Regulation Archives

GSK fined for anti-competitive behaviour

Pharmaceutical giant, GlaxoSmithKline (GSK), has been fined £37.6m by the UK’s Competition and Markets Authority (CMA)for making illegal payments to companies to delay their rival medicines entering the British market. Smaller fines were also imposed on the other pharmaceutical companies …

Morgan Stanley pays for misleading investors

Investment bank Morgan Stanley has agreed a $3.2 billion settlement with the New York Attorney General, Eric Schneiderman over the bank’s deceptive practices, in respect of residential mortgage-backed securities (RMBS ), leading up to the 2008 financial crisis.

The investigation …

UK government addresses the gender pay gap

Ensuring women get promoted to senior positions and receive higher bonuses should form part of the strategy to ensure that the gap between the pay of women and men is closed, according to a report produced by Deloitte and sponsored …

SEC fines Monsanto $80million for accounting violations

The US financial regulator, the Securities and Exchange Commission (SEC), has fined global agri-business firm Monsanto $80 million for violating accounting rules and misstating company earnings in relation to its flagship product Roundup. The company has also agreed to retain …

Tesco held to account for breaching Grocery Code

Tesco has been told to introduce significant changes to practices and systems after the Groceries Code Adjudicator, Christine Tacon, found the supermarket giant had seriously breached a legally-binding Groceries Supply Code of Practice (the Code) to protect groceries suppliers.

Tacon’s …

31 countries agree to share tax data as Google comes under fire for its deal in the UK

An agreement has been reached between 31 countries for the automatic exchange of information on the taxes paid by, and the economic activity of, multinational businesses. This increase in transparency between countries should help tax authorities understand if multinationals are …

FRC reviews KPMG’s audit of HBOS

The UK’s accounting regulator, the Financial Reporting Council (FRC), is to consider whether the accountancy firm, KPMG, or any individuals require further investigation following a review of the report, published last November by the Prudential Regulatory Authority and the

Next forced to call shareholder meeting following technical breach of Companies Act

The board of retailer Next has been forced to call a general shareholder meeting next month after finding a technical infringement of the Companies Act 2006 in respect of the payment of the dividends.

The issue relates to the dividends …

Bank of England proposes tougher bonus rules

The Bank of England is proposing to strengthen the remuneration requirements on buy-outs of variable remuneration for those regarded as material risk takers at banks, building societies and designated investment firms regulated by the Prudential Regulatory Authority. These proposals are, …

France adopts SRI product standards

In a move to assist investors, the French government has adopted clear standards for products that fund managers regard as socially responsible investments. These investments products will need to be certified by accredited certification bodies to be sold under the …