57 partners gone since January, says the WSJ Law blog.
Prospectus Regulation: European Commission publishes draft delegated regulation under the Amending Directive
The European Commission on 30 March 2012 published a draft delegated regulation to amend the Prospectus Regulation. The draft delegated regulation is here. In the Commission’s words, it amends “Regulation (EC) No 809/2004 as regards the format and the content of the prospectus, the base prospectus, the summary and the final terms and as regards the disclosure requirements.”
The delegated regulation is made under the Amending Directive (2010/73/EU), which requires that the Prospectus Regulation be amended through a delegated regulation.
In the Commission’s words, this “delegated Regulation has not yet entered into force. It is subject to the right of the European Parliament and of the Council to express objections, in accordance with Article 290 (2) of the Treaty on the Functioning of the European Union and Article 24c of the amended Prospectus Directive”. Subject to that, it is expected that the delegated regulation will come into force on 1 July 2012.
The Commission’s webpage on the Prospectus Directive is here.
And endorses the Q&As previously issued by the CESR. Document here.
Defra report on why no “greenhouse gas” reporting regulations have been under section 416(4) of the Companies Act 2006
The regulations were required by section 85 of the Climate Change Act 2008. Defra’s report is here.
The EU’s proposed financial transaction tax: Report from House of Lords EU Sub-Committee on Financial and Economic Affairs
Here. Unsurprisingly, the peers are opposed to the proposed FTT.
Article by Steve Johnson in FTfm on 16 April 2012 on the measures used to calculate executive director bonuses. Discusses earnings per share, return on equity, return on capital.
Here is a good analysis by Clayton Utz of the High Court’s November 2011 decision in Porton Capital v 3M. The court had to decide the meaning of a purchaser’s obligations in an earn-out provision to “diligently” seek regulatory approval for a new product and to “actively” market that product. The Clayton Utz article also discusses how damages for breach of the earn-out were calculated.