UK Quoted Company Newsletter Q2 2022

1. Financial Conduct Authority publishes a policy statement – 'Diversity and inclusion on company boards and executive management' - highlighting significant changes to the Listing Rules and the Disclosure, Guidance and Transparency Rules relating to board and senior management diversity - AGC 18, 27/4/22,

2. Financial Conduct Authority publishes a discussion paper – 'Primary Markets Effectiveness Review: Feedback to the discussion of the purpose of the listing regime and further discussion' - setting out its vision for potential reform to the way companies list in the UK, with the overarching aims of attracting more high quality, growth companies and giving investors greater opportunities - AGC 20, 2/6/22 (article 5).

3. Financial Conduct Authority issues an update clarifying its approach to enforcement of the market abuse regime, reiterating that this is one of its strategic priorities - AGC 21, 29/6/22 (article 3). 

4. London Stock Exchange publishes a consultation on the creation of a voluntary carbon market and amendments to the admission and disclosure standards (N12/22). The proposals are geared to creating a voluntary carbon market for funds with securities admitted to the Official List or AIM with an investment policy focused on carbon reduction projects - AGC 20, 2/6/22 (article 6).

5. Financial Reporting Council issues updated 'Guidance on the Strategic Report' which incorporates new climate-related financial disclosures - AGC 21, 29/6/22 (article 1).

6. Department of Business, Energy and Industrial Strategy publishes a response to its White Paper : 'Restoring trust in audit and corporate governance' - the stated intention of which is to 'build trust and credibility in the UK's audit, corporate reporting and corporate governance system, ensure accountability for those playing key roles in that system, and to increase resilience and choice in the statutory audit market.' The government intends to introduce reforms at a pace balancing the need for action with the time needed for those affected to prepare properly - AGC 20, 2/6/22 (article 1), AGC 19, 12/5/22 (article 1).

7. Financial Reporting Council issues consultation on the public reporting of audit firms' firm-level audit quality indicators, which it believes would provide users of audited information with greater detail on audit firms' efforts to deliver high quality audits - AGC 21, 29/6/22 (article 8).

8. Financial Reporting Council. publishes 'Good Practices reported in 2020/21 Inspection Cycle', which shares key points and good practice for auditors, audit committees and investors - AGC 19, 12/5/22 (article 5).

9. Covid-19: Financial reporting deadline relaxations for the publication of annual and half-yearly reports come to an end for relevant financial periods ending on or after 28 June 2022 - AGC 20, 2/6/22 (article 2).

10. The Institute of Chartered Accountants in England and Wales publishes a revised version of its guidance on the disclosure of auditor remuneration for the audit of accounts and other non-audit services - AGC 20, 2/6/22 (article 8).

11. Quoted Companies Alliance publishes the results of a survey into the role and value of non-executive directors of small and mid-sized quoted companies - AGC 21, 29/6/22 (article 6).

12. Financial Reporting Council (in conjunction with the Anti-Slavery Commissioner and Lancaster University) publishes a review of reporting on modern slavery by UK incorporated main market listed companies in the UK – 'Modern Slavery Reporting Practices in the UK' -  AGC 19, 12/5/22 (article 2).

13. Financial Reporting Council Lab publishes 'Supply chain disclosure: FRC Lab insight' in which it sets out guidance for companies in relation to supply chain risks and associated reporting - AGC 19, 12/5/22 (article 3).

14. The 30% Club UK Investor Group publishes 'Reporting on Diversity – A guidance toolkit for companies by investors', intended to be used as a 'high-level' reporting framework principally aimed at FTSE 350 companies - AGC 19, 12/5/22 (article 4).

15. European Securities and Markets Authority publishes a statement (ESMA32-63-1277) addressing the implications of the events in Ukraine on the publication of half-yearly financial reports under IFRS - AGC 20, 2/6/22 (article 3).

16. UK Government issues draft Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022, which implement aspects of the new register of overseas entities, to be created under the Economic Crime (Transparency and Enforcement) Act 2022 - AGC 21, 29/6/22 (article 4).

17. Law Commission publishes proposals for reforming the law relating to corporate criminal liability in 'Corporate Criminal Liability: an options paper', which follows on from a discussion paper issued last year seeking views on how the law could be improved to capture and punish criminal offences committed by companies, their directors and senior management - AGC 21, 29/6/22 (article 5).

18. Government publishes response to its 'Data: a new direction consultation' launched last year. The response is the pre-cursor to the Data Reform Bill, which is set to amend the current UK GDPR regime, removing some of the more prescriptive requirements and replacing them with more flexible concepts -AGC 21, 29/6/22 (article 7).

19. Ashurst and Practical Law Company Q2 2022 Company Law Bulletin - Q2 2022, 28/6/22

20. UK Public M&A Update Q2 2022 - Public M&A Update

21. A world of opportunity - Foreign investment in Europe - Corporate Insight, 24/4/22

22. A Brief Guide to Corporate Restructuring and Insolvency in England and Wales - Restructuring and Special Situations, 28/4/22

23. New rules on vertical arrangements in the EU and UK - Competition Update, 9/6/22

24. Reform of UK competition law and consumer law regimes - Competition Update, 10/5/22

25. Commercial Mediation Guide - Dispute Resolution, 11/4/22

26. The Ukraine conflict: An energy reset? - Energy Transition, 12/4/22

27. Dealing with the commercial impact of additional UK tariffs on goods originating in Russia - International Trade Update, 13/5/22