Lib Dems in clear over donation
Party leader Charles Kennedy MP
The Electoral Commission has cleared the Liberal Democrats of wrong-doing over a £2.4m company donation it received before May's general election.
The watchdog's probe looked at whether the donation was "permissible", as electoral law requires donating firms to be registered and trading in the UK.
5th Avenue Partners was based in London but owned by a Swiss-based firm headed by Scottish financier Michael Brown.
The party's chief executive, Lord Rennard, welcomed the statement from the Electoral Commission.
The commission found it was "reasonable" for the party to regard the donation as having been permissible.
The Electoral Commission said it will now be having further discussions with all political parties to ensure adequate processes are in place for checking corporate donations.