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 […]
Europe
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 […]
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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 […]
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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 […]
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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 […]
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Google Begins Compliance With EU’s ‘Right To Be Forgotten’ Demands
Google has launched a new Website that gives European users the opportunity to demand the deletion of personal information and related links from its search engine. To comply with new “right to be forgotten” requirements in the EU, the Web giant now offers an online form to facilitate those requests. Earlier this month, the European […]
Posted inAccounting & Auditing
U.K. Proposing to Name Companies Ordered to Make Significant Corrections to Financial Statements
The United Kingdom regulator in charge of corporate reporting wants to boost its transparency efforts by adding to its annual report the names of companies that have been asked to make significant corrections in their financial reports. The Financial Reporting Council (FRC), which oversees financial reporting and corporate governance in the U.K., is proposing to […]
