Новости

EBA shared its thoughts on the draft version of the Maystadt report, although its full version is already available

The complete final version of the report by Philippe Maystadt (a Special Adviser to the internal markets commissioner Michel Barnier) was submitted to the president of the ECOFIN Council on 8 November. However, even with the final version of the report already made public, thіs week the European Banking Authority (EBA) decided to publish its response to the draft version of the same report which have been available since September.

Ponzi schemes officially outlawed in Ukraine

The Ukraine’s parliament – Verkhovna Rada – has approved a new draft law in the first reading. Creation or supporting so-called “financial pyramids” (which alternatively may be referred to as “Ponzi schemes”, named after Charles Ponzi, their “inventor”) will be seen as crime punished by up to 8 years behind bars.

Pensions in Russia will be calculated by a new, not really comprehensible formula

Yesterday a new draft law “On insurance pensions” was approved by the State Duma of Russia in the first reading. In contains a new formula for calculation of pensions.

Russian lawyers disapprove Putin’s judicial reform, but Kremlin will likely merge two Supreme courts anyway

Not so long ago we mentioned the forthcoming merger of the Supreme Arbitration Court and the Supreme Court. The judicial reform is very significant, which is why, although it is not particularly close to what our website is about, we cannot but say a least a few words about that in more details.

IASB reached an important milestone in the financial instruments reform

The main international standard setter informed on finishing its work with a number of important projects within the financial instruments package. Hedge accounting was substantially reviewed, bringing more transparent risk disclosures. Amendments to IFRS 9 on the “own risk” issue and removal of the effective date (1 January 2015) are also worthy attention.

JPMorgan settled its disagreements with the Department of Justice for $13 billion

One of the largest banks in the US – JPMorgan Chase – agreed to pay a record fine of 13 billion dollars to the Department of Justice in exchange of suspension of any further investigations against it concerning the case of selling problematic securities to investors on the eve of the mortgage crisis.

Legal entities of Russia won’t be allowed to go bankrupt just like that

Russian lawmakers may increase the minimal threshold for companies to pretend for bankruptcy under special procedure. Today the minimal level of debt is 100 thousand, but it may soon be increased to 300. With that bankers can’t agree.

State Duma of Russia may remove “Big Four” from audit of state corporations

Four deputies of the State Duma of Russia have proposed amendments to the federal law “On auditing”. The main idea is to allow audit of companies with the state participation (where the government’s share is at least 25%), also of state and municipal unitary enterprises only to audit companies which have no foreign entities among their owners.

FEI reminded IASB of its alternative model to account for leases

This year IASB and FASB published their draft joint standard on leases. Taking into account how many complaints still follow on excessive complexity of the approach jointly proposed by the IASB and FASB, the Financial Executives International (FEI) in its recent letter from 7 November decided to remind of an alternative approach it had proposed in September in the former letter.

Russian accountants have the second most boring profession after security guards

Not long ago Russian recruiter Superjob.ru held a survey among its visitors, aiming to find out what they saw as most tedious professions. It was discovered that at least in Russia those are accountants (who have to deal with numbers all day long and file reports each month) and guards (doesn’t matter where – most of the day they have to sit, watch who is coming and going and basically that’s all they do).