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 […]
Europe
Posted inEurope
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 […]
Posted inAccounting & Auditing
EU Review Shows Shortcomings Persist in IFRS Compliance
A review by the European Union’s markets regulator found continued shortcomings in companies’ compliance with International Financial Reporting Standards (IFRS). The European Securities and Markets Authority (ESMA) released a report detailing its own activities as well as other accounting enforcers within the European Economic Area. The other enforcers include bodies like Germany’s Federal Financial Supervisory Authority, […]
Posted inEurope
U.K. Readying New Regulator to Oversee Lucrative Payment Systems Industry
Financial officials in the United Kingdom are laying the groundwork for a new regulator charged with overseeing the £75 trillion payment systems industry. The Payment Systems Regulator (PSR) was incorporated last month as a subsidiary of the Financial Conduct Authority, with plans to have the new agency fully operational by April 2015. The Banking Reform […]
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Bribery Probe Ends with Charges Against Former GSK China Top Executive
China has wrapped up a 10-month bribery investigation into pharmaceutical giant GlaxoSmithKline’s operations there, resulting in bribery charges against the former head of GSK China, according to Chinese law enforcement and published reports. Mark Reilly, a British national who served as managing director of GSK China, is accused of ordering subordinates to commit bribery in […]
Posted inEurope
Europe’s ‘Little Differences:’ Kerviel Walks 400 Miles to Surrender to French Authorities
You know what the funniest thing about Europe is? As Vincent explained so well in Pulp Fiction (see video below at 0:41, which contains a few curse words), it’s the “little differences.” I mean, they have convicted felons turning themselves into the authorities over there like we have here, but there it’s just a little different. […]
Posted inAccounting & Auditing
Global Accounting Standards-Setters Renew Commitment to Cooperation
The International Accounting Standards Board (IASB) last week issued an updated charter reiterating the global group’s commitment to deep cooperation with other accounting standards-setting bodies. Formed in 2001, the IASB oversees the International Financial Reporting Standards (IFRS), which are aimed at creating one universal set of accounting rules. The group is a private sector body […]
Posted inEurope
EU Court Affirms ‘Right to be Forgotten’ in Landmark Data Privacy Case
The European Union’s top court this week ruled that Google and other Internet search providers must honor certain individuals’ requests to remove links to personal information appearing in search results. The Court of Justice of the European Union (ECJ) essentially upheld the so-called “right to be forgotten,” which gives users the right to ask that […]
Posted inAnti-Bribery
Corporate Gift Giving, Hospitality a Little Less Posh in Era of U.K. Bribery Act
Corporate gifts have gotten a little less lavish in the wake of the U.K. Bribery Act. Executives are less inclined to gift luxury baskets, cases of wine, or expensive trips, and instead giving clients and prospects upscale pens and items marked with the company logo, according to a recent analyisis published on the International Meetings […]
