Tax Information Exchange Arrangement signed between the United Kingdom and Liechtenstein

On 11 August the UK and Liechtenstein signed an agreement on the exchange of tax information. The full text of the Memorandum of Understanding is available online.

SFO announcement re MG Rover case

The Serious Fraud Office (SFO) announced on 11 August that it won't pursue a criminal investigation in relation to the case of MG Rover's collapse.

ASB seeks views on proposals for the future reporting requirements for UK and Irish entities

The Accounting Standards Board has issued a consultation paper ‘Policy Proposal: the future of UK GAAP’, which sets out its proposals for the future reporting requirements for UK and Irish entities. Deadline for responses to the Consultation Document is 1 February 2010. The full text of the paper is available on the ASB website.

Guardian article on Deloitte's role as auditor of MG Rover

There was an article in the Guardian newspaper on 13 August on the role of Deloitte as auditor of the collapsed firm MG Rover.

FSA confirms introduction of remuneration code of practice

The Financial Services Authority (FSA) has introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management.
The new code is designed to achieve two objectives: firstly, that boards focus more closely on ensuring that the total amount distributed by a firm is consistent with good risk management and sustainability; and secondly that individual compensation practices provide the right incentives. The full text of the report is available from the FSA website.