UK: Financial Reporting Council (FRC)
“In December 2008 the Financial Reporting Review Panel wrote to 30 large companies advising them that the impairment disclosures in their next set of financial statements would be subject to review for compliance with IAS 36 “Impairment of assets”. The aim of the project was to stimulate improvements in disclosures about impairment and to test assumptions, given the high importance of this information to investors in current market conditions.
“The Panel has now completed its initial review of the impairment disclosures and is pleased to report that 22 companies out of the 30 improved the overall quality of their impairment information compared with the previous year, 13 significantly so. There was also a noticeable increase in the level of compliance with the requirements of IAS 36 generally - particularly relating to disclosures of reasonably possible changes in assumptions that could trigger an impairment charge….”
Link to Original
July 2nd, 2009
US: Financial Industry Regulatory Authority (FINRA)
“FINRA has developed a new, optional template that firms may use as a guide when fulfilling their requirements under the Federal Trade Commission’s (FTC’s) Red Flags Rule. The Red Flags Rule, which implements obligations imposed by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), requires specified firms to create a written Identity Theft Prevention Program(ITPP) that is designed to identify, detect and respond to “red flags”—patterns, practices or specific activities—that could indicate identity theft…”
Link to Original
July 1st, 2009
US: Federal Trade Commission (FTC)
“The Federal Trade Commission today announced a law enforcement crackdown on scammers trying to take advantage of the economic downturn to bilk vulnerable consumers through a variety of schemes, such as promising non-existent jobs; promoting overhyped get-rich-quick plans, bogus government grants, and phony debt-reduction services; or putting unauthorized charges on consumers’ credit or debit cards….”
Link to Original
July 1st, 2009
US: Federal Trade Commission (FTC)
“The Federal Trade Commission today announced final rules and guidelines that will promote the accuracy and integrity of information provided to credit reporting agencies (commonly called ‘credit bureaus’) and allow consumers to dispute inaccurate information about them directly with furnishers, the financial institutions and other entities that furnish the information to the credit reporting agencies. Information in credit reports is used widely to determine a consumer’s eligibility for credit, employment, insurance and rental housing, and errors in a consumer’s report can result in denial of those benefits or higher costs….”
Link to Original
July 1st, 2009
UK: Financial Services Skills Council (FSSC)
“- Open consultation launched to identify sector skills needs in changed climate
- Chief Executive announces plan to step down in September
“Following the recent decision by the Government and Devolved Administrations to extend the Financial Services Skills Council’s (FSSC) existing licence, allowing time for a review of its future role and strategy, the Council today announced the appointment of senior industry figure Simon Ellis to lead a thorough, independent review. Core to this review will be an intensive consultation process which will seek to sound out as many views as possible from employers and stakeholders….
Link to Original
July 1st, 2009
Switzerland: SIX Swiss Exchange Ltd
“The new rules and regulations for listing at SIX Swiss Exchange enter into force on 1 July 2009. At the same time, SIX Exchange Regulation is going live with its own website containing a large number of new functional features for its primary stakeholder groups: issuers, participants and investors….”
Link to Original
July 1st, 2009
International: Financial Action Task Force on Money Laundering (FATF)
“In the past two decades, football has changed from a popular pastime into a global industry. With the growing economic importance of football along with other sports, the investment of money into the sector has increased exponentially, and some of this has criminal connections….”
Link to Original
July 1st, 2009
Europe: Committee of European Securities Regulators (CESR)
“CESR publishes today a review of supervisory powers and sanctioning regimes (Ref. CESR/09-058) assigned to CESR Members in relation to the Transparency Directive (TD). The report gives a factual overview of the differences in supervisory powers, as well as administrative and criminal sanctioning regimes across Europe in relation to the TD and its implementing measures. It includes a stock taking exercise of the coherence, equivalence and actual use of powers among EU Member States as well as of the variance of sanctioning regimes. However, the report does not cover the actual day-to-day supervision of TD provisions as this has already been assessed by CESR’s Transparency Group earlier in 2008 (Ref: CESR/08-514b)….”
Link to Original
July 1st, 2009
US: Office of the Comptroller of the Currency (OCC)
“The federal bank, thrift, and credit union regulatory agencies are seeking comment on the proposed Interagency Guidance on Funding and Liquidity Risk Management.
“The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration are issuing this guidance to communicate consistent expectations on sound practices for the management of funding and liquidity risks, and to strengthen liquidity risk-management practices. This guidance brings the agencies’ liquidity risk principles into alignment with the international guidance issued in September 2008 by the Basel Committee on Banking Supervision titled, Principles for Sound Liquidity Risk Management and Supervision….”
Link to Original
June 30th, 2009
US: Financial Industry Regulatory Authority (FINRA)
“FINRA recommends that firms engaged in municipal securities business review and, if necessary, modify their policies and procedures in light of changes to the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Access system (EMMA) that take effect July 1, 2009, and changes to MSRB rules that went into effect June 1, 2009….”
