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Global Glimpses

“Global Glimpses” follows compliance, risk, and corporate governance news both in Europe and around the world. It covers developments at the International Accounting Standards Board, as well as global regulation, anti-bribery, and corruption enforcement, along with other compliance developments abroad. Global Glimpses is written by contributor Paul Hodgson. Hodgson welcomes questions, comments, and statements from readers on global issues and will address them here when appropriate. Readers can contact him at paul.hodgson@complianceweek.com.
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Global Glimpses Blog
U.K. Officials Recommend Against Whistleblower Bounties
Joe Mont | July 1, 2014
It appears less and less likely that the United Kingdom will follow the lead of U.S. regulators and offer rewards to whistleblowers when their tips initiate an enforcement action. A government analysis issued last week by the Department for Business Innovation and Skills recommends against creating a whistleblower bounty program in the United Kingdom. More inside.
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Global Glimpses Blog
European Commission Unveils Tax Transparency Package
Roberta Holland | March 18, 2015
The European Commission has unveiled a package of legislative proposals that it hopes will hinder abusive tax practices and aggressive tax planning, by providing greater transparency on what companies pay and where. “Tolerance has reached rock bottom for companies that avoid paying their fair share of taxes, and for the regimes that enable them to do this,” said Pierre Moscovici, commissioner for Economic and Financial Affairs, Taxation, and Customs. More inside.
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Enforcement Action Blog
U.K. Regulators Oppose Offering Whistleblower Rewards
Joe Mont | July 31, 2014
U.K. regulators are recommending that Parliament not create a financial reward program for whistleblowers akin to one administered by the U.S. Securities and Exchange Commission. According to the agencies, there is no evidence that financial incentives lead to an increase in the number or quality of disclosures, and they say a reward program could undermine internal whistleblower programs. More inside.
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Global Glimpses Blog
Businesses Push Back on Proposed EU Board Gender Quotas
Roberta Holland | November 26, 2014
Ségol
Nov. 25—A proposed directive to implement EU-wide quotas for women on boards is one of a handful of pending measures the newly installed European Commission should shelve, says BusinessEurope. The lobbying group argued in a notice to the Commission that was leaked to media outlet EurActiv that the directive would harm competitiveness and should be voluntary rather than binding. The suggestion has rankled other groups. “It is outrageous that BusinessEurope says requiring companies to have more women on their boards would damage competitiveness,” Bernadette Ségol, general secretary of the European Trade Union Confederation, told EurActiv. More inside.
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Global Glimpses Blog
U.K. Financial Regulator Sharpening Focus With New Structure
Roberta Holland | December 10, 2014
Dec. 10—The Financial Conduct Authority, which took over financial regulation for the United Kingdom in 2013, is undertaking a complete restructuring to better deliver on its objectives, protect consumers and market integrity, and promote competition. The agency announced that certain divisions will be consolidated with new ones created for supervision, risk, and market oversight. “The financial industry continually evolves and, to regulate it effectively, we must evolve too,” FCA Chief Executive Martin Wheatley said. More inside.
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Global Glimpses Blog
European Commission Probing Belgian Tax Scheme
Roberta Holland | February 4, 2015
Vestager
The European Commission is investigating whether Belgium’s “excess profit” rule, which allows certain companies to get deep deductions on taxable profits by claiming economies of scale stemming from being part of a multinational group, is breaking EU competition laws. “If our concerns are confirmed, this generalized scheme would be a serious distortion of competition,” Competition Commissioner Margrethe Vestager said. More inside.
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Global Glimpses Blog
Belgium Eyeing Arrest Warrants for HSBC Managers
Roberta Holland | February 11, 2015
It hasn’t been an easy week for London-based HSBC. Rocked last weekend by the International Consortium of Investigative Journalists’ Swiss Leaks probe, detailing massive tax evasion by HSBC’s private Swiss bank, HSBC is now faced with the prospect of Belgian authorities issuing arrest warrants for former and current managers of the Swiss unit. Media reports indicate a Belgian judge is frustrated by the lack of cooperation from the firm in relation to charges of fraud and money laundering. Details inside.
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Global Glimpses Blog
U.K. Financial Regulator Issues Priorities for Coming Year
Roberta Holland | March 25, 2015
Wheatley
Britain’s Financial Conduct Authority released a laundry list of priorities for the upcoming financial year, pledging to continue work on concerns like poor culture and technological developments while ramping up efforts on financial crime, the pensions sector, and individual accountability. “This is an important day in terms of setting out our priorities for the year ahead,” FCA Chief Executive Martin Wheatley said. Details inside.
Displaying 8 results