Legal updates

26 April 2021

The discontinuation of LIBOR and phasing in of SONIA in the Sterling Markets, what do we know so far?

Global financial markets are preparing to transition away from the use of the London Interbank Offered Rate (“LIBOR”) and adopt an appropriate alternative risk free rate (“RFR”) by the end of 2021. What are the reasons for the move away from LIBOR, the progress to date in terms of identifying the Sterling Overnight Index Average (“SONIA”) as the most appropriate alternative rate in the Sterling markets, and the steps still required to be taken to ensure such markets are ready for the phasing out of LIBOR by the end of the year

Anna Shonfeld

1 March 2021

As Lockdown Ends – Updated Guidance on General Meetings During Covid

On 30 March 2021 the provisions of the Corporate Insolvency and Governance Act 2020 (“CIGA”) which allowed purely virtual general meetings will lapse, and the normal rules will apply.  ICSA have produced some useful guidance to assist companies in dealing with their general meetings in the light of this change.

John Young

23 February 2021

ICSA’s Report on Board Evaluations – A Brief Summary

Following a request by the Department of Business, Energy and Industrial Strategy (“BEIS”) ICSA has prepared a report assessing the effectiveness of the independent board evaluation process introduced in the 2018 update of the UK Corporate Governance Code (the “UK Code”).  

John Young

5 April 2017

Companies and directors of larger companies face criminal prosecution and unlimited fines for non or misreporting of payment practices

On 6 April 2017, new criminal offences for companies and directors will be introduced when the Reporting on Payment Practices and Performance Regulations 2017 (“the Reporting Regulations”) come into effect. Similar Regulations relating to limited liability partnerships (LLPs) will also come into force. 

17 August 2016

FCA Calls for Input on Equity Crowdfunding Regulation

In February 2016, less than a year after raising £800,000 through an online crowdfunding platform, the claims management company, Rebus, went into administration.  This episode highlights the risks associated with equity crowdfunding and raises questions as to the extent of investor protection required. The FCA bolstered their rules protecting retail investors in October 2014. These rules are now being reviewed and the FCA has published a ‘Call for input’.  

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