Europe

U.K. companies will soon be required to create a register of owners who hold “significant control” over a company and its assets. Under the Small Business, Enterprise and Employment Act 2015, companies will have to create and maintain a database of information about their decision makers that can be accessed by the public, says the Department for Business Innovation and Skills. If a company or beneficial owners provide incorrect or outdated information, they may be fined or imprisoned. More inside.

The Financial Conduct Authority and the Bank of England have finished banker rules that could have bonuses clawed back even after a decade of being awarded, if the firm comes under regulatory scrutiny for “potential material failures,” the FCA said. Senior managers aren’t off the hook either: They face a seven-year clawback period, while other staff members who fill supervisory roles will have to return up to five years of bonuses. Read more.

Image: This week, Europe’s Antitrust Chief Margrethe Vestager escalated a running regulatory battle with American tech giant Google—and Amazon is not too far behind. While the European Union launched an investigation into Amazon’s business practices last week, Vestager recently warned the online retailer about abusing its dominance in the marketplace by prohibiting publishers from offering better prices to competitors. As for Google, critics are expected to receive the EU’s full antitrust charge sheet against the search engine in the coming days.  Details inside.

Britain will be cleared of EU reforms that drop the axe on risky trading activities among big banks. The draft law was presented Wednesday to the EU’s state ambassadors for review.  If it receives their support, the proposed law will be passed on to Parliament on Friday for approval. Under the draft law from Lativa, which holds EU presidency, bank supervisors will scrutinize lenders over the 100 billion-euro limit to determine if their investment-banking activities are “excessively risky.” Read more.

Transparency International is calling for governance reform at the scandal-ridden football organization, Fédération Internationale de Football Association. TI says that restoring public trust won’t be an easy win for FIFA, but the global football association can set an example by rebuilding its governance structure and instituting independent non-executive directors and outside oversight. More inside.

Image: The European Union Competition Commissioner Margrethe Vestager confirmed that the watchdog is continuing its investigation into Google for allegedly engaging in anti-competitive behavior. In an interview with BBC, Vestager said that more probes are ongoing into the tech giant’s role in mapping, travel, flight, and third-party data. Details inside.

Three men charged with bribery offenses by Britain’s Serious Fraud Office were acquitted last week, after the jury was unable to reach a verdict on one count against the third defendant and was discharged. The SFO had charged the trio, former employees of Swift Technical Solutions, for paying bribes to Nigerian officials in exchange for tax breaks. Details inside.

Trying to reduce corruption risks around the globe, the Legal Affairs Committee of the European Parliament has voted for more disclosure of financial information from companies based in specific countries. This new requirement would also work in tandem with the European Commission’s tax transparency package, which calls for the exchange of tax rulings among European countries. More inside.

European regulators are urging banks to revamp their business models to reduce risk and enhance a culture of compliance. A joint report issued by the European Union’s banking, insurance, and market regulators says, “Despite numerous actions already taken by regulators and supervisors, both from prudential and consumer protection perspectives, recent misconduct incidents indicated that additional measures are needed to address and prevent conduct of business risks properly.” More inside.

Image: The European Commission has placed Amazon, Starbucks, Fiat Finance and Trade, and Apple’s tax probe on hold amid concerns about obtaining information relating to these cases, said European Competition Commissioner Margrethe Vestager in a testimony before the European Parliament. While Vestager did not give a new deadline for the completion of these cases, it does not mean they’ll be off the hook for long. Details inside.