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Category Archive for: ‘Company Law’

The Senior Managers & Certification Regime – the Transition

Transitioning FCA firms and individuals As discussed in a recent Elemental news article available here, the Financial Conduct Authority (‘FCA’) is creating a new regime called the Senior Managers & Certification Regime (‘SM&CR’) that will change how individuals are assessed and held accountable for what they do. CP17/40 was published recently and concludes on 21 February 2018. The consultation provides …

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The Senior Managers & Certification Regime

A replacement for the Approved Persons Regime A Financial Conduct Authority (‘FCA’) consultation closed recently that will affect almost every firm that offers financial services and is regulated by the FCA. CP17/25 concluded on 3 November 2017 and the FCA expects to produce a policy statement in the summer of 2018. The consultation proposals revamp how people within FCA regulated …

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A Guide to Protected Cell Companies: a new corporate structure for Insurance SPVs

The Risk Transformation Regulations (the ‘Regulations’) will, once enacted into law, create the protected cell company (‘PCC’). This is an entity that will be used as a multi-arrangement insurance special purpose vehicle (‘mISVP’). A PCC will be a private company limited by shares but will have unique characteristics. Designed to provide for the efficient and robust management of multiple insurance …

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Scotland: The new destination for money laundering and tax evasion?

There is growing evidence that criminals are swapping palm trees for lochs and heading to Scotland to avoid taxes and disclosure requirements Following the ‘Panama Papers’ leaked from Mossack Fonseca, there has been a growing demand for transparency and disclosure in corporate structures. Even before the Panama Papers were disclosed, David Cameron and the G8 have been leading a drive …

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Elemental Briefing – Small Business, Enterprise and Employment Act 2015

Background On 26 March 2015, the Small Business, Enterprise and Employment Bill received Royal Assent and the Department for Business, Innovation & Skills (“BIS”) has announced that the new company transparency and filing provisions will be implemented on a staged basis starting from 26 May 2015. The Small Business, Enterprise and Employment Act 2015 (the “Act“) covers a variety of …

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Ownership and control – key changes

In October 2014 we reported on a Government consultation in respect of its proposed new register of effective owners and controllers of businesses.  This new register was to be introduced as part of a package of measures which aimed to increase transparency and prevent effective owners from hiding behind a web of companies or nominees. With the consultation at an …

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Ownership and control

As part of its drive to increase transparency the Government has launched a consultation on the practical implications of its proposed new register of effective owners and controllers of businesses.  The register of people with significant control (PSC Register) is being implemented as part of The Small Business, Enterprise and Employment Bill. Part of the Government’s G8 commitments, the register …

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Patently clear

The 1st October 2014 saw a number of changes to patent and copyright laws in the UK.  Following extensive consultation and having taken into account the rise in digital media, the UK Intellectual Property office has taken steps to simplify regulations which were considered to be over-complex and out of date. The new regulations, which were set down in the …

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Updating the governance code

On 17th September the Financial Reporting Council issued an updated version of the Corporate Governance Code.  According to the FRC “This significantly enhances the quality of information investors receive about the long-term health and strategy of listed companies, and raises the bar for risk management.” The revised code will apply for accounting periods beginning on or after 1 October 2014 …

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Multinational risks

In July 2014 Strategic Risk in conjunction with AIG issued a report looking at the key risks faced by organisations which are looking to conduct business across the globe.  One of the key messages to emerge from the report is that organisations cannot afford to be complacent with risk factors changing ‘all the time.’  The combination of technological change allied …

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