The following Corporate practice note provides comprehensive and up to date legal information covering:
The UK Corporate Governance Code (UKCG Code), which is issued and administered by the Financial Reporting Council (FRC) is the benchmark for good governance of listed companies. The UKCG Code requires listed companies to establish an audit committee and includes a number of recommendations regarding the composition, role and responsibilities of the committee.
This Practice Note looks at these requirements as well as other regulatory requirements and best practice guidance.
For commentary, guidance, analysis and materials on the UKCG Code requirements on the audit committee, see Resource Note: 2018 UK Corporate Governance Code—Section 4—Audit, risk and internal control.
In July 2018, the FRC published a revised version of the UKCG Code, which applies to premium listed companies with accounting periods beginning on or after 1 January 2019 (although companies could choose to comply with some or all of the provisions before this date). The FRC also published an updated Guidance on Board Effectiveness.
For general information on the application, purpose and provisions of the UKCG Code, see Practice Note: The UK Corporate Governance Code.
All premium listed companies are required under the Listing Rules (Listing Rules) of the Financial Conduct Authority (FCA) either to comply with the provisions of the UKCG Code or to explain to shareholders in their next annual report why they have not done so (the 'comply or explain' principle).
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Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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