UK: the future role of the Financial Reporting Council

The Department for Business, Innovation and Skills and the Financial Reporting Council (FRC) have today published a joint consultation paper seeking views on the future role of the FRC: see here (pdf). It is proposed, amongst other things, that the FRC should concentrate on those areas that are most important for the operation of capital markets, focusing on the interests of investors and directing its monitoring and enforcement activities on publicly traded and the largest private companies.