Linklaters has advised Petrofac, a leading international services provider to the energy industry, on a proposed equity capital raise and refinancing plan to create a long-term, sustainable capital structure.
Plans for an overhaul of audit rules have been met with mixed responses from across the industry, with a number of legal professionals warning that an approach similar to Sarbanes-Oxley – the rules governing audit and corporate finance in the US – could prove ineffective.
The reaction comes as the Department for Business, Energy and Industrial Strategy (BEIS) revealed the proposed changes in a 200-page whitepaper. One of the key sections stipulated that the Audit, Reporting and Governance Authority (Arga) – the body set to replace the FCA – would be awarded the power to bring civil charges against company directors in the most serious cases.