Editorial The Treasurer was delighted to welcome more than 20 leading treasurers and finance directors to our inaugural Deals of the Year lunch, held in March at the offices of Cazenove.
This note sets out details of a possible new approach to the taxation of profits, gains and losses on derivatives held by companies which are currently excluded from the derivatives contracts regime (Schedule 26 Finance Act 2002). The main object of this approach is to provide a simpler and more certain tax treatment for such derivatives.
Over recent months there has been increasing interest in the civil liability of company directors and auditors. Some have expressed concerns that suitably qualified individuals may be deterred from accepting positions as company directors. Others have been more concerned about the position of auditors.
This consultation focuses on the civil law. It is not about any potential criminal consequences that might apply.
The right solution will involve balancing the interests of stakeholders, in particular:
When the Competent Authority for listing was transferred from the LSE to the FSA in May 2000, we agreed with HM Treasury to carry out a fundamental review of the listing regime.
The process of integrating the listing regime into our general regulatory approach is well underway. We intend to use the Listing Review to continue this process. In particular, we want to ensure that the Listing Rules are, as far as possible, consistent with the FSA Handbook, and that our risk-based approach to regulation is embedded in the UKLA.
The fixed income credit markets have grown at a rapid pace. Although the sterling market is significantly more mature than the euro market, both markets are still very young. In particular, disclosure and documentation standards in the sterling and euro bond markets are poor compared to the US dollar market, where SEC registration and disclosure requirements bring discipline to the US bond market.
