Statutory Audit 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...

EU financial services developments Commission publishes draft amendment to MAR level 2 measure The European Commission has released a draft modification to Commission Delegated Regulation (EU) 2016/522, a level 2 instrument under Regulation (EU) 596/2014 (MAR). Feedback is invited until 14 January 2026. The proposal would amend Delegated Regulation (EU) 2016/522 to: create a list of designated trading venues to implement the order data exchange mechanism in Article 25a of MAR for shares; and revise Annex II on practices outlining indicators of market manipulation, reflecting technological advances such as algorithmic trading, and correcting several erroneous cross-references Source: Consultation: Clarifications to the indicators of market manipulation and definition of scope of new order data exchange mechanism Council of EU and European Parliament agree Retail Investment Strategy measures The Council of the EU and the European Parliament have announced agreement on a directive amending MiFID II, Solvency II, the UCITS Directive and AIFMD, and on a regulation amending the PRIIPs Regulation....

In this issue Brexit SIs Post-Brexit transition guidance Constitutional and administrative law State security and intelligence Equality and human rights Judicial review Public procurement Subsidy control and State aid Other Public Law updates Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit SIs REUL(RR)A 2023 SI Bulletin—latest drafts and sifting committee reports, 4 April 2025. The Commons select committees and the House of Lords Secondary Legislation Scrutiny Committee (SLSC) oversee the triage process under the Retained EU Law (Revocation and Reform) Act 2023. They examine draft negative statutory instruments made under REUL(RR)A 2023 and advise on the suitable parliamentary route before instruments are laid. The SLSC also provides regular oversight of all secondary legislation, including instruments that modify assimilated law. This bulletin brings together the newest developments and recommendations as at 4 April 2025. See News Analysis: REUL(RR)A 2023 SI Bulletin—latest drafts...

In this issue: Horizon scanning ESG and sustainability: employment issues Directors Pensions Tax Maternity, parents and carers Whistleblowing Bribery, modern slavery, tax evasion and fraud Employment Tribunals Immigration Dates for your diary Trackers New Q&As Employment resources on Lexis+® LexTalk®Employment: a Lexis®Nexis community Daily and weekly news alerts Horizon scanning Employment Rights Bill: European Convention on Human Rights memorandum updated The Department for Business and Trade (DBT) first issued the European Convention on Human Rights memorandum for the Employment Rights Bill (ERB) on 10 October 2024. That document has been revised to take account of changes to the ERB made in the House of Commons—especially the insertion of new provisions—and to align clause numbering with the version laid before the House of Lords. The refreshed memorandum is dated 13 March 2025 and was released on 8 April 2025. See: LNB News 09/04/2025 8...

The Energy Savings Opportunity Scheme (ESOS) ESOS is a statutory programme for energy assessments and savings, mandatory for organisations that meet the eligibility criteria. It originates from the EU Energy Efficiency Directive 2012/27/EU, art 8(4)–(6), which requires Member States to ensure that enterprises other than small and medium-sized enterprises (SMEs) undergo an energy audit at least once every four years. For further information, see Practice Note: Energy Efficiency Directive 2012/27/EU—snapshot [Archived]. The UK implemented art 8(4)–(6) via the Energy Savings Opportunity Scheme Regulations 2014 (SI 2014/1643). Post-Brexit, the Energy Act 2023 provided powers to update ESOS, and the Energy Savings Opportunity Scheme (Amendment) Regulations 2023 (SI 2023/1182) introduced revisions ahead of the Phase 3 compliance deadline. Qualifying organisations must carry out an assessment and audit of their total energy consumption. In most circumstances the audit must be performed or reviewed by a ‘lead assessor’, who is a member of a professional body approved by the Environment Agency (EA), the scheme administrator. For more details, see Practice Note: Energy Savings...

This Practice Note maps the rules governing pay for directors of quoted companies, set against rising shareholder activism and greater media scrutiny of executive reward. It distils the statutory reporting regime on directors’ remuneration for quoted companies and highlights key provisions of the Companies Act 2006 (CA 2006), the UK Listing Rules (UKLR), the Financial Reporting Council’s (FRC) UK Corporate Governance Code (UKCG Code), together with best practice guidance on executive pay... Directors’ remuneration—law, regulation and best practice Legislation Under the CA 2006 and the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, SI 2008/410, directors of a quoted company must produce an annual remuneration report disclosing prescribed details of directors’ pay. For CA 2006 purposes, a quoted company is a UK company whose equity share capital: has been admitted to the Official List of the London Stock Exchange is officially listed in an EEA state, or is admitted to dealing on the New York Stock Exchange or NASDAQ...

ARCHIVED : This Practice Note offers an archived overview of the principal legal developments that affected corporate lawyers in 2019 and is no longer updated. Unsurprisingly, Brexit was a major focus. To follow Brexit-related legislation, including statutory instruments, use the Brexit legislation tracker; the Brexit collection and Brexit timeline are also helpful. To monitor legal and regulatory change on particular subjects, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) — timeline (2007–2023) [Archived] Market Abuse Regulation — timeline Listing Rules tracker Prospectus Regulation Rules tracker EU Prospectus Regulation tracker (2001–2020) Disclosure Guidance and Transparency Rules tracker Transparency Directive tracker [Archived] For key cases of interest to corporate practitioners, see: 2019: Corporate case tracker 2018: Corporate case tracker To track or assess market practice, consult the Market Standards deal analysis tool, which includes over 4,000 summaries of public company deals. Further detailed examination...