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In Corporate Compliance

United Kingdom: FRC consultation – proposed changes to UK Corporate Governance Code

by 7 Mins Read

The FRC has published a consultation paper proposing changes to the UK Corporate Governance Code. The changes are partly in response to the Government’s May 2022 response white paper “Restoring trust in audit and corporate governance: government response” and, unlike the wide-ranging changes in 2018, are technical rather than structural. The deadline for responses is Wednesday 13 September 2023 and the intention is for the revised Code to apply to financial years starting on or after 1 January 2025.

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United Kingdom: Introduction of corporate failure to prevent fraud offence

by , , , , , and 5 Mins Read

On 11 April 2023, the UK government announced in a Factsheet the introduction of a new criminal offence of failure to prevent fraud for organisations profiting from fraud committed by their employees or agents acting on their behalf. Violations can result in unlimited fines for organisations involved. Introduced as an amendment to the Economic Crime and Corporate Transparency Bill 2022, the new offence will come into force on the day the Act is passed.

In Employment

United States and United Kingdom: ID&E IMPACT – Leveling the playing field using pay equity audits (Video chat)

by 2 Mins Read

In this fifth and final installment of ID&E IMPACT, our Labor and Employment team in the US and UK chat about what’s fueling the trending surge in pay equity audits, the risks and rewards, what organizations should keep top of mind in the pay equity review process, and what employers can expect as a result of the EU Pay Transparency Directive reporting requirement.

In Employment

United Kingdom: Working with Unions bulletin | October 2022 to March 2023

by 1 Min Read

This bulletin covers the period of October 2022 to March 2023 and includes a decision of the Central Arbitration Committee (CAC) on the limitation period for bringing a Regulation 20 claim under the Transnational Information and Consultation of Employees Regulations 1999 and two interesting Employment Appeal Tribunal decisions considering: (i) whether the CAC has jurisdiction to hear complaints post Brexit where central management is situated in the UK, and (ii) whether the duty to inform and consult arises where collective redundancies are happening in multiple European Economic Area states but there is no common rationale for the redundancies.

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In Trade and Foreign Investment

UK’s Customs Valuation Ruling System is Live

by 4 Mins Read

The UK government announced on 15 March 2023 that customs valuation rulings, so-called Advance Valuation Rulings (AVR), would soon be a feature of the UK Customs regime. On 27 April 2023, the UK government published guidance on submitting applications for an AVR with the system going live. This is despite the necessary legislative amendments not yet coming into force.

In Corporate Compliance

United Kingdom: FCA consultation: Major reforms proposed to listing rules

by 13 Mins Read

The FCA has published a consultation paper (CP23/10) proposing major changes to the listing rules. The deadline for responses is Wednesday, 28 June 2023 and the FCA expects to publish a further consultation “in the autumn” which will include the proposed revised listing rules in full (the current consultation discusses the changes proposed but not specific drafting). The proposals relate to the rules as they apply to listings of equity shares in commercial companies, with no material changes currently proposed to the rules as they apply to non-equity securities nor the majority of other standard listed instruments (e.g., depositary receipts).

In Employment

United Kingdom: Tricky questions – redundancy and disability discrimination

by and 1 Min Read

Restructuring is commonly used by employers to weather the economic storm. For a dismissal to be fair, it needs to be for a fair reason (which includes redundancy) and follow a fair process. However, there are additional considerations that an employer should take into account where disabled employees are affected, which, if breached, could result in financial and reputational high value claims against the employer.

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In Employment

United Kingdom: Government guidance on ethnicity pay gap reporting

by 5 Mins Read

Ethnicity pay gap reporting in the UK remains voluntary. For organizations that choose to report this data, the government has now published guidance on how to do so, recommending that they mirror the rules on gender pay gap reporting where possible. The big difference is that ethnicity pay gap reporting involves multiple categories.

In Antitrust / Competition

United Kingdom: Introducing Regulation of Digital Platforms and New Competition and Consumer Protection Reforms

by and 1 Min Read

The UK Government published on 25 April 2023 its long-awaited Digital Markets, Competition and Consumers Bill. The Bill introduces radical new digital sector regulation – akin to the EU’s Digital Markets Act – in addition to expanding the UK Competition & Markets Authority’s consumer protection powers and introducing significant reforms for the UK competition regime.

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