Financial Services Bill: Government consultation on key secondary legislation

HM Treasury today announced a consultation on secondary legislation to support the Financial Services Bill. The Treasury press release is here and the consultation paper is here. From the press release:

The Prudential Regulation Authority’s approach to banking supervision: Bank of England paper

The Bank of England (in its guise as the Prudential Regulation Authority) has published an document setting out its approach to banking supervision.

“Next year, the Prudential Regulation Authority (PRA) will take up its responsibilities as part of the new approach to financial regulation in the United Kingdom. The PRA, which will be responsible for the prudential regulation of deposit-takers, insurers and major investment firms, will be part of the Bank of England and will make an important contribution to the Bank’s core purpose of maintaining financial stability in the United Kingdom.

This document sets out the PRA’s intended approach towards regulating deposit-takers and investment firms. A companion document covers insurers.”

PRA approach document to banking supervision here (dated October 2012)

PRA approach document to insurance supervision here (dated October 2012).

Enhancing disclosure in financial reporting: FRC consultation paper

On 15 October 2012 the Financial Reporting Council published a discussion paper ‘Thinking about financial reporting disclosures in a broader context’. The FRC press release is here and the discussion paper is here.

From the FRC press release:

“The paper aims to improve the quality of financial reporting disclosures. The paper sets out a road map for a disclosure framework for financial reporting aimed at improving the quality of disclosure and their value to the users. In particular, the paper covers the reduction of clutter in financial reports by avoiding duplication in disclosures and using tests of materiality more rigorously.”

The consultation period on the paper closes on 31 January 2013.

 See also: A single figure for directors’ pay? FRC Financial Reporting Lab report

Financial reporting for the smallest businesses: Government will consult on taking advantage of the new European regime

The FRC’s Financial Reporting Lab: A pragmatic approach to improving company reporting

Financial reporting: Regulator issues reminder of the fundamental importance of “true and fair”

“Cutting clutter” from annual reports: Financial Reporting Council recommendations

PR, journalists, content and disintermediation

Andrew Edgecliffe-Johnson in the FT on how:

“Just as media is having to reinvent itself, so is media relations. Top PR firms now see themselves in the same tier of corporate advisers as investment banks or management consultancies. But, even at the level of the lowly press release, technology is changing the business in ways that have lessons for both the targets and the users of PR…

…Owned by UBM, PR Newswire has started to rethink press releases as multimedia content that – partly because many news businesses are struggling – can feed hungry blogs, news outlets and social media sites.”

See also: “The future of news will be written in code”

Stewardship: ICSA launches consultation on ‘improving engagement practices by companies and institutional investors’

On 12 October 2012 ICSA announced that a “steering group of industry experts – companies, investors and other key stakeholders – has today launched ‘Improving Engagement Practices by Companies and Institutional Investors’, a consultation document on stewardship”. The ICSA press release is here and the consultation document is here.

From the press release:

“Areas covered in the consultation document include:

• Whether the nature of the discussion between a company and its investors needed to change, with more emphasis on a dialogue which built and encouraged a long-term relationship with, and commitment to, the company;

• what improvements can be made to the process of holding engagement meetings;

• whether companies and institutional investors should seek feedback on the quality of meetings, and how that might be most effectively done.

Respondents are also asked to comment on a list of practical measures designed to make meetings more productive.”

The Steering Group intends to issue guidance in March 2013.

See als0: UK Corporate Governance and Stewardship Codes: FRC confirms changes

Hellenic Coca-Cola moves listing to London and HQ to Switzerland

Hellenic Coca-Cola has moved its main listing to a Premium Listing on London – in pursuit of greater liquidity and because its own credit rating could be affected by the Greek sovereign rating.

See also: A Eurozone exit: forex traders and retailers prepare

Banking Reform Bill: draft published

On 12 October 2012 HM Treasury published the draft Banking Reform Bill, “to implement key elements of the Independent Commission on Banking’s recommendations”. The Treasury press release is here and the draft Bill is here.

See also: Final report of the Independent Commission on Banking, September 2011

UK competition regime: House of Commons Library standard note

“!This note gives an introduction to the purpose of competition law, and a summary of the institutional arrangements in this country for enforcing it.” The note can be read here.