Here.
Bank of England sub-site on “Preparing for the PRA” here.
3 January 2013
The PRA’s powers of direction over unregulated holding companies: Bank of England / FSA consultation on draft policy statement
3 January 2013
PRA’s enforcement approach: consultation paper
3 January 2013
ecoDa / IoD study on European corporate governance codes and the comply or explain principle
Here.
3 January 2013
Green Investment Bank: House of Common Library Standard Note
Here. From the covering precis:
“This note covers the Green Investment Bank set up by the Government to support green infrastructure investment.
Before the announcement of its creation in the March 2011 budgets there was debate between departments on the form the Bank would take and the level of finance provided to it. In budget it was announced the Bank would have an initial investment of £3bn and will not be allowed to raise its own capital until at least 2015. The Bank will be able to carry out a wide range of transactions – including equity, debt and risk mitigation products – and is expected to catalyse an additional £15 billion of investment in green infrastructure by 2014/15.
The Government published the five priority areas for investment for the bank during the current spending review period, together with the criteria for deciding on its location on 12 December 2011. It also announced the creation of an interim body, Green Investments UK, which would have £775 million available to invest from April 2012. The location of the Bank, Edinburgh and London, was announced in March 2012.
Legislation that would enshrine the ‘green’ purpose of the bank, providing powers for it to operate including funding, and ensuring its operational independence from Government where announced in the Queens Speech, and included in the Enterprise and Regulatory Reform Bill published in May 2012.
The European Commission approved state aid for the bank on 17 October 2012. It was then officially launched by Vince Cable at the Heriot-Watt University Conference Centre on 28 November 2012.”
See also: The Green Investment Bank makes its first investments
3 January 2013
Thomson Reuters acquires Practical Law Company
“The terms of the deal were not disclosed” – boo!
3 January 2013
Sycamore Bidco v Breslin: warranties and representations / buyer knowledge on MBO / calculation of damages
The High Court gave judgment on 30 November 2012 in Sycamore Bidco v Breslin & Anor (on Bailii here). The lengthy, detailed judgment on this MBO transaction gone wrong (Dunedin were the private equity investor) discusses amongst other matters:
- Whether the warranties in the SPA were also representations (and if so, the differing measure of damages);
- Whether the knowledge of directors of the Target should be attributed to the Purchaser (given that those directors became directors of the Purchaser); and
- The calculation of damages for breach of warranty, including whether, despite a warranty breach, there was any loss at all.
The judgment is interesting principally for its narrative of how Dunedin went about assessing the transaction and for its careful consideration of how the Target was (or should have been) valued.
Wragges have produced a note on the judgement here and analysis here.
3 January 2013
Revolutionary innovations can take time to impact fully on society
Sensible article from The Economist on the slow initial effect of radical innovation:
“In general, a very good way to underestimate the potential impact of a new innovation is to consider its possible contributions all other things equal, that is, assuming that nothing in the economy changes to accommodate or complement the new discovery…
A truly revolutionary new technology rarely has an enormous immediate impact. It’s influence unfolds slowly but powerfully as its reshapes society.
…consider that trinket the smartphone. It has only been in the last two years or so that half or more of the rich world has begun wandering the streets carrying a powerful, networked handheld computer at all times. In that short period, humanity has come up with some nifty uses for such things. But these are a scratch on the surface of the possible. Only in time—as new business models are created and technology improves and norms change—will be begin to understand and exploit the possibilities of so much distributed, mobile, connected information-gathering capacity and processing power.”
See also: “There has never been a truly innovative idea put forward that was not laughed at”
3 January 2013
PR is taking over the world, says Management Today
With 4 PRs to every journalist, apparently.
“PR people are starting to make it to the top of businesses. John Fallon, ex-corporate affairs chief at publisher Pearson, will become its CEO next year. At pharmaceuticals giant GlaxoSmithKline, Duncan Learmouth, ex-head of global communications, took charge of a new emerging markets division in 2010. The director of the Institute of Directors is Simon Walker, formerly of City spinners Brunswick. And our prime minister was once head of comms for Carlton Television.
In the 1970s and 1980s, it was advertising and marketing types who had the ear of the boss. In the 1990s, it was the strategists’ turn, while in the noughties it was HR people leading the war for talent who were in favour. Now the comms chief is the individual that the CEO and chairman require to be right behind them. They are the eyes and ears of the organisation in uneasy and austere times, the consigliere, the trusted adviser.”
Article here.
