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Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 30 September 2016, which provide news updates and a comprehensive list of dates for your diary. This week’s edition looks at the latest issue of Market Watch, a consultation on how FRS 102 should be updated and the release of the government’s arguments for the use Royal Prerogative to invoke Article 50.
Market Watch: FCA gives findings from Market Maker Review and update on PFOF
The Financial Conduct Authority (FCA) has published the 51st issue of Market Watch, its newsletter on market conduct and transaction reporting issues. The newsletter includes observations from the FCA’s Market Maker Review, which covered risk awareness,
information barriers, wall-crossing procedures and insider lists, as well as ongoing monitoring and surveillance. Additionally, this issue of Market Watch provides an update on payment for order flow (PFOF).
FRC asks for views on how FRS 102 should be updated
As part of the triennial review of UK and Ireland accounting standards, the Financial Reporting Council (FRC) is inviting comments from stakeholders on its proposed approach to updating FRS 102 (the Financial Reporting Standard applicable in the
UK and Republic of Ireland). The changes are to reflect changes in IFRS. Comments on the changes are requested by 31 December 2016.
The changes are expected to be incremental improvements and clarifications and will apply from 1 January 2019. More significant amendments to FRS 102 are expected to be effective from 1 January 2022 and these will relate to incorporating the expected
loss model for impairment of financial assets, based on IFRS 9 Financial Instruments, and updating lease accounting by lessees for consistency with IFRS 16 Leases.
Following the consultation, the FRC will develop two Financial Reporting Exposure Drafts (FREDs) with detailed proposals, providing another opportunity for stakeholders to comment. The first FRED is expected towards the end of the first quarter of 2017
(incremental improvements and clarifications) and the second towards the end of the third quarter of 2017 (expected loss model and leases).
Brexit: Government legal arguments on Article 50 procedure published
The government's plans to use Royal Prerogative to invoke Article 50, instead of allowing a Parliamentary vote, have been subject to a legal challenge in a case to be heard in October.
Following an urgent application by The People’s Challenge group in connection with the litigation, Mr Justice Cranston has made an order stating ‘the parties are not prohibited from publishing the Defendant’s or their own Detailed Grounds...
against the background of the principle of open justice, it is difficult to see a justification for restricting publication of documents which are generally available under the Rules’. The government’s defence was then released, along
with an unredacted version of their submissions. The government objected to the publication of its defence, stating that a case management hearing in July meant all court papers should remain confidential.
John Halford of Bindmans LLP, the firm representing the The People's Challenge group, said the release of the material ‘allows a floodlight to be shone on the government’s secret reasons for believing it alone can bring about Brexit without
any meaningful parliamentary scrutiny’.
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