New Zealand: Takeovers Panel
“The Takeovers Panel has made recommendations to the Minister of Commerce for changes to the Companies Act 1993 and the Takeovers Act 1993. The changes relate to amalgamations and schemes of arrangement under the Companies Act that involve changes of control of companies that fall under the Takeovers Code (Code companies).
“The Panel’s key recommendation is that changes of control of Code companies should be able to be effected either under the Takeovers Code, or as a scheme of arrangement with Court approval under Part 15 of the Companies Act (a Part 15 scheme), but not by way of amalgamation under Part 13 of the Companies Act….”
Link to Original
August 19th, 2008
Europe: Committee of Insurance and Occupational Pensions Supervisors (CEIOPS)
“Today CEIOPS published its Issues Paper on the Supervisory Review Process and Undertakings’ Reporting Requirements. This Issues Paper is CEIOPS´ first attempt to undertake a discussion with stakeholders on a possible framework for supervisory review and reporting requirements….”
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August 18th, 2008
UK: Accounting Standards Board (ASB)
“The Accounting Standards Board (ASB) has today issued an amendment to Financial Reporting Standard (FRS) 25 (IAS 32) ‘Financial Instruments: Presentation’, to change the classification from liabilities to equity of certain financial instruments.
“The amendment relates to the liability-equity classification requirements of FRS 25 for puttable financial instruments. The amendments require equity classification for certain puttable financial instruments and for certain financial instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation. These changes are in line with those made to IAS 32 by the IASB in February 2008 and, upon implementation, would ensure that no divergence between FRS 25 and IAS 32 occurs….”
Link to Original
August 14th, 2008
Japan: Financial Services Agency (FSA)
“On June 12, 2008, the Financial Markets Strategy Team issued its Second Report - Toward an Open Country with Financial Strength.
“The Financial Markets Strategy Team is an advisory group established by Yoshimi Watanabe, Minister for Financial Services. It has conducted intensive discussions, totaling nine sessions, since it issued the first report on November 30, 2007. The discussions have focused on the subprime mortgage problem that has become widespread in the global financial markets.
“The second report follows up on the situation of the subprime mortgage problem that has become more serious and widespread since the publication of the first report. It tries to identify and assess the measures and policy response taken to date, and points out the issues to which Japan should pay due attention with regard to future developments in the global financial markets….”
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August 14th, 2008
US: Securities and Exchange Commission (SEC)
“The Securities and Exchange Commission today announced that it has published for public comment an agreement among the securities self-regulatory organizations (SROs) that is designed to improve detection of insider trading across the equities markets by centralizing surveillance, investigation, and enforcement under NYSE Regulation, Inc. (NYSE Regulation) and the Financial Industry Regulatory Authority, Inc. (FINRA). Currently, each equity exchange is responsible for surveillance of trading on its market and any investigations and enforcement actions involving its members.
This proposed new approach by the SROs to detect and enforce prohibitions against insider trading arose from yearlong discussions among the SEC, NYSE Regulation, FINRA and the exchanges to improve market integrity and better protect investors. The proposed plan would focus expertise and eliminate gaps and duplication in surveillance for insider trading among the equities markets….”
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August 13th, 2008
US: Financial Industry Regulatory Authority (FINRA)
“The nation’s primary self-regulatory organizations for the securities industry - the Financial Industry Regulatory Authority (FINRA) and NYSE Regulation, Inc.- today announced an agreement with ten U.S. exchanges to strengthen investor protection by consolidating the surveillance, investigation and enforcement of insider trading in equity securities.
“Under the agreement, each exchange gives responsibility for the detection of insider trading to FINRA for Amex- and NASDAQ-listed securities and to NYSE Regulation for New York Stock Exchange- and NYSE Arca-listed securities, no matter where trading occurs in the United States….”
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August 13th, 2008
Hong Kong: Securities And Futures Commission (SFC)
“‘Hong Kong has the strengths and capabilities to develop its Islamic finance sector and contribute to the growth of the global Islamic finance market,’ Mr Martin Wheatley, the SFC’s Chief Executive Officer, told a forum on Islamic finance held in Malaysia today….”
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August 12th, 2008
Europe: Committee of European Banking Supervisors (CEBS)
“CEBS is today publishing a paper on the range of practices with respect to various implementation issues relating to the Capital Requirements Directive (Basel II implementation issues) which have specific cross-border relevance….”
Link to Original
August 12th, 2008
Italy: Commissione Nazionale per le Società e la Borsa (CONSOB)
“Consob has promoted the establishment of a working group on central depository services for the mandatory dematerialisation of units of open-ended funds (decision of 6 August 2008).
“The membership of this group, coordinated by Consob and the Bank of Italy, also includes industry representatives and stems from initial studies conducted by the Commission’s offices (see the discussion paper in Consob Quaderno di Finanza no. 61, January 2008) and results emerging from the final report of the Bank of Italy’s working group on Italian mutual funds. Amongst other things, the final report dealt with considerations on matters of alternative distribution channels for units of funds, in an open architecture framework, the operations of which would be facilitated by a dematerialised management guaranteeing full and rapid transferability of the units….”
