The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (Regulations) to amend the structure of UK annual reports have been published and laid before Parliament.

The Financial Reporting Council (FRC) and institutional bodies have published the following guidance in relation to corporate governance and directors' remuneration in the last few months.

2013 will herald some significant changes to the UK legal arena, notably in the corporate area in relation to executive remuneration and narrative reporting, in dispute resolution as the Government's reforms to the civil litigation costs and funding regime are due to be implemented and in the energy, real estate and construction areas where there are major changes to the carbon reduction commitment energy efficiency scheme, further amendments to the Community Infrastructure Levy Regulations, the introduction of the Growth and Infrastructure Bill and various amendments to the Building Regula

Changes to the Listing Rules and further consultation on enhancing the effectiveness of the regime

New Law on "Amendments to the Law on Insolvency (Bankruptcy) and Articles 17 and 223 of the Arbitrage Procedural Code with respect to establishment of special rules for bankruptcy of developers attracting money from participants in construction" was adopted on July 12, 2011 (the "Amendments"). Most of the Amendments were introduced as a special chapter No. 7 named "Bankruptcy of Developers" into the Federal law on Insolvency (Bankruptcy) No. 127-FZ as of 26 October 2002 (as amended) (the "Bankruptcy Law").

The transition from 2009 to 2010 sees some significant legislative chapters closing, notably the Companies Act 2006, Rome I and II, the Banking Act 2009 and the Lisbon Treaty.

Following the House of Lords' decision in Melville Dundas in April, the TCC has now decided in the case of Pierce Design v Johnston on 17 July that the case has a wide application - but unreasonable failure to pay may still be penalised.

The decision of the House of Lords in Melville Dundas in April resolved a tension between the payment provisions of the Housing Grants, Construction and Regeneration Act 1996 ("the Act") and contractual clauses applying to payments after termination of building contracts.

For more information, please contact the relevant Herbert Smith Freehills partner referred to in the contact list or Simone Pearlman, head of legal knowledge on +44 (0) 20 7466 2021 or email simone. [email protected] This is a guide to key legal developments in the coming months and years ahead (UK perspective).

In brief

timeline - a guide to the legal milestones ahead CALENDA R OF KEY ISSUES (UK PERSPECTIVE) MAY 2014 LEGAL GUIDE ABOUT HERBERT SMITH FREEHILLS We are one of the world’s leading law firms. We advise many of the biggest and most ambitious organisations across all major regions of the globe. Our clients trust us with their most important transactions, disputes and projects because of our ability to cut through complexity and mitigate risk. We can help you thrive in the global economy.