On the agenda

Share Issuance, Treasury Shares and Pre-emption

Pre-emption rights are a cornerstone of UK company law and provide shareholders with protection against inappropriate dilution of their investments. They are enshrined in law by the 2nd Company Law Directive and the Companies Act 1985, which provides that they may be disapplied only by a special resolution of shareholders at a general meeting of the company.

Share Issuance, Treasury Shares and Pre-emption - ACT Briefing

Bank of England Guidance on Share Issuing Good Practice for Listed Companies
http://www.bankofengland.co.uk/publications/news/1999/092.htm

Share issuance

The Bank of England Guidance was developed by the Bank in conjunction with the Association and other bodies and its publication met a long held need for sound guidance on equity issuance. It followed the recommendations of the MMC that the use of tendering for sub-underwriting should be encouraged and that the benefits of deep-discounted share issues should be explained to issuers.

MiFID Implementation: Best Execution Requirements – FSA DP06/3

The FSA's Discussion paper 06/3 is entitled 'Implementing MiFID's best execution requirements'. It was published in May 2006 and the period for responses closed on 17 August 2006.

www.fsa.gov.uk/pages/Library/Policy/DP/2006/06_03.shtml

IAS 23 Borrowing Costs - Exposure Draft of Proposed Amendments

This Exposure Draft of Proposed Amendments to IAS 23 Borrowing Costs has been published by the International Accounting Standards Board as part of its Short-term Convergence project.

The Treasurer May 2006

Don’t panic over risk Risk management is seen by corporates as a key way to deal with the uncertain world in which they operate.

The Treasurer April 2006

Losing control It appears that change of control clauses are becoming the norm in response to complaints by investors that the current climate in the world of mergers and acquisitions (M&As) works

The Treasurer March 2006

Why the Failure Score is still hit and miss Any new system takes time to bed down and maybe, with the benefit of hindsight, the current concerns over the Failure Score element of the Pension Protec

European Commission draft Payments Directive and SEPA (Single Euro Payments Area)

The European Commission has put forward proposals that will bring down existing legal barriers to enable the creation of a "Single Payments Area" in the EU that could save the EU economy €50-100 billion per year. The aim is to make cross-border payments – by credit card, debit card, electronic bank transfer, direct debit or any other means – as easy, cheap and secure as 'national' payments within one Member State.

ASB's Reporting Statement - The Operating and Financial Review

The Accounting Standards Board (ASB) has today issued a Reporting Statement ‘The Operating and Financial Review’.

The Reporting Statement has been issued in the light of the Government’s decision to remove the statutory requirement on quoted companies to publish OFRs. Following the repeal of the legislation, the ASB has withdrawn Reporting Standard (RS) 1 ‘The Operating and Financial Review’ and has converted RS 1 into a statement of best practice on the OFR, which is set out in the document issued today.

Internal Market: Commission Sets out its Policy on Credit Rating Agencies

The European Commission has adopted a Communication setting out its approach to credit rating agencies (CRAs). After various financial scandals and the Resolution on CRAs adopted by the European Parliament in February 2004, calling on the Commission to produce an assessment of the need (if any) for legislative intervention in this field, the Commission considers that the time is right to report back to the Council and Parliament on this issue.

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