On 28 October 2019, the High Court gave judgment in SL Claimants v Tesco Plc [2019] EWHC 2858 (Ch). This decision provides clarification on the nature of the interest in securities required to claim against an issuer in respect of the contents or timing of certain published information under section 90A / Schedule 10A Financial
Financial Reporting Council issues its first annual enforcement review
In August, the UK’s Financial Reporting Council (FRC), a regulator with responsibility for auditors, accountants and actuaries, issued its first annual enforcement review. The review summarises the FRC’s investigatory and enforcement remit and powers, as well providing details on recent cases and the FRC’s priorities.
In 2018/19, the FRC referred 15 enquiries to enforcement
Financial Reporting Council to be replaced by new regulator with enhanced powers
On 11 March 2019, the Business Secretary, Greg Clark, announced that the Financial Reporting Council (“FRC”), a UK regulator responsible for auditors, accountants and actuaries, will be abolished. The FRC will be replaced by a new regulator, the Audit, Reporting and Governance Authority.
The decision follows an independent review of the FRC completed in December