Corporate weekly highlights—12 October 2017

Corporate weekly highlights—12 October 2017

This week’s edition of Corporate highlights includes an article on the FRC’s reporting requirement changes, news analysis on the effects of corporate governance reforms on the pensions industry and new content in our Partnerships and Public company takeovers topic areas.

Accounts and Report

FRC highlights reporting requirement changes

The Financial Recording Council (FRC) has written a letter to audit committee chairs and finance directors to highlight changes to reporting requirements, as well as key areas where improvements can be made when preparing annual reports for the 2017/18 reporting season.

The FRC’s letter draws companies’ attention to implementing new accounting standards, non-financial reporting, viability statements, dividends, critical judgments and estimates and defined benefit pensions. For further information, see LNB News 10/10/2017 94.

Corporate Governance

Exploring the government’s consultation on corporate governance reform

In this piece of new analysis Anne-Marie Winton, partner at ARC Pensions Law, considers the key proposals affecting pensions outlined in the government’s consultation response and suggests there is some bark, but not necessarily much bite from the pension’s industry’s point of view.

For further information, see News Analysis: Exploring the government’s consultation on corporate governance reform.

Equity Capital Markets

ESMA urges firms not to delay LEI compliance procedures

The European Securities and Markets Authority (ESMA) has published a briefing on the Legal Entity Identifier (LEI) as part of its efforts to raise industry awareness and facilitate compliance with the LEI requirements under MiFID II ahead of its 3 January 2018 launch.

ESMA says it expects market participants to ensure full compliance with the LEI requirements under MiFID II. Based on its previous experience with EMIR reporting, ESMA urges reporting entities not to delay, as advance preparation will help in avoiding backlogs and ensuring that all market participants are ready for the new regime.

Listed companies are already required to have an LEI as the Disclosure Guidance and Transparency Rules sourcebook has been amended (from 1 October 2017) to require listed companies to give their LEI code to the Financial Conduct Authority when they file regulated information.

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