Europe: Commission begins crowdfunding consultation

The European Commission has begun a consultation to explore how EU action, including a range of soft-law measures, could promote crowdfunding in Europe: see here.

Europe: ESMA and EBA publish their 2014 work programmes

The European Securities and Markets Authority has published its 2014 work programme: see here (pdf). An increase in ESMA's activities in the field of corporate governance is highlighted in response to proposals the European Commission is expected to make later this year as part of its company law and corporate governance action plan.

The European Banking Authority has also published its 2014 work programme: see here (pdf). The EBA's regulatory work in 2013 will primarily focus on CRD IV.

UK: IFRS, the 'true and fair' view and the Companies Act 2006

In 2011, the Financial Reporting Council published a paper in which it reiterated the importance of the 'true and fair' requirement under IFRS and UK GAAP: see here (pdf). In doing so, the FRC relied heavily upon a legal opinion written in 2008 by Martin Moore QC: see here (pdf). A more recent legal opinion, prepared by George Bompas QC at the request of a group of investors including the Local Authority Pension Fund Forum, raised questions about the FRC's position and called for Mr Moore's opinion to be reconsidered: see here (pdf). Today the Department for Business, Innovation and Skills supported the FRC"s position with regard to the centrality of the 'true and fair' view: see here. The FRC also published a response from Martin Moore QC in which he addressed the points made by George Bompas QC: see here (pdf).

UK: FCA proposals for consumer credit regulation

The Financial Conduct Authority has published a consultation paper setting out its detailed proposals for consumer credit regulation, responsibility for which it will have next year: see here (pdf).

UK: FRC publishes directors' remuneration consultation paper

The Financial Reporting Council has published a consultation paper on the subject of directors' remuneration: see here (pdf). Whilst welcoming views in respect of any aspects of the UK Corporate Governance Code relating to remuneration that require reform, the consultation paper also seeks views on three specific topics: clawback arrangements, whether non-executive directors who are also executive directors in other companies should sit on the remuneration committee, and actions companies might take if they fail to obtain a substantial majority in support of a resolution on remuneration.