Новости

Easier to become a “qualified investor”

The National League of Managers (NLM) of Russia proposed amendment to the federal law “On financial securities market” (their suggestions were sent to the Federal Financial Markets Service for consideration). They want to change rules for recognition of companies and private individuals as “qualified investors”, making this much easier.

E&Y taken to court by HK regulator

Hong Kong's securities regulator is to take Ernst & Young to court after the Big Four auditor failed to turn over accounting records related to a former China-based client.

Ukraine plans to adopt self-regulation in all segments of the economy

Ukraine’s Ministry for Economic Development proposed to create self-regulatory organizations (SROs) in all economic segments and industries. Those SROs will be given a right to interfere with government politics if it affects their business. For settling disputes between them and their counteragents, government’s intervention won’t be necessary: for that SROs will be able to create intermediate (private arbitration) courts. Lawyers say that this initiative fits the deregulation policy perfectly, although the opportunity to create private arbitration courts will be used by not too many.

Complete mess instead of salvation

What’s happening in Europe today resembles a comedy movie or even a farce. First, European leaders approve important half-secret decisions, make loud announcements and promise everything will be alright eventually. After that it becomes clear that they will need a miracle to put those decisions to use.

Greece plans to use “tax heavens” to attract private investors

Greece disclosed its plan to create special economic zones to attract private investments and stimulate economic growth. Investors are expected to be interested in tax and administrative advantages. The idea is already being discussed between Athens and the European Commission.

Only two clients per one individual auditor in Russia

The Ministry of Finance of the Russian Federation has published most important results of private (individual) auditors’ operations in 2011. Last year there were about 1 thousand registered individual auditors in Russia – that’s approximately 16% of all people who have a right to provide audit services. At the same time, only 1.5% of total audit services are provided “individually”.

Banks may take back bonuses promised earlier to top-managers

2012 may become a year of bonuses being taken back. Numerous scandals in the banking sector, investigation of LIBOR manipulations, accusations in money laundering and even financing of terrorism have forced governance of many banks to rethink results of previous years which from this point of view don’t look so great already.

Study: XBRL leads to better coverage, more liquidity

Companies that use XBRL to file financial statements lower their cost of equity capital and increase their stock liquidity, according to a recent study out of Singapore.

Borrowers will possibly be allowed debt restructuring before they go bankrupt

The government of Russia wants to legally allow borrowers (private citizens, not companies) to restructure their debts before going bankrupt. This will possibly put interests of credit organizations and the ones they lend money to in balance. However, bankers already want to know where borrowers will take money for restructuring if they are already on the edge of bankruptcy.

Forex companies in Russia put on licensing

The Ministry of Finance of the Russian Federation has developed a new draft law on mandatory licensing for forex companies. The document is to be considered by the government very soon.