Linklaters

The following topics are covered in this issue. Click on the links in the right hand column to read the individual articles or download the entire issue as a PDF.

• FRC publishes the UK Stewardship Code
  On 2 July 2010 the Financial Reporting Council, an independent UK regulator responsible for promoting corporate governance and reporting, published the UK Stewardship Code.
• Rights Issue Fees Inquiry consultation
  The Institutional Investor Council has launched its expected inquiry into equity underwriting practices, and in particular the fees charged on rights issues.
• Extraterritorial reach of US securities laws
  The US Supreme Court has confirmed that a foreign purchaser of securities issued by a foreign company and listed only on a foreign exchange could not sue under US laws.
• OFT revised approach to directors’ disqualifications
  The OFT has published its revised guidance on director disqualification orders in competition law cases.
• Takeover Code: improvement statements must be specific
  The Takeover Panel has criticised Universe Bidco Limited (a wholly owned subsidiary of URS Corporation) for a breach of Rule 19.3 of the Takeover Code.
• Regulator issues first contribution notice
  The Pensions Regulator has issued its first contribution notice since the power to do so was introduced over five years ago.
• EC consultation on a revision of the Market Abuse Directive
  The European Commission has published a public consultation on revisions to the Market Abuse Directive.
• FSA Discussion Paper on enhancing the auditor's contribution to prudential regulation
  The FSA has reviewed how firms have complied with its client asset rules, and how effective auditors have been at providing the FSA with comfort that firms have complied with the client asset regime.