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首页 英国公司法——UK COMPANY LAW

英国公司法——UK COMPANY LAW

英国公司法——UK COMPANY LAW

sweeft88
2009-02-09 0人阅读 举报 0 0 暂无简介

简介:本文档为《英国公司法——UK COMPANY LAWpdf》,可适用于考试题库领域

TopicGatewaySeriesUKCompanyLawUKCompanyLawTopicGatewaySeriesNoPreparedbyLouiseRossandTechnicalInformationServiceLastupdatedAprilTopicGatewaySeriesUKCompanyLawAboutTopicGatewaysTopicGatewaysareintendedasarefresherorintroductiontotopicsofinteresttoCIMAmembersTheyincludeabasicdefinition,abriefoverviewandafullerexplanationofpracticalapplicationFinallytheysignpostsomefurtherresourcesfordetailedunderstandingandresearchTopicGatewaysareavailableelectronicallytoCIMAmembersonlyintheCPDCentreontheCIMAwebsite,alongwithanumberofelectronicresourcesAbouttheTechnicalInformationServiceCIMAsupportsitsmembersandstudentswithitsTechnicalInformationService(TIS)fortheirworkandCPDneedsOurinformationspecialistsandaccountingspecialistsworkcloselytogethertoidentifyorcreateauthoritativeresourcestohelpmembersresolvetheirworkrelatedinformationneedsAdditionally,ouraccountingspecialistscanhelpCIMAmembersandstudentswiththeinterpretationofguidanceonfinancialreporting,financialmanagementandperformancemanagement,asdefinedintheCIMAOfficialTerminologyeditionCIMAmembersandstudentsshouldsignintoMyCIMAtoaccesstheseservicesandresourcesTheCharteredInstituteofManagementAccountantsChapterStreetLondonSWPNPUnitedKingdomT()F()EtiscimaglobalcomwwwcimaglobalcomUKCompanyLawTopicGatewaySeriesUKCompanyLawupdatedDefinitionandconceptCompanyLaw(knownasCorporateLawinsomecountries)referstotheformationandgovernanceofcorporateentitiesIntheUK,theresponsiblebodyistheCorporateLawandGovernanceDirectorateoftheDepartmentforBusiness,EnterpriseandRegulatoryReform(BERR),formerlytheDepartmentofTradeandIndustry(DTI)ThisdirectoratealsorepresentsUKinterestsinthedevelopmentofEUcompanylawItisworthnotingthatsomemattersaredealtwithinlawwhileotheraspectsofcorporategovernancearedealtwithincodesofbestpracticeContextInthecurrentsyllabus,CIMAstudentswilllearnandmaybeexaminedonthistopicinpaperCBusinessLaw,FinancialAnalysis(paperP)andFinancialAccountingandTaxPrinciples(paperP)OverviewThemainpieceoflegislationistheCompaniesAct(CA)ThisnewActisthelargestsinglepieceoflegislationeverpassedbytheUKParliament,andistheproductofeightyearsofconsultationoncompanylawreformCAisaconsolidationofallthecompanylawprovisionsofCA,CAandtheCompanies(Audit,InvestigationsandCommunityEnterprise)ActorC(AICE)TheelementsofthoseactswhichwerenotincorporatedintoCArelatetocommunityenterprisecompaniesortoinvestigationswhicharewiderinscopethanjustcompaniesTheseremnantsarelistedinparagraphsandoftheexplanatorynotestoCAwhichcanbefoundontheBERRCompaniesActwebpagesEffectivelyCArepealsandreplacesabouttwothirdsofCATheGovernment’smotivationforCAwastoincreaseshareholderengagementandtopromotealongtermviewofinvestment,ratherthandecisionsmadeonthebasisofimmediatereturnsItalsoaimedtosimplifyregulationby‘thinkingsmallfirst’,recognisingthatthevastmajorityofUKcompaniesaresmall,andtoachievecostsavingsforindustryUKCompanyLawTopicGatewaySeriesOthersignificantdevelopmentsincorporatedintoCAinclude:•astatutorystatementofdirectors’duties•encouragementforelectroniccommunicationwithshareholders•protectionagainstliabilityforforwardlookingstatementsSeebelowforfurtherdetailBERRlistthebenefitsoftheCAtocompanies,shareholdersandothersat:wwwberrgovukbbfcoactMajorBenefitstoBusinesspagehtmlAccessedAprilCompaniesActTheCompaniesActisavailableonlineat:wwwopsigovukactsactsahtmAccessedAprilThemainsectionslikelytobeofinteresttomembersare(butarenotconfinedto):Directors’duties(sections)CAembeddedinstatutetheconceptofEnlightenedShareholderValue,whichintroducedastatutorystatementofdirectors’dutiesThisclarifiedthatdirectorsmustcontinuetopromotethesuccessofthecompanyforthebenefitofitsshareholdersHowever,theyalsohavetotakeintoaccountwiderfactorssuchasthecompany’simpactontheenvironmentandtheneedtofosterrelationshipswithcustomers,suppliersandotherstakeholdersContentsofDirectors’ReportandBusinessReview(sections)ElectronicCommunicationwithShareholders(Schedule,Part)Thegoalistomakeitcommonpracticeforshareholderstovoteelectronically,andforcompaniestodistributeannualreportsandothercommunicationselectronicallyThisisoneofthebiggestmoney(andtree)savingaspectsoftheAct,henceitsearlyimplementationForwardlookingstatements(section)Directorsareprotectedagainststatements(includingforwardlookingstatementswhichdidn’tsubsequentlycometrue)iftheyweremadeingoodfaithandcarefullyAdirectorcanbeheldliableforstatementsinthedirectors’reportonlyifthedirectorknewtheywereuntrueormisleading(orwasrecklessastowhethertheywereuntrueormisleading)orifthedirectorknewanomissionwasdishonestlyconcealingamaterialfactUKCompanyLawTopicGatewaySeriesAuditorliability(sections–)Withtheagreementofthecompanyandtheapprovalofshareholders,auditorsareallowedtolimittheirliability(usingaspecifiedmonetarycap,aformulaorothermeans)Thelimitmustbenolessthanwhatis‘fairandreasonable’,consideringthenatureoftheauditors’responsibilitiesandwhatisexpectedofthemThereisalsoausefulindexofdefinedexpressionsatScheduleoftheAct,at:wwwopsigovukactsactsukpgaenAccessedAprilPhasedimplementationCAgainedtheRoyalAssentinlateNovember,atwhichpointonlyasmallproportionofitsprovisionswereimplementedThosemainlyrelatedtotheEUTransparencyDirectivewhichhadtobeimplementedbyJanuary,andincludedthestatutorybasisfordirectors’liabilityinrespectoftheBusinessReviewOtherprovisionswillbeimplementedbyasuccessionofRegulationsoverthefollowingthreeyears,withtheaimthattheentireActwillbeinforcebyOctoberThisrepresentsaslippageoftheoriginaltimetable,toaccommodateCompaniesHouse’concernsaboutitsreadinessforanOctoberimplementationofcertainprovisionsBERRhaspublishedafinalimplementationtimetablecalledtheTableofCommencementDateswhichisusefullycolourcodedaccordingtothedifferentimplementationdatesAnnoyingly,BERRadvisesthatthisshouldnotbeseenasthedefinitivetimetable,anditadvisesuserstorefertotheindividualcommencementordersontheOPSIwebsiteUnlessadvisedotherwise,thisisthetimetableAvailablefrom:wwwberrgovukbbfcoactindexhtmlAccessedAprilOtherlegislation:Limitedliabilitypartnerships•TheLimitedLiabilityPartnershipsActcreatedanewformoforganisationforbusinesses,theLimitedLiabilityPartnership(LLP)LLPsneedtoberegisteredatCompaniesHouse,andaresubjecttothesamerulesasprivatelimitedcompaniesinrespectofregistrationandauditIthasnotbeensignificantlyamendedbyCAAvailablefrom:wwwopsigovukACTSactshtmAccessedApril•TheLimitedLiabilityPartnershipsRegulations(StatutoryInstrumentNo)addsreferencetoLLPstothethenCAand,InsolvencyActandCompanyDirectorsDisqualificationActUKCompanyLawTopicGatewaySeriesOtherlegislation:Regulatorymatters•TheCompanies(Audit,InvestigationsandCommunityEnterprise)Actatmadethesystemofsupervisingauditorsmoreindependent,strengthenedtheenforcementofaccountingandreportingrequirements(reflectingthenewroleoftheFinancialReportingCouncil)andintroducedanewcategoryofcompany,thecommunityinterestcompanyCArepealedsomeofCAICE,pleaseseeScheduleofCAAvailablefrom:wwwopsigovukactsactsukpgaenAccessedAprilOtherlegislation:Directors’responsibilities•TheCompanyDirectorsDisqualificationActcoversthevariousgroundsonwhichapersoncanbedisqualifiedfromholdingofficeasadirector,andhasnotbeenamendedbyCAGuidanceabouttheActisavailablefromtheInsolvencyServicewebsiteAvailablefrom:wwwinsolvencygovukguidanceleafletsGuideshtm#AccessedAprilOtherlegislation:InsolvencyThemainActs(coveringcompanyliquidation,bankruptcy,receivershipandadministration)aretheInsolvencyAct,asamendedbyInsolvencyActs(twoActs)andIthasbeenamendedonlyslightlybyCAOtherlegislation:auditexemptionlimitsTheCompaniesAct(Amendment)(AccountsandReports)Regulations(SI)hasintroducednewthresholdsforauditexemptionwhichapplyforfinancialyearsbeginningonorafterAprilTheseregulationscanbefoundat:wwwopsigovuksisiAccessedAprilBriefly,thenewlimitstobeconsideredasmallcompanyare£mturnoverandbalancesheettotalsoflessthan£mPleasereadthefullguidanceforthemediumsizedcompanylimitsandthearrangementsforcompanieshoveringaboutthethresholdsAvailablefrom:wwwberrgovukbbffinancialreportingsmallcompaniespagehtmlAccessedAprilUKCompanyLawTopicGatewaySeriesOtherlegislation:investormattersTheCompanies(InspectionandCopyingofRegisters,IndicesandDocuments)Regulations(StatutoryInstrumentNo)ActcontainsrequirementsforinspectionandprovisionofcopiesofstatutoryregistersIthasnotbeenamendedbyCAAvailablefrom:wwwopsigovuksisiUksienhtmAccessedAprilTheCompanies(RegistersandotherRecords)Regulations(StatutoryInstrumentNo)containsrequirementsforkeepingstatutoryregisters,includingretentioninelectronicformIthasnotbeenamendedbyCAOtherlegislationTheCorporateManslaughterandCorporateHomicideActgainedtheRoyalAssentinJuly,andthemajorityofitcameintoforceonAprilItaimstobetterholdtoaccountseniormanagementofcompaniesandotherorganisationswheretheirfailingshavefatalconsequencesItcomplements,ratherthanreplaces,healthandsafetylegislationandcanbefoundat:wwwopsigovukactsactsukpgaenAccessedAprilTheActappliestocorporationsoperatingintheUK(includingcharitiesandvoluntaryorganisationswheretheyarebodiescorporate),governmentdepartmentsaslistedintheAct,partnershipsandtradeassociationsIndividualscannotbeprosecutedunderthenewActasthestatutoryoffenceof‘corporatemanslaughter’(‘corporatehomicide’inScotland)onlyappliestoorganisationsHowever,asnow,directorsandseniormanagerscanbeprosecutedundercommonlawfor‘grossnegligencemanslaughter’orundersectionoftheHealthandSafetyatWorkActInconjunctionwiththeInstituteofDirectors,theHealthandSafetyExecutivehaspublishedguidance‘LeadershipActionsforDirectorsandBoardMembers’whichisavailableat:wwwhsegovukpubnsindgpdfAccessedAprilUKCompanyLawTopicGatewaySeriesUKcompanylawinpracticeRegulatorsandtheirremitsTheCompaniesActdelegatesthefollowingpowerstootherbodies(source:FRCwebsite)RoleBodyIssueofaccountingandreportingstandards(s)”anybodyorbodiesasmaybeprescribedbyregulations”Recognition,supervisionandderecognitionofthoseaccountancybodiesresponsibleforsupervisingtheworkofauditorsorofferinganauditqualificationProfessionalOversightBoardForAccountancy(POBA)EnsuringthatthefinancialinformationprovidedbypublicandlargecompaniescomplieswithCompaniesActrequirementsEnforcingcompliancewiththedirectors’reportrequirementsoftheCompaniesActMonitoringcompliancewiththelistingrulesofissuersoflistedsecuritiesFinancialreportingandreviewpanel(FRRP)LegislativeprocessIntheUK,thereareseveralstagestothelegislativeprocess:•Greenpaper–aconsultationdocumentintendedtoencouragecommentfromstakeholdersandpoliticiansNotallgreenpapersmakeittothenextstage,andthereisnorequirementforagreenpaperstageTheremayhavebeenprecedingdiscussionandconsultation,butthisisgenerallyfelttobethefirststageatwhichthoughtsbecomefocusedandreasonablyspecific•Whitepaper–adocumentoutliningtheproposedpolicyUKCompanyLawTopicGatewaySeries•DraftBill–thereisnorequirementforaDraftBill,butthecurrentGovernmentannounceditsintentiontopublishmoreDraftBillstoencouragemoreprelegislativescrutinyofproposalsDraftBillsbeforeParliamentarelistedontheUKParliamentwebsiteAvailablefrom:wwwparliamentukbillsdraftbillscfmAccessedApril•Bill–passesthroughbothHousesofParliamentTheHouseofCommonsWeeklyInformationBulletinlistsatwhatstagearetheBillscurrentlybeforetheHouseThefulltextofBillscanbefoundfromtheParliamentaryInformationManagementServiceBillindexBillsbecomeActsoncetheyhavepassedallstageswithinbothHousesofParliamentandreceiveRoyalAssentAct–legislationispublished(mostlyinprintfirst,butoccasionallyelectronically)inbatchesdependingupontheparliamentarytimetableAvailablefrom:http:billsaiscoukACasp#topAccessedAprilForthcomingcompanylawlegislationorregulationSincetheCAwassuchacomprehensiveact,thereisunlikelytobeanotherCompaniesActforagoodmanyyearsTheGovernmenthaspromiseda‘stableplatform’atleastinrespecttoreportingrequirementsHowever,therewillbeasequenceofregulationstointroducevariousprovisionsofCA,accordingtotheimplementationtimetableaboveThisTopicGatewaywillbeperiodicallyupdatedbutmaylagbehinddevelopmentsWerecommendthatusersmonitortheBERRCompaniesActwebpagesThefulltextofallBillscurrentlybeforetheUKParliamentcanbefoundontheUKParliamentwebsiteAvailablefrom:http:servicesparliamentukbillsAccessedAprilUKCompanyLawTopicGatewaySeriesFurtherinformationFulltextarticlesfromBusinessSourceCorporatethroughMyCIMAwwwcimaglobalcommycimaAccessedAprilBorrie,SandStojanovic,ATheUnitedKingdom'scorporatelawoverhaul:theCompaniesActCorporateGovernanceAdvisor,January,Volume,Issue,ppProvidesagoodoverview,writtenbylawyersGray,RIngoodcompanyLawyer,,Volume,Issue,pOutlinesthesituationinNorthernIrelandinrespectoftheextensionoftheCompaniesActHolden,SWPainandlitigationInternationalFinancialLawReview,October,Volume,Issue,pArguesthatthecodificationofdirectors'dutiesmightresultinthelossofflexibilityinherentincommonlawandequitableprincipleswhichpreviouslygovernedthisarea,andthinksthatoneeffectoftheactwillbeincreasedlitigationHowell,AandShepherd,TMindthecapAccountancy,July,Volume,Issue,ppDiscussesthenewpowersforauditorstonegotiateliabilitylimitationagreements(LLAs)OutlinestheimpactonaccountantsandauditorsKing,RandPhilipson,KGocarefullyAccountancyAge,,pAdvisesreadersnottounderestimatetheimplicationsofthenewrightsforshareholderstomountderivativeactionsagainstdirectorsIncludesachecklistforFDsandadvisersMirchandani,NandHuntsman,RDirectors’cutLawyer,,Volume,Issue,pArguesthatthecombinationoftheCA,theincreasedattentionpaidbytheFSAtoseniormanagementoftheorganisationsitregulates,andtheriseinshareholderactivismmeansthatdirectorscanexpecttheirresponsibilitiestobemoreonerousthantheywere,sayfiveyearsagoSignpostsreaderstousefulguidancefromTheGC(agroupofseniorinhouselawyersofFTSEcompanies)oncompliancewiththedutiesoutlinedintheCompaniesActUKCompanyLawTopicGatewaySeriesSykes,CandPeijunXCompaniesAct:directors'dutiesCreditManagement,March,ppAgoodoverview,includingdiscussionofwhethertheActwillinhibitindividualsfromholdingmultipledirectorshipsorwhetherthenewpowersforderivativeactionsmightleadtoaflurryoftestcases,especiallyduringsensitivetimessuchastakeoversBooksEbooksavailabletoCIMAmembersat:wwwnetlibrarycomAccessedAprilHarper,J()ChairingtheBoard:apracticalguidetoactivitiesandresponsibilitiesLondon:KoganPageUpdatedtoaccountforCAHenriques,A()Corporatetruth:thelimitstotransparencyLondon:EarthscanArguesthataccountabilityandtransparencyfallfarshortofwhatsocietyshouldexpectAlthoughtherehasbeenanincreaseintheextenttowhichcorporatereportsincludesocietalorenvironmentalimpacts,thequalityofmanyofthesereportscouldbeimprovedReportingsuchimpacts(transparency)isnotenoughasaction(accountability)isalsonecessaryInkpen,AandRamaswamy,K()Globalstrategy:creatingandsustainingadvantageacrossbordersNewYork:OxfordUniversityPress(StrategicManagementSeries)Thisbookisaboutg

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