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This week’s edition of Corporate highlights includes details of two new Brexit SIs on stamp duty and financial services, proposals by the London Stock Exchange to change its primary and secondary market rulebooks in the event of a no deal Brexit, the announcement of the replacement of the FRC with a new Audit Reporting and Governance Authority and a related consultation regarding this new regulator, recommendations from the Digital Competition Expert Panel on reforms to tackle challenges posed by digital markets and a government commitment in the Spring Statement 2019 to tackle late payments for small businesses.
Additional Corporate updates this week
Additional news—daily and weekly news alerts
New and updated content
Dates for your diary
SI 2019/515: These regulations (which were made on 7 March 2019) are made in exercise of legislative powers under the Finance Act 1986 and Finance Act 2012 in preparation for Brexit. This enactment ensures that reliefs necessary for maintaining market liquidity from Stamp Duty and Stamp Duty Reserve Tax transactions continue to cover the UK and Gibraltar in the event that no deal is reached on the UK’s withdrawal from the EU. The Regulations will come into force on exit day.
For further information, see: LNB News 08/03/2019 141.
SI 2019/541: These regulations were made on 11 March 2019 in exercise of legislative powers under the European Union (Withdrawal) Act 2018 to address deficiencies in relation to the EU equivalence framework for financial services and retained EU law arising from Brexit. The regulations make provision for elements of the UK equivalence framework in a no deal scenario and provide ministers with a temporary power (for up to 12 months after exit day) to make equivalence directions and exemption directions for EEA member states. It came into force partly on 12 March 2019 and will apply fully on exit day.
For further information, see: LNB News 18/01/2019 48.
The London Stock Exchange (LSE) has announced, as part of its ongoing contingency planning, proposed changes to its Primary and Secondary Market Rulebooks (Market Notices N04/19 and N05/19) in the event of a no deal Brexit including amendments to the Admission and Disclosure Standards, the AIM Rules for Companies and the AIM Rules for Nominated Advisers. The amendments are consequential to reflect the UK’s legal and regulatory framework outside the EU and will allow the LSE to continue to operate its markets effectively and meet its regulatory obligations.
For further information, see: LNB News 08/03/2019 109.
The Business Secretary Greg Clark has announced a new enhanced regulator to transform the audit and accounting sector in response to the comprehensive Independent Review led by Sir John Kingman. As per the review’s recommendations, the Financial Reporting Council (FRC) will be replaced with a new regulator called the Audit, Reporting and Governance Authority. The government further notes that the establishment of new leadership at the top of the FRC, which will transition into the new body will also begin, with the recruitment for the Chair and Deputy Chair opening shortly.
For further information, see: LNB News 11/03/2019 120.
The Department for Business, Energy & Industrial Strategy (BEIS) launched a consultation on 11 March 2019 which is seeking views on the recommendations made by the Independent Review of the Financial Reporting Council to create a new regulator responsible for audit, corporate reporting and corporate governance. The consultation will close at 11:45 pm on 11 June 2019.
For further information, see: LNB News 12/03/2019 12.
On 13 March 2019, the Digital Competition Expert Panel published its report entitled ‘Unlocking digital competition’. The Panel’s report makes recommendations to the UK’s competition framework to address the challenges posed by digital markets, in the UK and internationally. The Panel recommended updating the UK rules governing mergers and antitrust enforcement, as well as establishing a digital markets unit.
For further information, see: LNB News 13/03/2019 100.
In the Spring Statement 2019, the government announced it will tackle late payments for small businesses, by requiring ‘company Audit Committees to review payment practices, and report on them in their Annual Accounts’. Edwin Morgan, interim director general of the Institute of Directors, said it will ‘ensure the issue gains the board-level attention it deserves’. A full response to 2018’s call for evidence will also be published shortly.
For further information, see: LNB News 13/03/2019 152.
This document contains the highlights from the past week’s news. To receive all our news stories, whether on a daily or a basis, amend your personal settings within your ‘News’ tab on the homepage by clicking on either ‘Email’ or ‘RSS’ (depending on how you prefer to receive them) on the right hand side of the blue banner.
We have published the following Practice Note concerning the impact of Brexit: Brexit—European entities.
To track key legislative and regulatory developments, see our Trackers:
Brexit legislation tracker
Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) timeline
Market Abuse Regulation timeline
Prospectus Regulation tracker
Transparency Directive tracker
Listing Rules tracker
Disclosure Guidance and Transparency Rules Sourcebook tracker
Prospectus Rules tracker
New Q&As added this week:
Are the officers of a co-operative or community benefit society (registered society) subject to the same duties as the directors of a limited company?
To view analysis of the latest deals in the market and the underlying transaction documents, use our Market Tracker deal analysis tool.
To read about the latest corporate announcements, see our Market Tracker weekly round-up—8 March2018.
To read about the latest issues and developments which we are following in Market Tracker, see our latest blog post: Market Tracker weekly bulletin—14 March 2019.
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