The Department for Business, Innovation and Skills (BIS) is committed to fostering competitive markets in the UK, EU and worldwide. By fighting anti-competitive practices and promoting open markets, enabling companies to compete freely and fairly, giving UK consumers more choice and better value.
Corporate Law and Governance (CLG) Directorate and Consumer and Competition Policy (CCP) Directorate work to ensure that businesses operating in the UK are supported by world class legal and governance frameworks, to promote open and competitive markets, and to encourage enterprise and efficiency to widen choice for the consumer and bring benefits to the UK economy.
CLG directorate is responsible for ensuring robust company law, governance and reporting frameworks.
Company and Partnership Law pages set out our recent work to modernise the company law framework – including details of the Companies Act 2006, which represented a comprehensive overhaul of the company law framework. Phased implementation of the Act was completed in October 2009, introducing significant changes to simplify and improve company law.
Corporate Governance – Effective corporate governance, the system by which companies are directed and controlled, should improve market confidence and the availability of investment funds.
Audit, Accounting and Reporting – Financial reporting, underpinned by accounting standards and regulations enables companies to fairly and consistently report their financial position and performance to investors. Audit is seen as key to capital market confidence, providing an independent check on companies’ annual reports, assisting investors and lenders to make decisions that allow companies to raise the capital necessary for growth.
CCP directorate is responsible for the Competition Act, which prohibits abuse of dominant market position. They also cover UK and EC mergers and monopolies, EC and International competition policy and the regulation of specific markets. There are also sections on these pages on State Aid regulations and the Enterprise Act.