Accounting Directive meaning

ARCHIVED: This archived checklist outlines the ways in which the 2016 iteration of the UK Corporate Governance Code varied from the 2014 UK Corporate Governance Code. It is not updated and is supplied for background purposes only. Checklist—2014 UKCG Code and 2016 UKCG Code compared In April 2016, the Financial Reporting Council issued a fresh edition of the UK Corporate Governance Code (the 2016 UKCG Code) to incorporate changes arising from Regulation (EU) 537/2014 (EU Audit Regulation), Directive 2014/56/EU (Statutory Audit Amending Directive) and the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 (Statutory Audit Services Order). The 2016 UKCG Code applied to companies with accounting periods starting on or after 17 June 2016. This table sets out how the 2016 UKCG Code diverged from the text issued in 2014 (the 2014 UKCG Code); differences are shown using italics (inserted wording) and square brackets (removals): Provision 2014 UKCG Code 2016 UKCG Code Preface Language specific to...

UK developments HMT extends Transition Plan Taskforce mandate The Transition Plan Taskforce (TPT) has confirmed that HM Treasury (HMT) has now prolonged its mandate until at least 31 July 2024, with a potential further three month extension to the very end of October 2024, to support the Transition Finance Market Review (TFMR), which was launched on 22 January 2024. See: LNB News 25/01/2024 44. Source: The TPT’s mandate has been extended. New one minute guide on the FCA’s Sustainability Disclosure Requirements (SDR) and Labelling Regime The LexisNexis Financial Services practical guidance team, working with knowledge counsel, Chris Ormond, and partner, Dr Andrew Henderson of Goodwin LLP, has released a new one minute guide that presents a concise summary of the key requirements of the UK Sustainability Disclosure Requirements (SDR) and labelling regime. See: The FCA’s Sustainability Disclosure Requirements (SDR) and Labelling Regime—one minute guide EU developments EBA surveys credit institutions on classification methodologies for ESG risks The European Banking Authority (EBA) is currently...

In this issue: Sustainable finance and ESG round–up Lending Security Sustainable finance Debt capital markets Derivatives Structured products and securitisation Regulation for derivatives lawyers Restructuring Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up For a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—18 April 2024. Lending LMA publishes guidance on primary delayed settlement compensation The Loan Market Association (LMA) has issued guidance on primary delayed settlement compensation, setting out a suggested timetable for stages in the syndication process and embedding fault-based delayed settlement compensation. The note aims to reconcile the differing priorities of stakeholders involved in syndication. See: LNB News 17/04/2024 68. Source: LMA issues Primary Delayed Settlement Compensation Guidelines to promote efficiency...

In this issue: UK, EU and international regulators and bodies Permissions, approvals and oversight Prudential rules Operational robustness Financial misconduct and sanctions Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Packaged Retail and Insurance-based Investment Products (PRIIPs) Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU MiFID II Insurance regulation Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and refreshed content Key dates for your diary UK, EU and international regulators and bodies Amendments to EEA Agreement Annex IX (Financial Services) published in Official Journal Twelve decisions of the European Economic Area (EEA) Joint Committee revising Annex IX (Financial Services) to the Agreement on the European Economic Area (the EEA Agreement) have appeared in the EU’s Official Journal....

ARCHIVED: This Practice Note is archived and no longer maintained. Last revised July 2019. From 21 July 2019, the Prospectus Regulation (EU) 2017/1129 applied in full across EU member states and the Prospectus Directive was revoked. The Prospectus Regulation now determines when a prospectus must be published for an offer of securities to the public in the UK, or for the admission of securities to trading on a regulated market in the UK. The FCA brought the FCA Handbook into line with the Prospectus Regulation by removing the Prospectus Rules in their entirety and substituting the Prospectus Regulation Rules sourcebook. For further details see Practice Note: The UK Prospectus Regulation—essentials [Archived] and The UK Prospectus Regulation—is a prospectus required? [Archived]. This note, and related notes concerning the now repealed Prospectus Rules, have been kept for reference because the commentary may remain relevant to equivalent provisions within the Prospectus Regulation Rules (PRR). This Resource Note signposts pertinent commentary, analysis and materials to aid interpretation of, and offer practical guidance on the...

Nuclear energy in the EU As at September 2023, 12 of the 27 EU Member States (Belgium, Bulgaria, Czechia, Finland, France, Hungary, Netherlands, Romania, Slovakia, Slovenia, Spain and Sweden) operate nuclear power stations on their soil, while Germany shut its last reactors in April 2023. Nuclear power usage fell by 16.7% between 2021 and 2022, yet it still supplied over a fifth (21.8%) of the EU’s total electricity generation in 2022. Nuclear safety is treated as a priority at EU level, due to the potential for cross-border consequences should a nuclear accident occur. This Practice Note introduces the Treaty establishing the European Atomic Energy Community (the Euratom Treaty), which provides the foundation for EU-wide nuclear rules and standards, and sets out principal EU legislation pertinent to the nuclear industry. It addresses rules on nuclear safeguards, installation safety and licensing, protection of human health and the environment from radiation, impact assessments for proposed nuclear installations, the management of radioactive waste, and the decommissioning of sites. Euratom Treaty The...

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom departed the European Union pursuant to a Withdrawal Agreement that had been duly ratified by both the UK and the EU. Throughout the implementation period—ending at 11pm UK time on 31 December 2020 and known as ‘IP completion day’—the parties worked to settle terms for their future relationship. In readiness for Brexit, the European Union (Withdrawal) Act 2018 (EU(W)A 2018) became law, repealing the European Communities Act 1972 (ECA 1972) on exit day. The European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020) was enacted to enable ratification and domestic implementation of the Withdrawal Agreement, and to provide for implementation of the EEA EFTA Separation Agreement and the Swiss Citizens’ Rights Agreement. EU(WA)A 2020 also amends EU(W)A 2018. Notably, it sets out targeted savings and transitional measures so that the UK’s obligations arising under EU law during the implementation period had effect in domestic law, despite the repeal of ECA 1972. In addition, many references in EU(W)A 2018...