Link to Original
June 30th, 2009
Isle of Man: Financial Supervision Commission (FSC)
“The Financial Supervision Commission has today issued a consultation on proposed amendments to the Financial Services Rule Book 2008, Regulated Activities Order 2008 and Financial Services (Exemptions) Regulations 2008….”
Link to Original
June 30th, 2009
Ireland: Financial Services Ombudsman’s Bureau
“Chairman and members: I am grateful for the invitation to address this hearing. I will now outline what my role as Financial Services Ombudsman is what has been achieved to date and comment on some current issues….”
Link to Original
June 30th, 2009
International Organization of Securities Commissions (IOSCO)
“The CIS management industry in emerging markets has been growing rapidly in the recent years. With the globalization in the worldwide fund industry, the cross-border distribution of collective investment schemes (hereinafter referred to as CIS) in emerging markets has also entered the fast lane. To better understand the situation of Foreign CIS1 developments in emerging markets and to provide lessons and experiences for EMC member jurisdictions that are considering introducing foreign CIS, EMC WG5 proposed to conduct a survey on the development and distribution of foreign CIS in emerging markets and the mandate was approved by EMC Advisory Board in February 2008.
“The objective of this survey is to probe the feasibility and regulation of foreign CIS in emerging markets. Specifically, it is intended to shed light on the following issues: Should foreign CIS be introduced into emerging markets? What are the main entry requirements for foreign CIS in emerging markets? How to regulate and monitor foreign CIS in emerging markets?…”
Link to Original
June 30th, 2009
Europe: Federation of European Securities Exchanges (FESE)
“Since March 2009, FESE has been in negotiations with LIBA and some MTFs to harmonise the tick size regimes in Europe (which currently stand at approximately 25 across the EU) in the interest of achieving benefits to the markets, users and investors by simplifying the complexity and number of regimes in place. From the perspective of each trading venue, strong incentives exist to undercut others in terms of tick sizes, which is not in the interest of market efficiency or the users and end investors. This might, in turn, lead to excessively reduced tick sizes in the market.
Link to Original
June 30th, 2009
Europe: Committee of Insurance and Occupational Pensions Supervisors (CEIOPS)
“I may come back to your letter dated 5 May 2009, where you informed about the EC initiative to reinforce policyholder protection and asked for CEIOPS contribution on insurance guarantee schemes.
“We are very much welcoming the European Commission’s decision to review the existing guarantee schemes in insurance and its intention to propose appropriate legislation, taking similarities and differences with the other financial services sectors into account. As you know, this issue is of upmost importance to CEIOPS under its objective of consumer protection, as already announced in the Terms of reference of our Committee on Consumer Protection and the mandate of its recently established Task Force on Insurance Guarantee Schemes. We therefore appreciate very much giving us the possibility to contribute to the EC’s work on insurance guarantee schemes….”
Link to Original
June 30th, 2009
Czech Republic: Czech National Bank (CNB)
“This study deals with credit risk modelling and stress testing within the context of a Merton-type one-factor model. We analyse the corporate and household sectors of the Czech Republic and Germany to find determining variables of credit risk in both countries. We find that a set of similar variables explains corporate credit risk in both countries despite substantial differences in the default rate pattern….”
Link to Original
June 30th, 2009
US: Congress. House of Representatives. Financial Services Committee
“Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the release of the Administration’s legislative proposal to create a new Consumer Financial Protection Agency:
“‘The Administration’s release of its recommended language is very welcome because it removes any obstacle to the House Financial Services Committee reporting out legislation creating such an agency in July. The federal regulatory system has clearly failed to provide adequate protection for consumers and that failure contributed to the broader economic crisis. That is why I have made the creation of the agency one of our highest priorities….’”
Link to Original
June 30th, 2009
US: Commodity Futures Trading Commission (CFTC)
“The Commodity Futures Trading Commission (Commission) today announced its intention to collect certain ownership, control, and other information for all trading accounts active on U.S. futures exchanges. The information will be collected via an account ownership and control report (OCR) submitted periodically to the Commission by designated contract markets and potentially other reporting entities. OCR data will be an important addition to the Commission’s existing regulatory data resources, and will serve to enhance market transparency; leverage existing surveillance systems; and foster synergies between the Commission’s regulatory, enforcement, and economic research programs….”
Link to Original
June 30th, 2009
UK: Financial Services Authority (FSA)
“Lord Turner, chairman of the Financial Services Authority (FSA), said today that excellent supervision is a necessary but not sufficient condition for financial stability, warning that unless rules are changed radically, future crises will not be avoided.
“In a speech at the annual British Bankers’ Association conference, he said that it is essential that we learn lessons and accept the need for radical change - change in the style of supervision, change in the regulations applied to banks, and changes in the banks themselves….”
Link to Original
June 30th, 2009
International Federation of Accountants (IFAC)
“To enhance the usability of International Public Sector Accounting Standards (IPSASs) and thus facilitate global convergence, the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has launched an improvements project with the release of Exposure Draft (ED) 42, Improvements to IPSASs. This ED is the first of a proposed series of annual improvements to the IPSASs and is modeled on the successful annual improvements program developed by the International Accounting Standards Board (IASB)….”
Link to Original
June 30th, 2009
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