On June 11, the House of Lords EU Financial Affairs Sub-Committee (the Committee) published a letter dated May 27 from HM Treasury to the Committee in relation to the Committee’s review of the financial services sector after Brexit (the Letter).
Continue Reading HM Treasury Responds to House of Lords EU Financial Affairs Committee Recommendations on Financial Services Post-Brexit
House of Lords
House of Lords Bribery Act 2010 Committee Publishes Post-Legislative Scrutiny
Posted in Financial Markets, UK Developments
On March 14, the House of Lords Select Committee (Select Committee) on the Bribery Act 2010 (Bribery Act) published its report, “Bribery Act 2010: post-legislative scrutiny,” to establish whether the Bribery Act is achieving its intended purposes.
In its report, the Select Committee concludes that the Bribery Act is an excellent piece of legislation, creating offenses that are “clear and all-embracing.” In particular, the offense of corporate failure to prevent bribery is regarded as effective and enables those in positions of influence in a company to ensure that the company operates ethically.
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UK Parliament Formally Adopts Brexit Bill
On March 13, the UK Parliament passed the European Union (Notification of Withdrawal) Bill (Bill). The Bill received Royal Assent on March 16.
During the course of debates on the Bill, the UK House of Lords had proposed two amendments, one relating to the rights of EU and European Economic Area (EEA) citizens legally resident in the United Kingdom, and the other to parliamentary approval on the final Brexit deal reached with the European Union.
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House of Lords and House of Commons Agree on PSC Register Regulations
By David A. Brennand on
Posted in UK Developments
As noted in the Corporate & Financial Weekly Digest edition of February 5, the UK Government on January 25 published two regulations in relation to new requirements for UK-incorporated companies and UK-formed limited liability partnerships (LLPs) to keep a register of people with significant control (PSC Register).
Continue Reading House of Lords and House of Commons Agree on PSC Register Regulations