No, the issue that has the City worried is that of the US Justice Department
pursuing online gaming company advisers with subpoenas. The reports say bankers,
lawyers and accountants could be subject to the investigation examining illegal
online gambling in the US and forced to hand over information about their
When the US moved to outlaw online gambling, an activity which is not illegal
in Europe, British companies moved quickly to shut down their operations while
US legislators added provisions in their legislation to allow other forms of
gambling to continue.
The view from the UK, and Accountancy Age cannot help but agree, is that
lawmakers across the Atlantic have hypocritically attacked online gambling and
its providers while closing their eyes to other forms of gaming.
US law has, of course, allowed them to go after overseas companies and
reinforce the US assumptions that they can pursue anyone, anywhere if it happens
to offend US sensibilities or business interests.
The latest moves to pursue advisers here serve only to illustrate still
further just how ludicrous the issue has become. And yet the US’s assumptions of
extra territorial powers appears to go unchallenged and almost ignored at
Westminster. This remains one of the most galling elements of the whole issue.
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.