The FSA has published Consultation Paper 07/24: Implementation of the 8th Company Law Directive. CP07/24 sets out how the FSA intends to implement certain parts of Directive 2006/43/EC (Statutory Audit Directive) and Directive 2006/46/EC (Company Reporting Directive). In particular, the FSA is consulting on the implementation of the new requirement, introduced by the Statutory Audit Directive, for public interest entities to have an audit committee. The FSA is also consulting on the implementation of the new requirement, introduced by the Company Reporting Directive, for companies whose securities are admitted to trading on a regulated market to produce a corporate governance statement in their annual reports. Most of the provisions in the Statutory Audit Directive must be implemented in the UK by 29 June 2008 with effect for reports on financial periods beginning on or after that date. The deadline for comments on CP07/24 is 20 March 2008. The FSA expects that its proposed rules will come into effect in June 2008 for financial reporting periods beginning on or after 29 June 2008.

View CP07/24: Implementation of the 8th Company Law Directive, 19 December 2007