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Thursday, 31 May 2012
UK: Statutory audit services market investigation
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UK: Financial Services Bill - First and Second readings
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Wednesday, 30 May 2012
UK: England and Wales: fiduciary duties in the group context
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UK: England and Wales: the football creditor rule and insolvency law
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UK: England and Wales: limited partners' access to partnership books
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Tuesday, 29 May 2012
UK: banks and the implicit subsidy - a new method of quanitification
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Monday, 28 May 2012
UK: Gender Diversity on Boards - the Appointment Process and the Role of Executive Search Firms
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Friday, 25 May 2012
Ireland: a code for community, voluntary and charitable organisations
Thursday, 24 May 2012
UK: Enterprise and Regulatory Reform Bill 2012
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Wednesday, 23 May 2012
UK: Financial Services Bill 2012 - Report and Third Reading stages passed in Commons
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Tuesday, 22 May 2012
UK: Bank of England - independent performance reviews commissioned
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UK: Financial Reporting Council plan and budget 2012/13
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Monday, 21 May 2012
UK: Scotland: directors' disqualification
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Friday, 18 May 2012
Singapore: risk governance guidance published
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Hong Kong: the regulation of sponsors
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Thursday, 17 May 2012
Germany: Commission publishes revised code
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Wednesday, 16 May 2012
Armenia: the Ministry of Trade's corporate governance code
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Europe: binding remuneration votes for shareholders?
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Tuesday, 15 May 2012
Azerbaijan: Corporate Governance Standards
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Germany: the corporate governance code - comply or else?
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Monday, 14 May 2012
ECGI Annual Lecture: Market Transparency and Corporate Disclosure
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Bangladesh: new Companies Act moves closer
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Friday, 11 May 2012
UK: the Company Remuneration Bill
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Thursday, 10 May 2012
Europe: share capital, freedom of establishment and freedom to provide services
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Wednesday, 9 May 2012
UK: the Queen's Speech - the Banking Reform Bill and the Enterprise and Regulatory Reform Bill
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Tuesday, 8 May 2012
Corporate governance, value creation and growth
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Corporate governance is not about enhancing shareholder value. It is about enhancing economic growth, entrepreneurship, innovation and value creation .. The correct focus of corporate governance therefore should not be on enhancing shareholder value per se, but on how one structures these aspects of corporate governance in terms of ownership, boards and remuneration to achieve the right balance between the degree of control that investors are exercising and the degree of commitment they are showing to firms, with a view to attaining the firms‟ objectives. The implication is that what is suitable for one country is not necessarily suited for another country, what is appropriate for one industry is not for another, and what is suited for one firm within an industry is not for another. What we need is diversity and contractual freedom. Regulation should be designed to enhance markets, but not in the process to undermine the delivery of that contractual freedom. In that regard, prescriptive regulation can be particularly damaging".
Monday, 7 May 2012
UK: forthcoming legislation - directors' remuneration and banking reform
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Europe: ESMA's 2012 regulatory programme
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Friday, 4 May 2012
Europe: structural reform of the EU banking sector - High Level Group consultation begins
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UK: remuneration report votes
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Singapore: MAS publishes revised corporate governance code
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Thursday, 3 May 2012
UK: the Bank of England Governor on the financial crisis and three Rs to make banking safer
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Elsewhere in his speech Mr King identified what he described as "the three Rs" of a new approach to make banking (and the economy) safer: regulation, resolution and restructuring. With regard to regulation he stated:
Next year, the responsibility for regulating banks will return to the Bank of England. Next time we find ourselves with steady growth and low inflation, but with risks building in the financial sector, we shall be able to do something about it. The Bank’s new Financial Policy Committee will have the power to step in and prevent a hangover by taking away the punchbowl just as the party in the financial system is getting going.
We believe that successful regulation means understanding and guarding against the big risks, not compliance with ever more detailed rules. That means focussing on the wood not the trees, looking not just at individual banks but also at how their fortunes are tied together with other banks and with the rest of the economy. For example, the biggest risk to banks at present stems from the troubles in the euro area. These are far from over. That’s why we’ve been pushing banks to pay out less to their shareholders and employees and instead retain profits as a cushion against possible losses. In future, to protect the rest of the economy from failures in the banking system, we need to ensure that more of banks’ shareholders’ own money is on the line, and banks rely correspondingly less on debt. If banks and their shareholders have more to lose, they will be more careful in choosing to whom they lend. And, when banks make losses, there is more of a cushion before the bank fails, and less chance that the taxpayer will have to foot the bill".
Wednesday, 2 May 2012
Europe: EBA consults on proposed Guidelines for assessing the suitability of credit institutions' management body members and key function holders
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Tuesday, 1 May 2012
UK: Financial regulation - a quartet of speeches
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The next two speeches considered shadow banking. The first, titled Shadow Banking: Thoughts for a Possible Policy Agenda, was delivered by Paul Tucker, a Deputy Governor at the Bank of England: see here (pdf). Mr Tucker argued, amongst other things, for greater transparency and recommended that shadow banking vehicles or funds sponsored or operated by banks should be consolidated on bank balance sheets. The final speech was delivered by Lord (Adair) Turner, the Chairman of the Financial Services Authority, and was titled Securitisation, Shadow Banking and the Value of Financial Innovation,: see here (pdf). Lord Turner sought to identify how financial innovation should be valued and how it differed from innovation in other sectors of the economy. Amongst other things he cautioned against the belief that increased size in the financial sector was a desirable end per se. (It's also worth noting that Lord Turner's book, Economics After the Crisis: Objectives and Means was published last month - further information here).