Statement at Open Meeting on Amendments to Rule 15a-6 by Chairman Christopher Cox
US: Securities and Exchange Commission (SEC)
Add comment July 2nd, 2008
ASB seeks views on proposed Improvements to Financial Reporting Standards
UK: Accounting Standards Board (ASB)
“The Accounting Standards Board (ASB) has today issued a Financial Reporting Exposure Draft (FRED) of Improvements to Financial Reporting Standards.
“The amendments proposed in the FRED arise as a consequence of the International Accounting Standards Board’s (IASB) annual improvements process. In May 2008 the IASB issued an International Financial Reporting Standard, ‘Improvements to IFRSs’, which made amendments to a number of International Financial Reporting Standards (IFRS).
“The ASB is issuing this FRED which seeks to maintain the existing levels of convergence between UK and International Financial Reporting Standards. The proposals set out in the FRED include the same improvements to UK FRS as those made to IFRS where the UK standard is based on its international equivalent….”
Add comment June 26th, 2008
Consultation Conclusions on Streamlining the Pre-vetting of Notices and Advertisements of Authorized Collective Investment Schemes
Hong Kong: Securities And Futures Commission (SFC)
“The SFC today publishes a Consultation Conclusions paper on the proposal to streamline the pre-vetting of notices and advertisements of collective investment schemes authorized by the SFC under the four Product Codes….”
Add comment June 26th, 2008
Speech by Mr Tai Boon Leong,Executive Director, Monetary Authority of Singapore at The 5th Annual Islamic Finance Asia Summit 2008
Singapore: Monetary Authority of Singapore (MAS)
Add comment June 26th, 2008
NASAA Commends SEC for Advancing Equity Indexed Annuities Proposal
US: North American Securities Administrators Association (NASAA)
The North American Securities Administrators (NASAA) today commended the U.S. Securities and Exchange Commission (SEC) for issuing a rule proposal related to the classification of equity indexed annuities.
“‘This important proposal, as outlined at today’s SEC open meeting, would, if adopted, represent a significant step forward in the ongoing fight to protect investors, especially seniors, and we thank SEC Chairman Christopher Cox for his leadership on this issue’, said NASAA President and North Dakota Securities Commissioner Karen Tyler. ‘NASAA has long maintained that EIAs are securities and has urged the SEC to assert its jurisdiction over these products so that all investors who purchase EIAs can benefit from the strong protections afforded under the nation’s securities laws’….”
Add comment June 25th, 2008
“Think Small First”: A Small Business Act for Europe
European Commission (EC)
“Most jobs in the EU are provided for by Small and Medium Sized Enterprises (SMEs), companies of 250 employees or less. They have a crucial importance for the future development, but very often face enormous bureaucratic hurdles and obstacles. European SMEs deserve to be better assisted to fully unlock their potential of long term sustainable growth and of more job creation. To achieve this goal, the European Commission has unveiled today the Small Business Act for Europe (SBA), based on ten guiding principles and proposes policy actions to be undertaken by both the Commission and Member States….”
Add comment June 25th, 2008
Statement at Open Meeting on Streamlining the Review of SRO Rulemaking by Chairman Christopher Cox
US: Securities and Exchange Commission (SEC)
Add comment June 25th, 2008
Statement at Open Meeting on Equity-Indexed Annuities by Chairman Christopher Cox
US: Securities and Exchange Commission (SEC)
Add comment June 25th, 2008
Statement on Proposal to Increase Investor Protection by Reducing Reliance on Credit Ratings by Chairman Christopher Cox
US: Securities and Exchange Commission (SEC)
Add comment June 25th, 2008
‘The Most Important Thing’: Speech by Commissioner Bart Chilton of the Commodity Futures Trading Commission before the Finance IQ, Second Carbon Trading Conference, New York, New York
US: Commodity Futures Trading Commission (CFTC)
Add comment June 25th, 2008
APB issues Draft Guidance on the Audit of Credit Unions in the United Kingdom
UK: Auditing Practices Board (APB)
“The Auditing Practices Board (APB) has published a consultation draft of Practice Note (PN) 27 ‘The audit of credit unions in the United Kingdom’. The consultation period ends on 25 September 2008.
