Thursday, 17 March 2022

UK: Independent Panel on Ring-fencing and Proprietary Trading - final report published

The Independent Panel on Ring-fencing and Proprietary Trading has published its final report: see here (pdf). Various recommendations are made, including that the scope of the ring-fencing regime should be changed to include firms only where there is a clear financial stability benefit.

Malta: MFSA consults on new corporate governance code

The Malta Financial Services Authority is currently consulting on a new corporate governance code, to cover all unlisted MFSA authorised entities. A copy of the consultation document and new code can be found, respectively, here (pdf) and here (pdf). The code contains principles and supporting provisions, the latter to be applied on what is described as a 'best effort basis'.

UK: The Economic Crime (Transparency and Enforcement) Act 2022

The Economic Crime (Transparency and Enforcement) Act 2022 became law earlier this week: see here or here (pdf). The explanatory memorandum will be available here when published. Parts 1 and 2, not yet in force (secondary legislation is required), contain the framework for the new register of overseas entities owning land in the UK and will make changes to the unexplained wealth order regime. Part 3 makes changes to the sanctions regime, chapter 2 of which is already in force.

Netherlands: updating the Dutch Corporate Governance Code

A consultation has begun in respect of proposed changes to the Dutch Corporate Governance Code: see here (in English).

UK: The Parker Review - an update on improving the ethnic diversity of UK boards

Almost there: the message from the Parker Review, in its latest update (here, pdf), concerning the target that all FTSE100 boards should have at least one director from a minority ethnic group. In the FTSE250, the target has been met by just over half of companies.