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The UK ceased to be a Member State of the European Union on 31 January 2020. A transition period then applied until 31 December 2020. During the transition period, EU law continued to apply in and to the UK, and the UK continued to trade as part of the Single Market. The Brexit transition period ended … Read more
BEIS has published three consultation papers setting out proposed reforms in relation to increasing the powers of Companies House, improving the financial information which is filed with Companies House and implementing a ban on corporate directors. These consultations follow the Government’s consultation on options to enhance the role of Companies House and increase the transparency of UK corporate entities in 2019 … Read more
The government has made regulations that extend the relaxations to the company meeting requirements in the Companies Act 2006, which were introduced as a result of the Covid-19 pandemic, to 30 March 2021. Under the relaxations, which are set out in the Corporate Insolvency and Governance Act 2020 (see our corporate update 2020/14), shareholder meetings can take place … Read more
Companies House has said that it will no longer provide paper reminders to file confirmation statements and accounts. Companies can instead register to receive email reminders through the WebFiling service. Companies House is also asking companies to submit accounts early and preferably online. Paper accounts are six times more likely to be rejected compared to accounts filed electronically … Read more
The Information Commissioner’s Office (ICO) has fined Marriott £18.4 million in relation to a 2014 cyber-attack on Starwood Hotels, which Marriott acquired in 2016. The ICO had previously issued a notice of its intention to fine Marriott £99.2 million. The penalty notice does not explain why the final fine is considerably lower than this amount. … Read more
Contract issues Many contracting parties have already been affected by force majeure events arising out of the Covid-19 pandemic and the associated restrictions. Various locations around the globe are now experiencing a “second wave” of the pandemic and the re-imposition of restrictions. The second wave has important implications for contracting parties, some of whom may … Read more
The Information Commissioner’s Office (ICO) has fined British Airways £20 million for breach of the General Data Protection Regulation (GDPR) in relation to its 2018 data breach where the personal data of 500,000 customers was stolen by hackers. Whilst still the largest ICO fine to date, this is a significant reduction in the original proposed … Read more
The Financial Reporting Council (FRC) has published a report, AGMs: An Opportunity for Change, which reviews how listed companies conducted their AGMs this year against the backdrop of the Covid-19 pandemic. The report also sets out best practice guidance as to how listed companies could conduct their AGMs in 2021. The FRC reviewed AGMs held between … Read more
The Financial Conduct Authority (FCA) has announced that it has begun criminal proceedings against the former chief executive, the former chief financial officer and the former finance director of Redcentric Plc. The company issued unaudited interim results in November 2015 and audited final year results in June 2016 which it is alleged materially misstated its net debt … Read more