OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On December 10, 2018 the GC100 and Investor Group published an updated version of its directors’ remuneration reporting guidance. The second edition, published in August 2016, has been thoroughly reviewed and new material has been added to address the new reporting requirements required by the Companies (Miscellaneous Reporting) Regulations 2018 (2018 Regulations).
Key changes to the 2016 guidance include the following:
On December 10, 2018 the Financial Reporting Council (FRC) published the final version of the Wates Corporate Governance Principles for Large Private Companies (Wates Principles). A draft of the Wates Principles was published for consultation in June 2018 in light of the requirement in The Companies (Miscellaneous Reporting) Regulations 2018 (Regulations), for financial years commencing on or after January 1, 2019, for all companies of a significant size, that are not currently required to provide a corporate governance statement, to include such a statement in their directors’ report. The Wates Principles are designed to help such companies comply with the Regulations.
The Wates Principles were developed by a coalition established by the FRC and chaired by James Wates CBE. Companies will be able to adopt them as an appropriate framework when making a disclosure about their corporate governance arrangements under the Regulations, following an “apply and explain” approach. Boards are encouraged to apply each Principle by considering them individually within the context of the company’s specific circumstances and then explain, in their own words, how they have addressed them in their governance practices.
The six Principles are:
The Introduction to the Wates Principles has been revised in light of feedback received in the consultation process. For example, more information is provided about the “apply and explain” approach, and it is made clear that groups should consider how they report on the governance of subsidiary companies to enable cross-referral. While reporting against the Wates Principles will only be applied to annual reports published from January 2020, the coalition group and the FRC plan to adjust them as needed in the future.
On December 12, 2018 the draft Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019 were published.
The draft Regulations are being made in order to addresses deficiencies in the Prospectus Directive (PD) and the Transparency Directive (TD) that arise from the UK leaving the EU. They ensure that the prospectus regime will be applicable to issuers making an offer to the public in the UK or applying to admit securities to a regulated market in the UK, and that the transparency framework will be applicable to issuers with securities traded on regulated markets in the UK, and will continue to operate effectively after exit day.
The draft Regulations replicate, as far as possible, the current effects of the prospectus regime, the transparency rules and the listing rules that apply across the EU, however changes include the following:
HM Treasury plans to lay the draft Regulations before Parliament before exit day but they will not take effect if the UK enters an implementation period.
On December 10, 2018 the Department for Business, Energy and Industrial Strategy (BEIS) published a response to its consultation on reforming the law of limited partnerships which was launched in April 2018.
The consultation document set out a range of proposals to reform limited partnership (LP) law, including stronger controls at the point of registration, requirements for additional information whilst the limited partnership is operating, as well as providing the Registrar of Companies with powers to strike off limited partnerships from the register under certain circumstances.
In its consultation response, BEIS highlights the themes arising from the responses received and the decisions it has taken in light of these. The response includes:
BEIS plans to develop legislation to give effect to its proposals and intends to legislate when Parliamentary time allows. BEIS has committed to undertaking further work in a number of areas in order to determine exactly how some of the intended provisions would work in practice.
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.