Legislation / Legal
OFT: The OFT has referred the market for the supply of statutory audit services to large companies in the UK to the Competition Commission (CC) for further investigation. In 2010, the 4 largest firms (PwC, KPMG, Deloitte and Ernst & Young) earned 99% of audit fees paid by FTSE 100 companies. Between 2002 & 2010, the average annual switching rate among FTSE 100 companies was only 2.3%.
WAG: From Monday 31 October 2011 the introduction of The Sunbeds (Regulation) Act 2010 (Wales) Regulations 2011 will require the competent supervision of sunbed use in all sunbed businesses in Wales. The move follows a ban on sunbed businesses from allowing the use of or access to, sunbeds on their premises by under-18s.
ScotGov: Plans that modernise for the 21st century the functions of the National Library of Scotland (NLS) and support its work in bringing the nation's history and culture to life were published last week. The National Library of Scotland Bill is aimed at modernising the governance arrangements for the institution and strengthening its role in safeguarding and sharing its collections.
WAG: A landmark judgment has been handed down by the Supreme Court raising ‘A matter of great constitutional importance’. The ruling in the case of AXA v Lord Advocate recognised the primary status of legislation passed by a devolved Government – See ‘In the News’ section for more information.
