An effort to liberalize European rail service, including a proposed separation of track managers and train operators, was the focus of the European Parliament’s Committee on Transport and Tourism this week. The committee discussed the Fourth Railway Package at a day-long hearing in Brussels, which was attended by transport experts, systems operators, infrastructure managers, manufacturers, and […]
Europe
Posted inEurope
European Commission Moves to Push Better Access, Transparency from Banking Sector
After previously asking the banking sector to improve cross-border accessibility to basic bank accounts of its own accord, the European Commission this week released a proposal to force the industry to do just that. The proposed directive comes after a 2011 recommendation for banks to self-regulate in improving access to basic payment accounts was largely […]
Posted inEurope
EU’s Extraction Payments Rules Go Beyond Dodd-Frank
European companies in the oil, gas, mining, and logging industries will soon be required to reveal more about the payments they make to governments for the rights to extract resources in the countries in which they operate, significantly expanding the scope of similar efforts already underway in the United States. Last month the European Union […]
Posted inAccounting & Auditing
EU Committee Advises Law on Audit Firm Rotation
The European Parliament’s Committee on Legal Affairs has voted to recommend the Parliament adopt a law to require audit firms to check a company’s books for no more than 14 years, with a possible extension to 25 years if certain safeguards are present. The proposal softens the original recommendation from EU Commissioner Michel Barnier, who […]
Posted inAnti-Bribery
Top 10 Global Compliance Trends to Watch in 2013
With the Dodd-Frank Act rulemaking nearly complete, 2013 might be a slightly quieter year for regulatory change in the United States. Not so for Europe and other global regions. Global regulators, accounting standard setters, and foreign enforcement agencies have a full pipeline of new initiatives, many of which will affect U.S. businesses. Here are 10 […]
Posted inEurope
U.K. Gives More Guidance on Good Comply-or-Explain Disclosure
With the European Commission planning to introduce a tougher model of corporate oversight, Britain’s Financial Reporting Council is fighting to defend its more flexible “comply or explain” approach. The FRC’s latest salvo is a report urging all companies to reveal more detail about their governance arrangements, even if they aren’t doing anything unusual that needs […]
Posted inAccounting & Auditing
SEC Calls for More Uniform Disclosure of European Debt Exposure
The Securities and Exchange Commission has decided to specify how it wants companies to describe their risks related to the European debt crisis, since so far those disclosures have been, well, all over the map. SEC staff in the Division of Corporation Finance published “CF Disclosure Guidance: Topic No. 4” last month to address its […]
Posted inEurope
Europe’s New Data Laws Could Snare Many U.S. Companies
The European Commission is updating its data protection laws, creating the first pan-European rules to govern electronic information. While that’s good news for most European businesses since it will streamline compliance, it’s bad news for U.S. companies, many of which will have to comply with European data laws for the first time. The proposed European […]
Posted inAccounting & Auditing
Foreign Banks, Others Struggle to Prepare FATCA Compliance
Companies, including foreign banks and other institutions, continue to fret over compliance with the reporting requirements of the Foreign Account Tax Compliance Act, also known as FATCA. Now, a delay in the release of the proposed rules by the U.S. Department of the Treasury and the Internal Revenue Service has left tax experts and large […]
Posted inEurope
Ten Global Compliance Trends to Watch in 2012
Plenty in the United States will happen this coming year to keep compliance executives busy, but they’ll need to keep an eye on overseas developments too. Europe is the main area to watch. Big changes to the regulatory and compliance environment are coming. 1. Britain loses its voice in Europe. Britain lost many friends in […]
