German Accounting Standards Board (GASB)
“The comment letters regarding IASB ED/2009/13 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters – Pro-posed amendment to IFRS 1 are now available for download. (comment letter to IASB/ EFRAG)….”
Add comment December 12th, 2009
US: Congress. House of Representatives. Financial Services Committee
“For eight years, President Bush and his Republican allies looked the other way as Wall Street and big banks exploited loopholes, ignored growing problems and, as a result, did not protect America’s families and small businesses. Even today, after millions of Americans have lost their jobs and taxpayers have been forced to bailout Wall Street, Republicans continue to deny that there is a problem. Instead, Republican leader John Boehner, Republican Whip Eric Cantor, and the rest of the Republican Party can be found on Capitol Hill begging Washington lobbyists to kill a bill that would finally bring accountability and integrity back to our financial system.
“Now, the Republicans have offered a substitute bill, an alternative to H.R. 4173 that does virtually nothing to address the causes leading to last year’s financial crisis. In fact, the Republican ‘alternative’ wholly rejects the notion that Wall Street should be held accountable or that consumers need more protections from deceptive banks and greedy lenders. If the Republican plan passes, it will mean business as usual on Wall Street, and it will increase the likelihood of more taxpayer bailouts….”
Add comment December 10th, 2009
UK: Pensions Regulator
Add comment December 10th, 2009
UK: Pensions Regulator
“The Pensions Regulator today calls for greater scrutiny of transfer incentive exercises, warning trustees of the risks these pose to members’ benefits.
“Speaking at the NAPF Annual Trustee conference, David Norgrove, chair of the Pensions Regulator said: ‘Trustees should start from the presumption that such exercises and transfers are not in member interests. If a company is willing to encourage the transfer, the company’s gain is likely to be the member’s loss’….”
Add comment December 10th, 2009
UK: Financial Services Authority (FSA)
“The Financial Services Authority (FSA) has today issued proposals aimed at ensuring the financial soundness of firms by strengthening the prudential regime. The consultation paper sets out the FSA’s proposals for implementing changes that are required following amendments to the EU Capital Requirements Directive.
“The wide range of changes address some of the lessons learned from the financial crisis and follows up on aspects of the Turner Review.
“The proposals include:
- Improving the quality of firms’ capital by establishing clear EU-wide criteria for assessing the eligibility of hybrid capital to be counted as part of a firm’s overall capital. The proposals specify the features that hybrid capital must have regarding permanence, flexibility of payments and loss absorbency to be eligible as tier one capital;
- Strengthening the capital requirements for the trading book to ensure that a firm’s assessment of the risks connected with its trading book better reflects the potential losses from adverse market movements in stressed conditions;
- Enhancing the management of large exposures by restricting a firm’s lending beyond a certain limit to any one party;
Improving the risk management of securitisation, including a requirement to ensure that a firm does not invest in a securitisation unless the originator retains an economic interest; so called ‘skin in the game’;
- Imposing higher capital requirements for re-securitisations to make sure that firms take proper account of the risks of investing in such complex financial products; and
- Upgrading disclosure standards to increase market confidence….”
Add comment December 10th, 2009
International Monetary Fund (IMF)
Add comment December 10th, 2009
Hong Kong: Securities And Futures Commission (SFC)
“In its Quarterly Report for July to September 2009, the Securities and Futures Commission (SFC) notes that it has made a number of proposals to enhance investor protection based on issues identified in its various investigations into the sales of Minibond products.
“The report also highlighted a major success in combating insider dealing….”
Add comment December 10th, 2009
Europe: Committee of Insurance and Occupational Pensions Supervisors (CEIOPS)
“CEIOPS’ publishes today its second bi-annual report on the financial conditions and financial stability of the insurance and occupational pension fund sector in the EU/EEA. The report covers developments in the (re)insurance and occupational pension fund markets for the periods 2007 and 2008. Furthermore, observations and an outlook for 2009 and beyond are also provided….”
Add comment December 10th, 2009
International Organization of Securities Commissions (IOSCO)
“This report from the Emerging Markets Committee (EMC) of the International Organization of Securities Commissions (IOSCO) presents the results of a wide ranging survey of collective investments schemes (CIS) and the regulation that applied to them in emerging markets between the years 2005 and 2007.
“The survey took the form of a questionnaire entitled ‘Survey on the Development of Collective Investment Schemes (CIS) Industry in Emerging Markets’ which was sent to all members of the IOSCO EMC.
“Building on conclusions drawn from previous reports, the questionnaire placed special emphasis on mapping the commercial CIS industry in each jurisdiction. Thus, in addition to questions on regulation and supervision of the industry, Sections I and II of the questionnaire required respondents to provide a wide range of both general market data as well as information on the structure and characteristics of the CIS market. For most Section I and Section II questions, respondents were asked to provide data for each of the years 2005, 2006 and 2007….”
