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FCA proposes updates to its Handbook as a result of the 2014 UK Corporate Governance Code

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05 Jun 2015

The Financial Conduct Authority (FCA) has today issued a consultation on various changes to its Handbook. Of those changes, the FCA is proposing changes as a result of the transposition of the 2014 UK Corporate Governance Code (“the Code”). Comments are invited by 5 July 2015.

Of those changes, the FCA proposes in CP 15/19: Quarterly Consultation No.9 to:

  • Update the definition of the Code in the Glossary and in the Listing Rules and to make a number of consequential changes most notably to the Listing Rules and the Disclosure and Transparency Rules.
  • Amend the Listing Rules (LR 9.8.6R (3)) to require the directors to make disclosure relating to both the going concern basis of accounting and to the long-term viability of the entity.
  • Update LR 9.8.10R (1) relating to auditor reporting on going concern to refer to the revised requirement.
  • Amend LR 9.2.10R (2) to refer to the revised disclosures which auditors are required to review as a result of the 2014 Code.

A number of other consequential amendments to the Handbook are also proposed which are contained within the full consultation, available on the FCA website.

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