Corporate weekly highlights—2 December 2016

Corporate weekly highlights—2 December 2016

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 2 December 2016, which provide news updates and a comprehensive list of dates for your diary. This week’s edition considers: the Government’s Green Paper on corporate governance reform; proposed changes to the DTRs; the second consultation paper from the PRA on the implementation of MiFID II; the Commission Regulation adopting IFRS 9; the FRC’s thematic review of alternative performance measures; the FRC’s investigation into Sports Direct’s financial statements; the European Commission’s communication on the EU regulatory framework for financial services; and the FCA’s list of companies that are at risk of losing their passporting rights following Brexit.

Corporate governance

Views sought on UK corporate governance framework update

A Green Paper on corporate governance reform has been published, which seeks views on three areas where the government is considering updating the UK’s corporate governance framework. These are executive pay; strengthening the voice of key stakeholders, such as employees, customers and suppliers; and extending some of the features of the corporate governance regime to large private companies.

The three areas where the government is considering updating the framework are

The Financial Reporting Council (FRC) has indicated that it will consult to update the UK Corporate Governance Code and associated guidance in 2017 to address some of the themes discussed in the Green Paper.

The government is inviting responses to the Green Paper by 17 February 2017.

Equity capital markets

FCA consults on DTR 2.5 changes to comply with ESMA guidelines

Proposed amendments to the Disclosure Guidance and Transparency Rules (DTRs) in the Financial Conduct Authority (FCA) Handbook have been set out for consultation in CP 16/38. The FCA believes that the changes are required to ensure compliance with the guidelines issued by the European Securities and Markets Authority (ESMA) on delay in the disclosure of inside information under

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