UK: Bank of England consultations (including the governance of ring-fenced bodies)

The Bank of England has today published several consultation papers that set out proposed changes designed to improve the resilience and resolvability of deposit-takers and reduce the disruption to customers and the system if a deposit-taker or insurer fails: see here. A consultation paper has also been published in respect of the implementation of bank ring-fencing and this focuses on legal structure, governance and the continuity of services and facilities: see here (pdf). The governance part of this paper considers, amongst other things, the proposed requirements for the composition and structure of the board of ring-fenced bodies.

UK: FPC seeks additional powers of direction in respect of residential lending

The Financial Policy Committee is seeking additional powers which would enable it to direct the Prudential Regulation Authority and Financial Conduct Authority to place limits on residential mortgage lending by regulated lenders, with reference to loan to value ratios and debit to income ratios. Further information is available in a statement published by the FPC setting out the rationale for seeking this new power: see here (pdf).

Ireland: Companies Bill 2012 completes report and final stages in the Seanad Éireann

The introduction of Ireland's new company law framework has moved one step closer. The Companies Bill 2012 has now completed its report and final stages in the Seanad Éireann: see here. The Bill's progress can be followed here.

France: AMF report on corporate governance and executive compensation

AMF has published its 2014 report on corporate governance and executive compensation: see here. The report is based on an analysis of the disclosures made by 60 listed companies in respect of the AFEP-MEDEF corporate governance code published in June 2013.

Europe: obligation to publish prospectus did not apply to enforced sale of securities

The Court of Justice gave its opinion last month in Almer Beheer BV, Daedalus Holding BV v Van den Dungen Vastgoed BV, Oosterhout II BVBA (Case C‑441/12). The court held, to quote directly from its opinion, that: "Article 3(1) of Directive 2003/71/EC ... on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, as amended by Directive 2008/11/EC ..., must be interpreted as meaning that the obligation to publish a prospectus prior to any offer of securities to the public is not applicable to an enforced sale of securities, such as that at issue in the main proceedings".