Sweeping regulatory changes in financial markets were agreed to this week by European Parliament and the Council of Ministers, after almost four years of negotiations and debate on the issue. Known as the Markets in Financial Instruments Directive II (MiFID), the changes include a new, regulated category of trading venues, greater transparency and investor protections, […]
Europe
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European Union Hits New High in 2013 with Antitrust Fines of €1.9B
The European Union had a second straight record-breaking year in antitrust fines, levying €1.9 billion in fines in 2013, according to a global survey released this week. International law firm Allen & Overy reviewed fines levied last year by seven jurisdictions, including the EU and the United States, and found that the EU led the […]
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EU, German Locked in Dispute Over Anti-Trust Jurisdiction
German officials are in a dispute with the European Commission over which competition authority should have jurisdiction over the planned acquisition of one building materials firm by another. The European Commission this week rejected a request from Germany to refer the matter to its national competition authority, according to information released by the European Commission. […]
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Report: EU Stepping Back from Tougher Banking Structural Reforms
The European Commission is backing away from plans to force big banks to ring-fence their lending business from higher-risk trading activities, according to a draft proposal seen by the Financial Times. The Financial Times reported this week that the proposal emanating from Internal Markets Commissioner Michel Barnier does not contain a mandatory separation, and that […]
Posted inAccounting & Auditing
EU Audit Rotation Proposal Will Affect U.S. Companies Too
Auditor rotation won’t be required anytime soon in the United States, but audit experts warn that a push for mandatory rotation in Europe will have serious ramifications for many U.S. companies. Member states of the European Union have agreed to an audit reform package that would require “public interest entities” to put audits out for […]
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Europe Reaches Deal on Auditor Rotation, 10-Year Term Limits
The European Parliament and EU Member States have reached an audit reform agreement that calls for 10-year term limits on audit firms and new limitations on non-audit services that auditors can perform for public interest entities. To bring about greater independence for auditors, the agreement will require audit firms to rotate off their public interest […]
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EU Lawmakers Pass Audit Reforms Promising Better Supervision, Quality
Audit firms in the EU will face increased supervision and more stringent requirements for transparency and independence, under reforms agreed to this week by European Parliament and member states. Calls for reforms to the audit sector intensified after it was revealed following the financial collapse that many large banks were said to be in sound […]
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European Parliament Approves New Consumer Protections in Mortgage Market
Mortgage lenders will have to inform potential borrowers of the real cost and risks of a mortgage, eliminate early repayment penalties, and better screen the credit-worthiness of mortgage applicants, under new mortgage regulations approved by European Parliament this week. The Mortgage Credit Directive was approved overwhelmingly during parliament’s 10 Dec. plenary session, in a vote […]
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European Commission Fines J&J, Novartis €16M for Delaying Generic Painkiller Release
The European Commission this week fined Johnson & Johnson and Novartis a combined €16 million for delaying the market entry of a generic painkiller often used by cancer patients. U.S.-based Johnson & Johnson was fined €10,798,000, and Swiss-based Novartis was fined €5,493,000 for an agreement their Dutch subsidiaries made in 2005 regarding the pain-killer depot […]
