Governance & Securities Law Focus: Europe Edition - July 2015

by Shearman & Sterling LLP

In this issue:

- Financial Reporting: Commission Delegated Regulations on Equivalence of Certain Third Country National GAAPs to IFRS

- Proxy Advisers: ESMA Consultation on Best Practise Principles for Voting Research 2014

- Fourth Money Laundering Directive: Publication in Official Journal (Corporate Aspects)

- Single-Member Companies: Council Agrees a General Approach on Replacement Directive

- EU Related Party Transaction Rules: The Latest Position

- Conflict Minerals: The European Parliament Aims to Introduce an EU Mandatory Regime

- Transparency Directive: Delegated Regulation on Regulatory Technical Standards on Major Holdings Published in Official Journal

- Final Implementation of EU Directive 2011/61/EU on Alternative Investment Fund Managers

- Listing Rules: Financial Conduct Authority Final Notice for Breaches of LR and DTR

- Market Abuse: Publication of Fair and Effective Markets Review (Corporate Aspects)

- LR and DTR: FCA Quarterly Consultation No. 9 (Corporate Aspects)

- AIM: Guidance on Free Float and Considering Financial Policies and Procedures Under AIM Rule 31

- Financial Reporting: FRC Discussion Paper on Improving Reporting by Smaller Listed and AIM Quoted Companies

- Financial Reporting: FRC Implementation Study on Audit Committee Reporting

- Financial Reporting: FRC Practise Aid on Audit Quality for Audit Committees

- Small Business, Enterprise and Employment Act: First Commencement Regulations

- Takeover Code: Consultation on Dividends

- Corporate Governance: ICSA Guidance on General Meeting Notice Periods

- Narrative Reporting: ICSA Guidance on Good Practise for Annual Reports

- Narrative Reporting: ICSA Guidance on Annual Report Contents

- Corporate Governance: PIRC UK Shareowner Voting Guidelines 2015

- Corrupt Asset Recovery: Proposal to Introduce Unexplained Wealth Orders

- SEC and NYSE/Nasdaq Developments

- Sanctions Round-Up

- Noteworthy US Securities Law Litigation

- Recent SEC/DOJ Enforcement Matters

- Executive Compensation & Employee Benefits Developments

- HKEx Publishes Consultation Conclusions on Weighted Voting Rights

- Corporate Governance Reforms in Japan

- Excerpt from Financial Reporting: Commission Delegated Regulations on Equivalence of Certain Third Country National GAAPs to IFRS

On 15 June 2015, the European Commission published the text of a draft delegated regulation to amend the Prospectus Regulation (809/2004). The objective of the delegated regulation is to deal with the expiry on 31 December 2014 of the transitional period during which the Commission allowed issuers to use financial statements prepared in accordance with Indian GAAP under the Transparency Directive. In order to allow India to complete the convergence of Indian GAAP with IFRS, the delegated regulation retrospectively extends this transitional equivalence period to 1 April 2016.

Please see full Newsletter below for more information.


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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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