Blogging back to normality

I am pleased to report that regular posting has resumed after a break for reasons largely unexpected. The posts that follow will be a mix of the very up to date and those from the last few months that are important to note for the purposes of the record that this blog has become. With best wishes, Robert.

Singapore: MAS publishes new edition of Corporate Governance Code

Following a consultation earlier this year, the Monetary Authority of Singapore has today published a new edition of its Corporate Governance Code: see here (pdf). Practice guidance has also been published: see here (pdf). The accompanying MAS press release is available here. A press release from SGX explains the accompanying Listing Rules changes: see here.

UK: The Registration of Overseas Entities - draft Bill published

A draft of the Registration of Overseas Entities Bill has been published by the Department for Business, Energy and Industrial Strategy: see here. The Bill, when law, will provide for the framework requiring overseas entities owning land in the United Kingdom to register with Companies House and to provide information concerning their beneficial owners (and to update this information). Published alongside the Bill is a research report exploring the potential impacts of the proposed register: see here (pdf).

UK: Exiting the EU: The Friendly Societies (Amendment) (EU Exit) Regulations 2018

The European Union (Withdrawal) Act 2018 received Royal assent at the end of June. Under section 8(1) of the Act, a Minister of the Crown is given the power through Regulations to make provisions to prevent, remedy or mitigate any failure of retained EU law to operate effectively or any other deficiency in retained EU law, arising from the UK's withdrawal from the European Union.

A final draft of the Friendly Societies (Amendment) (EU Exit) Regulations 2018 has been published, and will be made in exercise of the section 8(1) power. A copy of the Regulations is available here (pdf) and the accompanying explanatory memorandum is available here (pdf). The Regulations make a number of changes to the Friendly Societies Act 1992, including replacing the references to the EU Audit Directive.

The Regulations will not be be laid in Parliament until they have gone through the new 'sifting' process prescribed within Schedule 7 of the 2018 Act (further guidance is available here; for discussion see here).

Nigeria: FRC consultation on the Nigerian Code of Corporate Governance

The Financial Reporting Council has published for consultation a draft of the Nigerian Code of Corporate Governance: see here. The Code will operate on the basis of 'apply and explain' and replaces the Code published but subsequently withdrawn in 2017. The new Code contains 28 Principles, the application of which by companies is assumed, together with the practices recommended for implementing the Principles.