COVID-19 continues to impact ASX-listed entities across all sectors. Among others, market volatility and uncertain business conditions have made M&A challenging in the immediate term.  ...

In its latest compliance update, ASX reiterated that entities in financial difficulty (including with respect to their debt arrangements) will receive no special treatment. On earnings guidance, it was acknowledged that many listed entities have taken the opportunity to withdraw guidance issued before the outbreak of COVID-19. ASX also strongly encouraged entities to review their published guidance in light of COVID-19 and to either update it if it was not current or withdraw it in this highly uncertain climate. ...

Rapid legal and regulatory responses to COVID-19; ASIC consults on pre-IPO relief for voluntary escrow and pre-disclosure communications; ASX compliance update; FIRB flags potential fee refunds for COVID-19 application withdrawals; and ACCC outlines enforcement priorities for 2020 and permits coordination to respond to COVID-19. ...

It is critical that listed entities understand how COVID-19 is likely to impact their businesses and are prepared to make necessary disclosures to the ASX. To date, the majority of ASX-listed entities have not made any disclosure in relation to COVID-19. In this update we have set out a number of scenarios that should be considered by listed clients as part of the proper and ongoing assessment of the need for disclosure under the ASX Listing Rules. ...

This latest guide looks at developments at the end of last year and the beginning of 2020. It covers: Brexit and the transition, final-form recommendations for audit and auditor reform, new stewardship obligations for investors, tougher new anti-money laundering rules, FRC guidance for this year's annual reports and Section 172 statements, the extension of the FCA's Senior Manager regime, market abuse, ESG and climate, private equity reporting, transparency of ownership of UK real estate and late payment. ...

The United Kingdom High Court (the Court) recently handed down its judgment in Amey Highways Ltd v West Sussex County Council, which considered the abandonment of a government procurement process following a breach of relevant procurement regulations by a public agency. For government departments and agencies in particular, this case clarifies when a public agency can abandon a procurement process and what remedies may be available to bidders in these circumstances. ...

Legal and compliance leaders should act now to combat serious and increasing legal and reputational risk ...

Looking forward: 2020 and beyond As we look forward at what's to come, the Royal Commission's lessons on governance and director duties continue to resonate in Australian boardrooms across a range of industries. Here are a few key points: ...

The BEAR It comes as no surprise that one of the key ways in which the Final Report recommends the need for greater personal accountability be addressed is by the expansion of the BEAR. Specifically, the Commissioner has recommended that: ...

Filings: what have we seen and what's to come? Before the publication of the Final Report, the matters raised during the Royal Commission resulted in either the commencement or investigation of class actions in relation to: Superannuation ...