News for May, 2014

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May 30, 2014

EU Audit Directive and Regulation about to come into force

The new Audit Directive (2014/56/EU) and accompanying Regulation (537/2014) were published in the Official Journal of the European Union on 27 May 2014, and will come into force on 16 June.

May 29, 2014

Converged standard on revenue recognition announced by IASB and FSB

A converged standard on the recognition of revenue from contracts with customers was issued jointly on 28 May by the IASB and the Financial Accounting Standards Board (FASB), which is responsible for US Generally Accepted Accounting Principles (US GAAP).

May 23, 2014

CJEU: Salesperson’s Holiday Pay to Include Commission

Lock v British Gas Trading Limited, Case C-539/12  The Employment Tribunal in England asked the Court of Justice of the European Union as to whether commission, which a salesperson would have earned during the period of annual leave, must be factored into the calculation of holiday pay and if so, how was the calculation to be made.

May 23, 2014

CASE SUMMARY: O’Brien v DPP

Judgment delivered by Denham CJ, 14 May 2014, [2014] IESC 39   Judicial review – risk of unfair trial – adverse publicity – presumption of innocence – judicial comment in civil proceedings – lapse of time – public memory – ‘fade factor’ – jury direction.

May 16, 2014

CASE SUMMARY: Employment Appeals Tribunal

UD 233/2013, heard on 20 February 2014  Unfair dismissal - jurisdiction to hear claim – claim filed while still in employment.

May 16, 2014

CJEU: Google Must Remember to Forget You

A Spanish national filed a complaint with the Spanish data protection office against both a newspaper and Google. The complaint was that when his name was put into the Google search engine the results list would provide links to a newspaper publication from 1998, containing an auction announcement arising from proceedings for debt recovery against the complainant.

May 13, 2014

DNV advises on 400kV transmission line project in Kenya

DNV GL is advising on the development of a 400kV high voltage overhead transmission line and substations to help link the 300MW Lake Turkana wind farm with Nairobi in Kenya.

May 9, 2014

The PRA's consultation on proposals for a new Rulebook

The Prudential Regulation Authority’s (PRA) latest proposals to introduce a new Rulebook contain new Fundamental Rules intended to replace the existing Principles for Businesses. In a regulatory environment that contains new high level, wide-ranging and potentially onerous requirements with less guidance than ever before, it is critical to understand the regulator’s perspective, its motivations and priorities and to keep this understanding up to date. Without such knowledge, firms will struggle to interpret and comply with their obligations on an on-going basis. As a result, they could find themselves at the receiving end of increased numbers of investigations and enforcement actions. In this newsletter we discuss the PRA’s proposals and highlight some of the concerns these may raise for firms, focusing in particular on how the proposals might affect insurers.

May 8, 2014

Navitus Bay Wind Park application accepted for examination

The application for the Navitus Bay Wind Park application has been accepted for examination

May 7, 2014

Joined-up planning for passenger and freight traffic crucial

Joined-up planning for both passenger and freight traffic across the UK’s road and rail infrastructure is crucial for future prosperity, warn MPs in two new reports.

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