Europe

The United Kingdom’s banking regulator announced last week that it will extend its capital offset policy for corporate lending, in order to stay aligned with the Bank of England’s Funding for Lending scheme (FLS). The Prudential Regulation Authority (PRA) said it will extend the corporate piece of the capital offset policy, which was due to […]

Listed companies in the European Union must work toward a 40 percent quota for women in non-executive board positions by the year 2020, according to legislation approved by European Parliament last week.   The directive, which still needs approval from the Council of Ministers, applies to all EU companies listed on stock exchanges that have […]

European Union lawmakers last week hammered out details of new rules to reduce the risk carried by insurance firms. Members of European Parliament, representatives from the European Council and member states came to an informal agreement on the so-called Solvency II legislation, which sets up a similar set of rules for insurers that banks already face. […]

The International Accounting Standards Board (IASB) this week unveiled the final version of its reform package for financial instruments accounting. The revisions affect hedge accounting, own credit, and the implementation deadline for a portion of the International Financial Reporting Standards (IFRS) relating to financial instruments. The IASB is the standards-setting arm of the IFRS Foundation, […]

The European Securities and Markets Authority (ESMA) this week released its enforcement priorities for financial statements for the current year. EMSA’s European Common Enforcement Priorities of 2013 are designed to promote consistent application of the International Financial Reporting Standards (IFRS). The priorities are used by national regulators in the European Economic Area (EEA) during their assessments […]

A special adviser appointed to review the European Union’s role in formulating international accounting standards was scheduled to make recommendations this week on how the EU can boost its influence in the standards setting process. Philippe Maystadt, former president of the European Investment Bank and former Belgian deputy prime minister, was tapped by internal markets […]

The Big Four accounting firms will face greater competition in the United Kingdom as FTSE 350 companies will be required to put their statutory audit engagement out to tender every 10 years, according to a ruling by the U.K. Competition Commission. The commission’s ruling, issued last month, is designed to increase competition, improve bargaining power […]

Most European Union nations are doing little to nothing to protect whistleblowers from retaliation, according to a new report released this week by Transparency International. The report, Whistleblowing in Europe, found that only four of the 27 countries studied had adequate whistleblower protection laws in place. In those four countries — Luxembourg, Romania, Slovenia, and […]

Members of European Parliament looking to enact EU-wide protections for whistleblowers suffered a setback last week, as the European Commission signaled it will not move forward with the proposal at this time.  Members of parliament had included whistleblower protections in an organized crime and corruption package approved during its plenary session Oct. 23. MEPs called […]

A World Bank Group report released this week is giving Poland high marks for regulatory reforms that have made it easier for businesses to launch and operate there. The report, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises, ranks 189 economies based on an analysis of regulations affecting start-ups, ongoing operations, cross-border trading, […]