Germany and France are lining up on opposite sides of the proposal to create a single banking authority with the power to pull the plug on failing banks. German officials have voiced displeasure with the idea being pursued by the European Commission, while their French counterparts have welcomed the move. At issue is the so-called […]
Europe
Posted inEurope
MEP Says New Rules Will Hinder Fracking Progress
A Scottish lawmaker is accusing the European Commission of shackling shale gas exploration with “over-zealous restrictions.” The criticism from Member of European Parliament Struan Stevenson came after the commission’s Environment Committee voted last week to include shale gas exploration on a list of activities requiring an Environmental Impact Assessment (EIA) before they can take place. […]
Posted inEurope
EU Data Privacy Laws Will Snag More U.S. Companies
European data privacy laws, already far more restrictive than those in the United States, are about to get stricter and will apply to more U.S. companies than they currently do. The EU is in the process of developing a new General Data Protection Regulation, a single Europe-wide set of data privacy rules currently […]
Posted inEurope
Global Corruption Survey Shows Bribery Still A Problem
A majority of Europeans believe corruption is worsening in their countries, according to a global survey released this week by Transparency International. The Global Corruption Barometer 2013, released by the Transparency International Secretariat in Berlin, showed corruption is still widespread across the globe, and Europe is no exception. Survey respondents in 25 of 36 European nations […]
Posted inAnti-Bribery
Estonian Lawmakers Take Aim at New Disclosure Rules for Non-Financial Information
Estonian lawmakers are balking at a proposed directive coming out of the European Union that would require large companies to disclose non-financial and diversity information. The directive, put forward as an amendment to accounting rules, calls on large companies with over 500 employees to provide the additional information as a way to provide more transparency […]
Posted inEurope
Last-Minute Lobbying by Germany Squashes EU Cap on Auto Emissions
After months of debate and compromise, a proposed law to cap auto emissions by 2020 was punted at the last minute by European lawmakers last week. It was widely reported that the surprise turnabout came after lobbying from German chancellor Angela Merkel, looking to protect German luxury brands like BMW. The Guardian newspaper also reported British […]
Posted inEurope
SFO Wins Conviction in Torex Retail False Accounting Case
Britain’s Serious Fraud Office announced this week the conviction of a group accountant in the culmination of its fraud conspiracy case against executives of software firm Torex Retail plc. Mark Gavin Woodbridge, 42, was convicted of two counts of conspiracy to defraud and one count of false accounting. Woodbridge was sentenced in Oxford Crown Court […]
Posted inEurope
Italy Implements New Investment Fund Regulations
Italian investment funds must comply with new regulations taking effect this week, which cover risk management and investment activities. Assogestioni, the Italian association of asset managers, said the regulations stem from the country’s implementation of guidelines from the European Securities and Markets Authority (ESMA). Those collective asset management regulations take effect as of June 14, […]
Posted inEurope
Small Companies Facing Lighter EU Accounting Requirements
Small companies in the European Union will be allowed to file pared-down annual financial statements, under a measure approved last week by the European Parliament. Parliament voted during its June 12 meeting in Strasbourg to streamline the accounting rules for smaller companies as part of an overhaul of two existing accounting directives. The intended goal […]
Posted inEurope
European Commission Helping Victims of Antitrust Violations to Seek Damages
Companies and individuals seeking damages from antitrust violations soon will find it easier to do so under a new proposal adopted by the European Commission this week. The commission’s proposed directive will remove several procedural hurdles that victims – whether corporate or individual – currently face when seeking claims from antitrust violations, including cartels and […]
