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Survey of Legislation and Case Law, May & June 2013

Survey of Legislation and Case Law, May & June 2013 COLUMNS BY PAUL JAGER LL.M., PHD-FELLOW IN COMPANY LAW AT LEIDEN UNIVERSITY, THE NETHERLANDS 1. COMPANY LAW AND CORPORATE GOVERNANCE 2. FINANCIAL SERVICES/SECURITIES LAW 2.1. ESMA Final Report: Guidelines on Remuneration Policies and Practices (MiFID), 11 June 2013, ESMA/2013/ 606, www.esma.europa.eu This final report sets out the feedback statement to the consultation paper, which provides an analysis of responses to the consultation (including the Securities and Markets Stakeholder Group's advice), describes any material changes to the technical proposals set out in Annex V of the consultation paper (or confirms that there have been no material changes), and explains the reasons for this in the light of feedback received. 2.2. European Commission: Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 Amending Regulation (EC) No 1060/2009 on Credit Rating Agencies (Official Journal L 146 , 31 May 2013 P. 0001 ­ 0033) and Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 Amending Directive 2003/41/EC on the Activities and Supervision of institutions for occupational retirement provision, Directive 2009/ 65/EC on the Coordination of Laws, Regulations and Administrative Provisions Relating to Undertakings for Collective Investment in Transferable Securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in Respect of Over-Reliance on Credit Ratings (Official Journal L 145, 31 May 2013 P. 0001 ­ 0003), 20 June 2013, ec.europa.eu/internal_market 3. FINANCIAL REPORTING (ACCOUNTING AND AUDITING) 3.1. European Commission: Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the Annual Financial Statements, Consolidated Financial Statements and Related Reports of Certain Types of Undertakings, Amending Directive 2006/43/EC of the European Parliament and of the Council and Repealing Council Directives 78/660/EEC and 83/349/ EEC (Official Journal L 182, 29 June 2013 P. 0019­0076), 26 June 2013, ec.europa.eu/internal_market 4. SOCIAL POLICY (EMPLOYEE INVOLVEMENT AND TRANSFER OF UNDERTAKINGS) As of 20 June 2013, credit rating agencies (CRAs) will have to follow stricter rules, which will make them more accountable for their actions. The new rules also aim to reduce over-reliance on credit ratings while at the same time improving the quality of the rating process. CRAs will have to be more transparent when rating sovereign states. 5. MISCELLANEOUS `Columns'. European Company Law 10, no. 4/5 (2013): 170­170. © 2013 Kluwer Law International BV, The Netherlands http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Company Law Kluwer Law International

Survey of Legislation and Case Law, May & June 2013

Jager
European Company Law , Volume 10 (5) – Sep 1, 2013
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Kluwer Law International
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1572-4999
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Abstract

COLUMNS BY PAUL JAGER LL.M., PHD-FELLOW IN COMPANY LAW AT LEIDEN UNIVERSITY, THE NETHERLANDS 1. COMPANY LAW AND CORPORATE GOVERNANCE 2. FINANCIAL SERVICES/SECURITIES LAW 2.1. ESMA Final Report: Guidelines on Remuneration Policies and Practices (MiFID), 11 June 2013, ESMA/2013/ 606, www.esma.europa.eu This final report sets out the feedback statement to the consultation paper, which provides an analysis of responses to the consultation (including the Securities and Markets Stakeholder Group's advice), describes any material changes to the technical proposals set out in Annex V of the consultation paper (or confirms that there have been no material changes), and explains the reasons for this in the light of feedback received. 2.2. European Commission: Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 Amending Regulation (EC) No 1060/2009 on Credit Rating Agencies (Official Journal L 146 , 31 May 2013 P. 0001 ­ 0033) and Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 Amending Directive 2003/41/EC on the Activities and Supervision of institutions for occupational retirement provision, Directive 2009/ 65/EC on the Coordination of Laws, Regulations and Administrative Provisions Relating to Undertakings for Collective Investment in Transferable Securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in Respect of Over-Reliance on Credit Ratings (Official Journal L 145, 31 May 2013 P. 0001 ­ 0003), 20 June 2013, ec.europa.eu/internal_market 3. FINANCIAL REPORTING (ACCOUNTING AND AUDITING) 3.1. European Commission: Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the Annual Financial Statements, Consolidated Financial Statements and Related Reports of Certain Types of Undertakings, Amending Directive 2006/43/EC of the European Parliament and of the Council and Repealing Council Directives 78/660/EEC and 83/349/ EEC (Official Journal L 182, 29 June 2013 P. 0019­0076), 26 June 2013, ec.europa.eu/internal_market 4. SOCIAL POLICY (EMPLOYEE INVOLVEMENT AND TRANSFER OF UNDERTAKINGS) As of 20 June 2013, credit rating agencies (CRAs) will have to follow stricter rules, which will make them more accountable for their actions. The new rules also aim to reduce over-reliance on credit ratings while at the same time improving the quality of the rating process. CRAs will have to be more transparent when rating sovereign states. 5. MISCELLANEOUS `Columns'. European Company Law 10, no. 4/5 (2013): 170­170. © 2013 Kluwer Law International BV, The Netherlands

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European Company Law – Kluwer Law International

Published: Sep 1, 2013

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