UK Corporate Update - June 2018

Welcome to the June 2018 issue of UK Corporate Update. This update will be of most use to General Counsel, Company Secretaries and other executives involved in corporate governance, company law and other aspects of listed and unlisted company management. 

The following topics are covered in this issue. Download the entire issue as a PDF

The European Union (Withdrawal) Act 2018: How will it affect UK laws and regulations?
The UK government has succeeded in passing the critical piece of legislation needed to prepare the UK’s legal system for its withdrawal from the EU. The European Union (Withdrawal) Act 2018 aims to ensure that the UK will maintain a functioning legal framework even if there is no agreement with the EU.

FCA consults on new ability to delay disclosure of financial results
The Financial Conduct Authority is consulting on a new legitimate interest for delaying disclosure of inside information. This is where the issuer is in the process of preparing a periodic financial report and immediate public disclosure of information to be included in the report would impact on the orderly production and release of the report and could result in the incorrect assessment of the information by the public.

New reporting obligations for large companies to restore trust in big business
The UK Government is seeking to change corporate behaviour and restore trust in big business by requiring large companies, whether listed or not, to show that they operate responsibly. To this end, it is introducing new reporting obligations.

When is an intragroup loan or guarantee a distribution?
A new paper confirms a consensus view on when intragroup loans and guarantees amount to distributions, after accountants' commentary last year created confusion.

New premium listing category for sovereign controlled issuers from 1 July 2018
The Financial Conduct Authority has published rules implementing its proposals to create a new premium listing category for sovereign controlled companies.

The FCA is moving – be sure to use the new address from 1 July 2018
The Financial Conduct Authority is relocating from Canary Wharf to Stratford.

Independent review of the FRC launches call for evidence
The Government's independent review into the Financial Reporting Council has issued a call for evidence. This asks stakeholders for views on a range of themes.

Financial Reporting Lab project on performance metrics
The Financial Reporting Lab has published a framework and a set of questions for companies and their boards to consider when reviewing their reporting of performance metrics.

Show me the evidence: how board papers and other internal documents can score own goals in antitrust reviews
The synergies that can make a transaction appealing can also be detrimental when viewed through an antitrust lens. Join our webinar on 3 July 2018 to find out more.