Earlier this month, judgment was given by the Court of Appeal in Chung v Soka Gakkai International of Hong Kong Ltd [2022] HKCA 480. The decision is an important one because the court has confirmed that a member of a charitable company has standing to bring a statutory derivative claim under sections 732 and
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Australia: Treasury consults on corporate control transactions and the role of the Takeovers Panel
The Treasury has launched a consultation paper titled “Corporate control transactions in Australia: options to improve schemes of arrangement, takeover bids, and the role of the Takeovers Panel”: see here. Views are sought on, amongst other things, expanding the role of the Takeovers Panel to include approval of members’ schemes of arrangement, and whether
UK: Consultation outcome – insolvency arrangements for insurers
In May 2021 the Treasury consulted on proposed amendments to the insolvency framework governing insurers: see here (pdf). The consultation outcome has now been published: see here (pdf). The Treasury has said that it will continue to consult with the PRA, FCA and FSCS, before introducing legislation when parliamentary
Monitoring Group paper – the value of high quality audits
In July 2020 the Monitoring Group published a set of recommendations designed to strengthen the standard setting system for international audit and ethical standards: see here (pdf). Today the Group published a paper titled “The Value of High Quality Audits and the Importance of Funding an Independent Multi-stakeholder International Standard-setting Structure”: see here
Singapore: Court of Appeal on transactions at an undervalue and the principle in MC Bacon
ISSB consults on its first two standards – sustainability related financial information and climate-related disclosures
The International Sustainability Standards Board has published for consultation its first two standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (pdf); and IFRS S2 Climate-related Disclosures (pdf).
UK: FRC publishes three year plan (2022-2025)
The Financial Reporting Council has published its three year plan for 2022-2025: see here (pdf). The plan has been produced on the assumption that, during the three year period, the FRC will become the Audit, Reporting and Governance Authority, with new statutory powers (as set out in the 2021 white paper, Restoring Trust
UK: England and Wales: restitution orders and company directors
The ICLR has published a summary for the recent Court of Appeal decision Financial Conduct Authority v Ferreira [2022] EWCA Civ 397: see here. To quote from the summary: “A defendant could only be liable under section 382 [(restitution orders)] of the Financial Services and Markets Act 2000 if they had knowledge of the
UK: The regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in financial markets
Following a consultation last year, the Government has published further details in respect of its planned regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in the financial markets: see here (pdf). It is proposed, amongst other things, to bring within the regulatory perimeter activities facilitating the use of certain stablecoins when
UK: Independent Panel on Ring-fencing and Proprietary Trading – final report published
The Independent Panel on Ring-fencing and Proprietary Trading has published its final report: see here (pdf). Various recommendations are made, including that the scope of the ring-fencing regime should be changed to include firms only where there is a clear financial stability benefit.