The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of L3 Technologies by Harris Corporation, both aerospace and defence companies based in the US. The approval is conditional on the divestiture of Harris Corporation’s global night vision business. Both L3 Technologies and Harris Corporation are suppliers of intelligence, surveillance and reconnaissance, communications and electronic systems for military, law enforcement, civil government and commercial customers.
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The ICO has joined the UK Regulators Network (UKRN) as a full member. Joining the network provides the ICO with the unique opportunity to gain valuable insights into the issues facing regulators across the UK, inform policy debates and share experience. Membership will also support the ICO engaging with the main UK regulators on specific issues including cyber security.
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The Financial Stability Board (FSB) today published a progress report on the implementation of its Principles and Standards for sound compensation practices in financial institutions. The report assesses how compensation practices have evolved since the Principles and Standards were published in 2009. The report confirms the finding of the previous progress report in June 2017 that all FSB jurisdictions have implemented the Principles and Standards for sound compensation for all banks considered significant for the purposes of the Principles and Standards.

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The Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) have made a joint announcement of their approval of the Shanghai and London Stock Exchanges’ proposed new Shanghai-London Stock Connect. They have also published a memorandum of understanding (MoU) aimed at providing the basis for the regulatory co-operation that will support the success of the scheme.
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The Financial Reporting Council (FRC) has issued a Final Decision Notice under the Audit Enforcement Procedure and imposed sanctions against PricewaterhouseCoopers LLP (“PwC”), and two partners Jaskamal Sarai and Arif Ahmad, in relation to the statutory audits of the financial statements of Redcentric plc for the financial years ending 31 March 2015 (“FY2015”) and 31 March 2016 (“FY2016”).
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An independent investigation into the circumstances surrounding the collapse of investment firm London Capital & Finance (LCF) and the Financial Conduct Authority’s (FCA’s) supervision of the firm has been formally launched. The Economic Secretary to the Treasury, John Glen, has approved the FCA’s appointment of Dame Elizabeth Gloster to lead the investigation and has laid before Parliament the direction to initiate this work. Mr Glen has also announced that the Treasury will begin a wider policy review in response to the case, including a review of the regulatory regime for ‘mini-bonds’ and other non-transferrable securities.
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Eight sites for supercomputing centres have been selected across the EU to host the first European supercomputers. They will support Europe’s researchers, industry and businesses in developing new applications in a wide range of areas, from designing medicines and new materials to fighting climate change. In a major step towards making Europe a top supercomputing region globally, the European High-Performance Computing Joint Undertaking – EuroHPC has selected 8 sites for supercomputing centres located in 8 different Member States to host the new high-performance computing machines.
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