Facebook’s general counsel receives shares worth $30,000,000

Restricted stock units have vested today for some Facebook staff. The General Counsel, Theodore Ullyot, receives shares worth $30,000,000, which can now be sold.

More Facebook here.

Inside AIM, issue 5

The London Stock Exchange’s AIM team has published issue 5 of its “Inside AIM” newsletter, covering:

• Education of Directors on AIM
• Due Diligence on AIM Directors
• Application Forms
• Rule 21 – Directors‟ Participation in a Fundraise
• Capital Reorganisations
• Close Periods for Accounts
• Rule 41 – Cancellation of an AIM Company
• Nomad Notification RequirementsInvestigations & Enforcement Update.

“Inside AIM” is the AIM team’s “guidance to the AIM adviser community, in particular the nominated advisers, on key technical matters on which we receive regular requests for clarification or explanation on the application of the AIM Rules”. Previous issues can be found here.

SFO publishes revised Bribery Act policies on facilitation payments, hospitality and corporate self-reporting

The Serious Fraud Office published revised policies on facilitation payments, business expenditure (hospitality) and corporate self-reporting on 9 October 2012. The revised policies can be read here.

A note by White & Case on the implications for companies of these revised policies is here.

Section 397 FSMA: draft legislation to replace and extended published, to implement Wheatley recommendations on LIBOR

HM Treasury today published the legislation, to be contained in the Financial Services Bill, by which section 397 of the Financial Services and Markets Act 2000 will be replaced and extended to capture the making of misleading statements to manipulate benchmarks such as LIBOR. The draft legislation is here.

See also: Government accepts Wheatley recommendations on LIBOR in full; section 397 FSMA to be amended to widen criminal regime

The future of narrative reporting: publication of draft regulations

The Government on 18 October 2012 published the draft regulations which will effect its proposed reform of companies’ narrative reporting. We discussed the proposals in this post of September 2011 and the Government’s response to its consultation in this post of April 2012.

The draft regulations are contained in this BIS document, “The future of narrative reporting: a new structure for narrative reporting in the UK“, and the accompanying BIS press release is here. The closing date for comments on the draft regulations is 15 November 2012.

The BIS document contains this summary of the proposals: