The European Commission is pushing for new reforms that will make it easier
for financial services companies to close cross-border mergers and acquisition
Under present rules authorities can block deals in the sector by simply
asserting that the ‘sound and prudent management’ of a target company is at
After requests from 25 EU governments, however, the EC is now planning to
revise its procedures and make it more difficult for regulators to block
cross-border financial services deals.
The new rules will introduce a more specific set of criteria for determining
when the management of a target company is actually at risk. These criteria will
include the experience and reputation of the acquirer, the financial soundness
of the buyer, compliance with EU directives and the risk of money laundering and
The assessment period for a deal will also be cut from three months to 30
days to speed up deals, and authorities would only be able to ‘stop the clock
under’ under strict conditions.
Charlie McCreevy, commissioner for the internal market and services, said the
new rules would ‘leave no room for political interference or protectionism’. He
added that if Europe was serious about improving growth and enabling its
financial services group to compete globally there had to be reform.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.