Ireland: Corporate Governance Code for Credit Institutions and Insurance Undertakings - FAQs published

Last year the Central Bank published a corporate governance code for credit institutions and insurance undertakings: see here (pdf). A set of frequently asked questions has recently been published with regard to the application of the code: see here (pdf).

UK: survey of board evaluations - ICSA report

ICSA has published the results of its annual survey of how board evaluations have been carried out by the largest UK listed companies: see here (pdf). The survey reports that 33 of the 200 companies in the survey undertook some form of external board evaluation. The UK's Corporate Governance Code, published last year, recommends that evaluation of FTSE350 company boards should be externally facilitated at least every three years (Code Provision B.6.2). Main Principle B.6. states that the board should, on an annual basis, evaluate its own performance and that of its committees and individual directors.

Australia: annual compliance reporting by credit rating agencies - ASIC consultation paper published

The Australian and Securities and Investments Commission has published a consultation paper concerning the annual compliance reporting of credit rating agencies: see here (pdf).

Europe: ESMA's supervision of credit rating agencies

The European System of Financial Supervisors was introduced at the start of this year and with it came new regulatory authorities, building on the earlier Lamfalussy level 3 committees, including the European Securities and Markets Authority. The ESMA will be responsible for the supervision of credit rating agencies in Europe from 1 July 2011. The Regulation providing for its role in this regard - Regulation (EU) No. 513/2011 - has been published in the Official Journal of the European Union: see here (pdf).

For further information about the ESFS, see: Ferran, Eilis, "Understanding the New Institutional Architecture of EU Financial Market Supervision", University of Cambridge Faculty of Law Research Paper No. 29/2011, available at SSRN here.

New Zealand: update on securities law reform

Further decisions regarding the proposed reform of New Zealand securities law have been made by the Cabinet. A paper outlining these decisions has been published (see here, pdf) - together with a press release (see here). A draft of the proposed legislation is expected in August. Background information is available here.