statements (QFBS).
The SIRs set the requirements and provide guidance for reporting accountants carrying out reporting engagements on UK investment circulars. Those engagements can include private reporting (for example, on working capital statements) and public reporting engagements on published financial information. SIR 1000 provides basic principles and procedures for all relevant engagements and SIR 2000-6000 provide additional principles and procedures for specific types of public reporting.
The purpose of the consultation is to revise the SIRs (which have not been updated since 2006-2008) to reflect changes in both retrospective and prospective legislation and regulation These include changes to the Listing Rules and Takeover Code and proposed changes to the Prospectus Rules in light of the new EU Prospectus Regulation, as well as the establishment of the Financial Conduct Authority in place of the Financial Services Authority. References to “fair, balanced and understandable“ principles have also been included as criteria reporting accountants may consider when assessing an investment circular prepared by an entity which is required to or voluntarily complies with the UK Corporate Governance Code. New SIR 6000 is being introduced as the FRC believes the work carried out by reporting accountants to give an opinion on the proper compilation of a QFBS is sufficiently distinct to warrant it.
The FRC requests feedback on all aspects of the consultation, with particular focus on whether the proposed revisions provide a sound framework for the work carried out by reporting accountants and meet stakeholder expectations, especially whether the current format of reporting is sufficiently transparent and informative about the opinions being given.
Responses to the consultation are requested by July 26, 2019.
(FRC: Consultation on revising Standards for Investment Reporting, 01.05.19)
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The EU Foreign Subsidy Regulation: A new set of wide-reaching powers for the European Commission
The European Union’s Foreign Subsidies Regulation (the FSR) entered into force on 12 January 2023 and creates a new regime aimed at combating distortions of competition on the EU internal market caused by foreign subsidies. It imposes mandatory notification and approval requirements for acquisitions of significant EU businesses and large EU public tenders, and gives the European Commission (EC) extensive powers to launch ex officio investigations. The notification requirements go live on 12 October 2023.
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EU Commission's Draft Market Definition Notice for the Life Science Sector: Key Points and Implications
The European Commission’s (the “Commission’s”) 1997 notice on the definition of relevant market for purposes of competition law (the “1997 Notice”) is now more than 25 years old. In light of significant developments in both decisional practice and market dynamics, the Commission is updating the 1997 notice. The draft revised notice (the “Draft Notice”) was published for comments in November 2022, with the Draft Notice expected to be finalised in the third quarter of 2023.
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