The European Union’s internal markets commissioner this week announced plans to push forward with the implementation of global derivatives regulations. Internal markets and services commissioner Michel Barnier said it is time for regulators to implement the international standards set forth by the G20 and figure out how to provide deference to one another’s rules. Toward […]
Roberta Holland
Posted inEurope
EU Pushing Guidelines for Cloud Computing Service Level Agreements
European Union lawmakers are attempting to keep pace with technology, unveiling a set of guidelines for business users of cloud computing last week. Developed by the Cloud Select Industry Group, the guidelines are intended to increase professional users’ trust in the technology and standardize aspects of service level agreements. Members of the subgroup on SLAs included […]
Posted inEurope
Looming IFRS Rule Could Drive Increased Loan-Loss Provisions
Banks are predicting that the planned revisions to international accounting standards will have a significant impact on the way they handle loan loss provisioning, according to a recent survey by Deloitte. Deloitte’s Fourth Global IFRS Banking Survey revealed that more than half of the financial institutions polled believe the changes to International Financial Reporting Standards […]
Posted inEurope
Study Shows U.K. Financial Conduct Authority Enforcement Cases Decreasing But Size of Penalities Up
Financial regulators in the United Kingdom have decreased their enforcement actions in recent years, but increased the size of penalties, according to a study released recently. Kinetic Partners’s Global Enforcement Review 2014 analyzed enforcement data for the past five years from the U.K. Financial Conduct Authority (FCA), the U.S. Securities and Exchange Commission, and the […]
Posted inAccounting & Auditing
EU Review Finds Compliance Problems With IFRS Rules on Business Combinations
A limited European Union review of compliance with accounting rules regarding business combinations in financial statements raised several red flags, the European Securities and Markets Authority (ESMA) revealed this week. ESMA reviewed the 2012 annual International Financial Reporting Standards (IFRS) financial statements of 56 listed entities in 11 European countries, and looked at how consistent […]
Posted inAnti-Bribery
U.K. Bolstering Anti-Corruption Efforts with Agency Reviews, New Laws
The United Kingdom is taking steps to make sure its anti-corruption house is in order, with a review of its various enforcement agencies and new laws to clamp down on abuse. Prime Minister David Cameron and other leaders are in the process of setting up a multi-departmental team to review the different agencies charged with […]
Posted inFrom the Archive
European Banking Authority Launches Online Navigation Tool for EU Prudential Rules
To help businesses navigate harmonized prudential rules in the European Union’s banking sector, the European Banking Authority this week launched an Interactive Single Rulebook through its web site. The EBA’s online tool, announced 6 June, is designed to ease compliance with the single set of prudential regulations throughout the bloc. The authority said the Single […]
Posted inEurope
Single Rulebook, Supervisory Convergence Needed for EU Market Reforms, Regulator Says
The head of the European Union’s securities and markets regulator told market participants last week that the success of sweeping regulatory reforms depends upon the implementation of a single rulebook for financial markets and supervisory convergence between the bloc’s 28 Member States. Steven Maijoor, chairman of the European Securities and Markets Authority, told the attendees […]
Posted inFrom the Archive
European AML Group Calls for Enhanced Transparency on Corporate Ownership
The Council of Europe’s anti-money laundering group called on members last week to boost transparency efforts to identify ultimate beneficial owners of companies and to ensure that the information is readily available to law enforcement officials. The Council’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as […]
Posted inEurope
EU Markets Regulator Censures S&P for Erroneous 2011 Downgrade Alert
The European Securities and Markets Authority this week issued a public notice censuring Standard & Poor’s units in France and Europe for internal control failings. ESMA cited Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited for breaches of the European Union’s regulations covering credit rating agencies. ESMA said […]