Corporate Law Update: 14 - 20 October 2023

• Published date: 23 October 2023
• Subject Matter: Corporate/Commercial Law, M&A/Private Equity, Corporate and Company Law, Corporate Governance
• Law Firm: Macfarlanes
• Author: Mr Richard Burrows and Dominic Sedghi

This week:

• The Government has decided to withdraw proposals for additional reporting for 750:750 entities
• When a Cayman Islands partnership became the general partner of a UK limited partnership, its partners did not automatically become partners of the UK partnership
• The Taskforce on Climate-related Financial Disclosures publishes its 2023 report on reporting against the TCFD Recommendations
• The FCA sets out its priorities for updating the UK's asset management regime, including for AIFMs
• The European Commission adopts a law raising company size thresholds under EU law
• Companies House Direct and WebCHeck will close on 30 November 2023
• The Government is seeking views on the UK's regulatory landscape, including interaction with the various regulators

Government withdraws new reporting requirements for 750:750 companies

The Government has announced that it is withdrawing draft legislation that would have introduced additional reporting requirements for so-called "750:750" entities.

The draft regulations - published in July 2023 - would have applied to each financial year of a company beginning on or after 1 January 2025 in which the company had 750 or more employees and turnover of '750m or more.

The regulations were designed to implement the outcome of the Government's project on wider audit and corporate governance reform. They would have introduced requirements on companies to publish new resilience, audit and assurance policy, material fraud and distribution policy statements, as well as to disclose the level of distributable profits.

Following consultation with companies, the Government has now decided to withdraw these new reporting requirements and instead "pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business".

The decision comes after the Government concludes its call for evidence on the UK's non-financial reporting framework, which, according to the Government, has identified a strong appetite from businesses and investors for reform, including to simplify and streamline existing reporting.

Read the Government's announcement to withdraw proposed 750:750 reporting requirements

Read our previous Corporate Law Update on the call for evidence on the UK's non-financial reporting framework

Partners in general partner were not automatically members of limited partnership or LLP below it

The Court of Appeal has held that, when a Cayman Islands limited partnership (the Cayman LP) became the...