Add comment December 9th, 2009
Belgium: Banking, Finance and Insurance Commission (BFIC)
Add comment December 9th, 2009
Austria: Finanzmarktaufsicht (FMA)
“‘The form taken by certain systems of incentive and remuneration in relation to the sale of investment products may raise potential conflicts of interest among advisers to the disadvantage of the customer,’ FMA Executive Directors Helmut Ettl and Kurt Pribil have observed. ‘With the Circular published today, the Financial Market Authority has established a modus operandi for companies in the provision of investment services to ensure they act with honesty, sincerity and professionalism in the best interests of their customers, and observe rules of conduct.’ The main focus of the Circular is to ensure that companies do not create false incentives for their staff who are involved in the sale of securities….”
Add comment December 8th, 2009
Singapore: Monetary Authority of Singapore (MAS)
Add comment December 7th, 2009
International Federation of Accountants (IFAC)
“The International Public Sector Accounting Standards Board (IPSASB) has taken a further step in its global convergence program with International Financial Reporting Standards (IFRSs), scheduled for completion by December 31, 2009, by issuing International Public Sector Accounting Standard (IPSAS) 27, Agriculture. IPSAS 27 provides requirements for accounting for agricultural activity….”
Add comment December 7th, 2009
Hong Kong: Securities And Futures Commission (SFC)
“In a forum attended by over 200 industry participants today, the Securities and Futures Commission (SFC) drew on overseas experience to discuss implementation issues regarding certain of the investor protection measures proposed in its recent consultation.
“Ms Deborah Koromilas, Senior Executive Leader, Australian Securities and Investments Commission (ASIC), and Ms Sheila Nicoll, Director of Conduct Policy, Financial Services Authority (FSA) of the United Kingdom, were invited to the forum to share insights into how similar measures were implemented in their own markets….”
Add comment December 7th, 2009
Europe: Committee of European Securities Regulators (CESR)
“Enforcers of IFRS from 33 countries, representatives from the International Accountings Standards Board and auditors met for the first time at CESR offices in Paris on 3 and 4 December 2009 to discuss enforcement of International Financial Reporting Standards (IFRS) and enforcement decisions taken around the world. Participants included staff from the European Economic Area (EEA), and representatives of ten IFRS enforcers from other countries, such as Brazil, China, Egypt, India, Japan, Mexico, South Africa, Turkey, Switzerland and the USA….”
Add comment December 7th, 2009
US: Treasury Dept.
“The U.S. and EU are the world’s two largest economic areas, accounting for 54% of global GDP and 65% of global capital markets. We thus bear a special responsibility for the sound management of the international financial system. Our cooperation has been central to the world’s efforts to overcome the crisis. I will highlight two areas where our close collaboration has made a difference and where ongoing efforts will be critical for the future: restoring global growth and strengthening financial regulation and supervision….”
Add comment December 5th, 2009
US: Congress. House of Representatives. Financial Services Committee
“MANY MARKET and regulatory failures led to the collapse of the nation’s financial markets last year. That collapse has led to a steep and painful recession and placed extraordinary burdens on working families. In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things, regulating derivatives, ensuring proper mortgage lending, and making sure taxpayers never again have to take responsibility for reckless and irresponsible business decisions….”
Add comment December 4th, 2009
US: Commodity Futures Trading Commission (CFTC)
“The Commodity Futures Trading Commission (CFTC) will convene a meeting of its Global Markets Advisory Committee (GMAC) on Wednesday, December 9, 2009, to obtain the views of futures industry professionals and market participants on global financial regulatory reform and bankruptcy issues. The Committee is comprised of individuals representing various U.S. and foreign exchanges, self-regulatory organizations, intermediaries, market users and traders, with extensive experience and expertise involving global futures markets issues. The Committee will also host David Wright from the European Commission to discuss issues of mutual importance to U.S. and European policy makers….”
Add comment December 4th, 2009
US: North American Securities Administrators Association (NASAA)
“The North American Securities Administrators Association (NASAA) today urged Members of Congress to resist intense pressure by financial services industry interests to weaken the regulatory improvements necessary to strengthen investor protection.
“‘While high times may have returned to Wall Street, hard times persist on Main Street. Congress must not squander this opportunity to provide meaningful investor protection reforms’, said NASAA President and Texas Securities Commissioner Denise Voigt Crawford. ‘Investors remain outraged as they continue to suffer the consequences of the unbridled risk-taking and large-scale financial fraud that shook through financial markets last year’….”
Add comment December 4th, 2009
US: Board of Governors of the Federal Reserve System
“The Federal Reserve Board on Friday announced the adoption of a final rule that would establish a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies for the Term Asset-Backed Securities Loan Facility (TALF).
“The rule establishes criteria for determining the eligibility of agencies to issue credit ratings on asset-backed securities (ABS), other than those backed by commercial real estate, to be accepted as collateral for the TALF. The criteria include registration as a nationally recognized statistical rating organization (NRSRO) with the Securities and Exchange Commission and experience issuing credit ratings specific to the types of assets accepted as collateral in the TALF. The final rule is substantively the same as the proposed rule announced on October 5, 2009….”
Add comment December 4th, 2009