Corporate weekly highlights—4 May 2017

Corporate weekly highlights—4 May 2017
Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 4 May 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the Law Society and the CLLS’ joint response to the FCA’s consultation paper on the DTR sourcebook; the Law Society’s opposition to the creation of a new anti-money laundering supervisory regime; the FSB’s peer review of Corporate Governance; the FRC’s discussion paper on the role of auditors and preliminary announcements; analysis of Re Formenta Ltd; and Public Law analysis of the Great Repeal Bill.
This update is part of the Lexis®PSL Corporate team’s news offering. Some of the links require a LexisPSL subscription. If you are not a subscriber, you can take a free trial here.

Headlines (News updates & analysis)

Equity capital markets

Law Society and CLLS call for clarity on LEI requirement

The Law Society and the City of London Law Society (CLLS) have published their joint response to the consultation paper published by the Financial Conduct Authority (FCA) in December 2016 proposing to update its Disclosure Guidance and Transparency Rules sourcebook (DTRs) to make it compliant with the regulatory technical standards (RTS) under the Transparency Directive.

The FCA’s consultation paper proposed adding new rules in DTR 6.2 to require issuers to supply a legal identifier (LEI) and classify regulated information when they file regulated information with the FCA. This proposal aimed to enable the FCA to fulfil its obligations under Articles 7 and 9 of the RTS.

While the Law Society and CLLS agree with the FCA's proposals, they point out that some issuers of securities (for example, those based overseas) may not always be able to obtain a legal entity identifier (LEI) in a quick or straightforward manner. They suggest that the FCA confirm that an issuer would not be prevented from complying with its obligation to

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