In this issue:

- US DEVELOPMENTS

- SEC Developments

- PCAOB Adopts Auditing Standard and Amendments

- Noteworthy US Securities Law Litigation

- Recent SEC/DOJ Enforcement Matters

- Employment Benefits Updates

- EU DEVELOPMENTS

- Statutory Audit Directive and Regulation Published in Official Journal

- Council Adopts Intra-Corporate Transferees Directive

- ESMA Publishes Consultation and Discussion Paper on MiFID II

- Omnibus II Directive Published in the Official Journal

- Publication of Prospectuses in Electronic Form

- Shareholder Rights Directive – European Commission Proposal for Amending Directive

- Corporate Social Responsibility – European Commission Consults on Direction of EU Policy After 2014

- European Commission Consults on Definition of FX Financial Instruments

- European Supervisory Authorities Consult on Draft RTS on Risk Mitigation for OTC Derivatives

- ESMA Advances Intention to Ease Frontloading Requirements Under EMIR

- GERMAN DEVELOPMENTS

- Regional Court of Munich Orders Former Managing Board Member of Siemens AG to Pay €15 Million in Damages for Failure to Implement Compliance System

- German Federal Court of Justice Rules on Shareholder’s Information Rights and European Shareholder’s Rights Directive

- UK DEVELOPMENTS

- ABI Recommendations on Lock-Up Agreements

- Government Responses to BIS Transparency and Trust Discussion Paper: Small Business, Enterprise and Employment Bill

- FRC Consultation on the UK Corporate Governance Code

- Narrative Reporting: ICSA Consultation on Annual Report Contents

- Accounting Directive: Supplement to Consultation on Implementation on Extractive Industries Reporting Requirements

- FCA Publishes Revised Listing Rules and Amendments to DEPP

- Consultation on Amendments to the Walker Guidelines for Portfolio Companies

- Revised AIM Rules for Companies and Nomads

- FSMA 2000 (Transparency) Regulations 2014 Laid Before Parliament

- Audit: Institutional Investor Committee Guidance on Audit Tendering

- Narrative Reporting: FRC Final Guidance on the Strategic Report

- True and Fair View: FRC Statement

- Market Abuse: Government Review into the Operation of Wholesale Financial Markets

- Market Abuse: Improper Disclosure

- PIRC UK Shareholder Voting Guidelines 2014

- ASIAN DEVELOPMENTS

- HKEx Publishes Revised Connected Transaction Rules

- Excerpt from SEC Developments:

SEC Staff Issues Statement on Effect of Court Decision on Conflict Minerals Rule -

On 29 April 2014, the SEC Division of Corporation Finance issued a statement on the effect of a recent decision by the US Court of Appeals for the District of Columbia Circuit (the “Court”) on the SEC’s reporting requirements regarding conflict minerals originating in the DRC and adjoining countries (the “Conflict Minerals Rule”).