“The draft PN 27 has been prepared to:
- provide guidance to auditors on the application of ISAs (UK and Ireland) to the audit of the financial statements of credit unions in the United Kingdom; and
- provide guidance to auditors on the various legal and regulatory requirements relating to credit unions, both in Great Britain and in Northern Ireland….”
Add comment June 25th, 2008
SFC plugs loophole in privatisations and delistings
Hong Kong: Securities And Futures Commission (SFC)
“The SFC today releases a Consultation Conclusions Paper in relation to certain proposed amendments to the Codes on Takeovers and Mergers and Share Repurchases. One of the amendments will help plug potential loopholes in privatisations and delistings.
“A new provision will be added to the Takeovers Code to clarify that the voting threshold and other requirements of the Takeovers Code which are applicable to a privatisation will also apply to a transaction involving a disposal of assets and/or operations by a listed company coupled with the possible delisting of that company….”
Add comment June 25th, 2008
Joint SFC/HKEx Press Release: Possible effect of half-year ends on Hong Kong’s securities market
Hong Kong: Securities And Futures Commission (SFC)
“The Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEx) wish to remind Exchange Participants and investors of possible increases in trading activities and the risk of unusual price movements around month-ends, quarter ends, and half-year ends, such as 30 June 2008….”
Add comment June 25th, 2008
Speech by SEC Chairman: Making Disclosure More Useful for Public Company Directors by Chairman Christopher Cox: Keynote Address to the Stanford Law School Directors’ College
US: Securities and Exchange Commission (SEC)
Add comment June 23rd, 2008
Company formation by full fiduciary licensees
Guernsey Financial Services Commission (GFSC)
“This note provides guidance on the regulatory requirements applicable to full fiduciary licensees offering company formation services. The publication of this note coincides with the coming into force of The Companies (Guernsey) Law, 2008, but applies in relation to the formation of companies not only in Guernsey but in other jurisdictions….”
Add comment June 23rd, 2008
Under Secretary Robert K. Steel: Keynote Address to the Managed Funds Association
US: Treasury Dept.
Add comment June 23rd, 2008
Written Testimony of Acting Chairman Walter Lukken Before the House Committee on Energy and Commerce, Subcommittee on Oversight and Investigations
US: Commodity Futures Trading Commission (CFTC)
Add comment June 23rd, 2008
FSA launches payment protection insurance comparison tables
UK: Financial Services Authority (FSA)
“The Financial Services Authority (FSA) has launched free, impartial comparison tables for payment protection insurance (PPI) on its consumer website…”
Add comment June 23rd, 2008
The Financial Services Act 2008 and the Collective Investment Schemes Act 2008
Isle of Man: Financial Supervision Commission (FSC)
“The Financial Supervision Commission is pleased to announce that Royal Assent has been granted for two important new pieces of primary legislation.
“The Financial Services Act 2008 and the Collective Investment Schemes Act 2008 were signed in Tynwald on 17th June 2008 and will come into operation on 1st August 2008….”
Add comment June 23rd, 2008
SEC Announces July 9 Roundtable on Fair Value Accounting Standards
US: Securities and Exchange Commission (SEC)
“The Securities and Exchange Commission announced today that it will host a roundtable on July 9, 2008, to facilitate an open discussion of the benefits and potential challenges associated with existing fair value accounting and auditing standards.
“‘This roundtable will provide an excellent opportunity for investors, preparers, auditors, regulators and other interested parties to provide the Commission and other observers with input into the usefulness of fair value accounting in the current marketplace’, said SEC Chief Accountant Conrad Hewitt….”
Add comment June 20th, 2008
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