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August 11th, 2008
US: Commodity Futures Trading Commission (CFTC)
“The Commodity Futures Trading Commission (CFTC) has formed a special task force charged with investigating and litigating fraud in the off-exchange retail foreign currency (forex) market.
“The creation of the task force within the Division of Enforcement comes in the wake of Congress’ passage in June 2008 of ‘The Food, Conservation, and Energy Act of 2008′ that clarified and strengthened the CFTC’s jurisdiction over this market. The task force will focus on fraud in the retail forex market and will work cooperatively with other federal and state regulatory and criminal authorities….”
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August 11th, 2008
UK: Pensions Regulator
“Draft guidance on calculating transfer values for members of defined benefit schemes has today been published by the Pensions Regulator for consultation.
“A ‘cash equivalent transfer value’ is normally the expected cost to the scheme of providing the member’s accrued benefits. This value requires assumptions to be made about the future course of events affecting the scheme and the member’s benefits - factors including investment returns, mortality rates and inflation rates….”
Link to Original
August 8th, 2008
Guernsey Financial Services Commission (GFSC)
Following approval of the Protection of Investors (Bailiwick of Guernsey) (Amendment) Law, 2007 (’POI Amendment Law’) by the States of Guernsey at its meeting in December 2007, the Investment Business Division has been working on draft rules to take account of the changes to be brought in by the POI Amendment Law. At the date of this consultation document it is anticipated that the POI Amendment Law will come into effect later in 2008.
“The Authorised Closed-Ended Investment Schemes Rules 200[8] are the first set of the draft rules to be issued for consultation and codify the current notifications required for Closed-ended funds….”
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August 8th, 2008
US: Financial Industry Regulatory Authority (FINRA)
“The Financial Industry Regulatory Authority (FINRA) announced today that it has established a special process for resolving auction rate securities-based claims in its arbitration forum. Qualifying investors will have the option of having their claims heard by a three-person panel of arbitrators, none of whom would be affiliated with a firm that recently sold auction rate securities. The new process comes as a result of the one developed by FINRA for the Securities and Exchange Commission’s settlement with Citigroup….”
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August 7th, 2008
US: Financial Accounting Standards Board (FASB)
“The Financial Accounting Standards Board (FASB) today issued a revised Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards, Earnings per Share - an amendment of FASB Statement No. 128. The proposed Statement seeks to improve financial reporting by clarifying and simplifying the method of calculating earnings per share (EPS), while promoting the international convergence of accounting standards by eliminating major differences that currently exist between FASB Statement No. 128, Earnings per Share, and International Accounting Standard (IAS) 33, Earnings per Share….”
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August 7th, 2008
US: Securities and Exchange Commission (SEC)
“The Securities and Exchange Commission staff today unveiled a new one-stop online reference site to assist mutual funds in their anti-money laundering (AML) compliance efforts, and launched a new centralized phone line specifically for securities firms to report the filing of a Suspicious Activity Report (SAR) that may require immediate attention by the Commission….”
Link to Original
August 7th, 2008
UK: Financial Services Authority (FSA)
“The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper. The full feedback statement will now be published in November.
“The RDR was set up to seek to improve the underlying efficiency of the retail investment market and brought together consumer and market representatives who contributed a series of ideas to a discussion paper, which was published in June 2007….”
Link to Original
August 7th, 2008
International Accounting Standards Board (IASB)
“The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposed amendments to eight International Financial Reporting Standards (IFRSs) under its annual improvements project.
“The proposed amendments reflect issues discussed by the IASB in the project cycle that began last year. The proposals range from guidance added to the Appendix of IAS 18 Revenue, on how to determine whether an entity is acting as a principal or as an agent, to changes of wording to clarify the meaning and remove unintended inconsistencies between IFRSs….”
Link to Original
August 7th, 2008
International Accounting Standards Board (IASB)
“The International Accounting Standards Board (IASB) today published for public comment proposals to simplify the calculation of earnings per share (EPS) and to eliminate differences between the methods required by International Financial Reporting Standards (IFRSs) and US accounting standards to calculate EPS. The proposals are part of the short-term convergence project that the IASB is conducting jointly with the US Financial Accounting Standards Board (FASB). Consequently the FASB has also published today an exposure draft to amend SFAS 128 Earnings per Share….”
Link to Original
August 7th, 2008
US: Financial Accounting Standards Board (FASB)
“The objective of the 2007 AAA-FASB Financial Reporting Issues Conference was to solicit feedback from the academic community regarding proposed revenue recognition models that were being considered by the IASB and FASB. Below are links to the primary reading materials, revenue recognition cases, and presentation slides from the conference….”
Link to Original
August 6th, 2008
UK: Financial Services Authority (FSA)
“The Financial Services Authority (FSA) has reiterated today its call for mortgage lenders to ensure they are treating customers fairly in the current market conditions as its latest review finds weaknesses in the way some lenders are handling arrears and repossessions - particularly for consumers with impaired credit histories….”
Link to Original
August 5th, 2008
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