The Basel Committee on Banking Supervision has announced major changes to how banks will be required to calculate leverage ratios, an effort intended to ease competitive concerns among member countries, address differences in international accounting standards, and further steer banks away from potentially risky derivative holdings. The Basel Committee, comprised of central banks and regulators […]
Global Glimpses
Posted inFrom the Archive
Regulator Turns Spotlight on Smaller Company Reporting
The U.K.’s financial reporting regulator will direct its focus onto smaller listed companies next year, putting the spotlight on those outside the FTSE 350. The Financial Reporting Review Panel said it would be scrutinizing smaller companies in niche markets as a priority because in a sluggish economy they faced greater risks than big, diversified businesses. […]
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U.K. Reconsiders White Collar Crime Shakeup
The British government has scrapped controversial plans to make a new white collar crime agency the lead prosecutor in securities law cases. The decision follows concern among lawyers that the move could weaken enforcement efforts. The government still plans to create a new Economic Crime Agency to tackle fraud and financial crime, but it won’t […]
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Philippines Tries to Shed Poor Governance Reputation
The Philippine Stock Exchange has launched a new corporate governance code in an effort to improve standards among its listed companies. A report last year by the Asian Corporate Governance Association said the PSE had the worst governance standards of 11 Asian markets it reviewed. Developed with financial help from the British government, the PSE […]
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FSA Wants Mobile Calls Recorded
Financial firms operating in the United Kingdom will have to start recording staff mobile phone calls under new regulations from the industry regulator. The move is an effort to limit insider trading. The Financial Services Authority made an exemption for cell calls when it told firms to record phone conversations in March 2008, but it […]
Posted inEurope
Language Row Scuppers EU-Wide Patent
The European Union has failed to agree a new, slimmed down patent system, after a dispute over whether companies should be allowed to apply for a patent in Spanish or Italian scuppered talks. Michel Barnier, the European commissioner for the internal market, said the failure to agree the creation of an EU-wide patent would have […]
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Director Laws Damage Corporate Australia, Says Survey
Australia’s tough laws on director liability are hurting the country’s economy and discouraging people from taking on board roles, according to a new survey. A third of directors had turned down a seat on a company board because of the risk of personal liability, said a survey by the Australian Institute of Company Directors (AICD). […]
Posted inRegulatory Enforcement
Reprieved Director Was Careless, Not Dishonest
A British company director has won an appeal against a Financial Services Authority ruling that he was unfit for his job after a tribunal decided he was guilty only of “carelessness”. The tribunal ruled that Mandeep Panesar, a director of advisory firm Burlington Associates, had made mistakes when he completed an FSA compliance form and […]
Posted inAccounting & Auditing
European Banks Struggle With Risk Appetite
Standards of risk governance have improved at Europe’s 25 biggest banks, but many boards are still failing to send management a clear message on the level of risk they can take, according to a new report. Boards are more involved in approving risk appetite than they were before the financial crisis, but only 64 percent […]
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KPMG Probed Over BAE Audits
British accounting regulators have started an investigation into KPMG’s auditing of controversial defense company BAE Systems. The company has for years been battling allegations that it paid bribes to secure arms deals around the world. Earlier this year it agreed on a settlement and substantial fines with prosecutors in the United States and the United […]