2008 Issue 3 - 31 July
In this edition the following issues are covered:

Investment trust reforms to deliver investment flexibility
The Government has proposed tax reforms which would allow investment trusts to invest in bonds and other interest-bearing securities. The AIC has welcomed these proposals which should increase the investment flexibility of the sector.

CfD transparency to enhance market quality
The FSA has decided that CfDs should be disclosed to tackle potential market failures relating to voting rights and corporate control.

VCTs secure right to claim 'back VAT'
The Government has decided to allow VCTs to reclaim up to £30m in VAT paid over the last three years on their management fees.

Auditor liability agreements in the spotlight
The Financial Reporting Council and Institutional Shareholders’ Committee have published guidance on how the issue of auditor liability agreements should be dealt with.

FRC promotes responsive governance processes
The Financial Reporting Council has published a revised version of the Combined Code, which emphasises the importance of dialogue between boards and shareholders.

Adair Turner discusses challenges of chairing FSA
Overview of the new Chairman of the FSA’s evidence to the Treasury Select Committee.