Новости

Russian brokers creating their first “dark pool”

Largest brokers in Russia want to create the very first Russian Electronic Communications Network (ECN). As a result, MICEX-RTS may lose a certain part of its turnover.

FEE recommends improvements to the functioning of audit committees

FEE (Fédération des Experts Comptables Européens – Federation of European Accountants)has today published a Discussion Paper on The Functioning of Audit Committees.

SEC Chief Accountant James Kroeker to Leave the Commission

The Securities and Exchange Commission today announced that Chief Accountant James L. Kroeker will leave the SEC in July to enter the private sector.

Moody’s downgrades ratings of 15 international banks

The international rating agency Moody’s has today downgraded ratings of 15 international banks. The information is official and confirmed in the agency’s press-release.

FFMS of Russia will publish insurance companies’ accounts on its website

The Federal Financial Markets Service (FFMS), which after the latest massive regulatory reform stands in charge of regulation of insurance companies in Russia, wants to start publishing insurance companies’ annual accounts and information on major shareholders on its website. Experts liked the idea, but really doubt usefulness of that information to final users.

Micro financial institutions in Russia watched over by the antimonopoly service

Russian micro financial institutions will have to report to the Federal Antimonopoly Service on any transaction above 500 million roubles. Experts see this as a good idea because this market in Russia really needs some regulation. Representatives of the market don’t think that the decision will affect them seriously anyway because they almost never make transactions that large.

Minfin of Russia argues with FFMS over capital requirements

The new draft order on changing the way of calculation of capital which was proposed by the Federal Financial Markets Service (FFMS) found no understanding in the finance ministry: the latter thinks that the FFMS is not authorized to do that because only the Minfin can.

Europe imposes limitations on rating agencies

The European Parliament has approved a law which will restrict business of credit rating agencies where it deals with sovereign ratings. All CRAs will be obliged to set 2-3 certain dates for publication of their ratings each year, and they will have to do that in advance.

Australian FRC explores complexity in reporting

The Australian Financial Reporting Council (FRC) has released a report “Managing Complexity in Financial Reporting”. The report explores the issue of complexity in financial reporting from an Australian perspective and makes recommendations of what might reasonably be done within the global accounting framework to address complexity concerns - including making better use of information technology (including XBRL), addressing legal impediments and urging the IASB to undertake reforms.

Further Update for Directors of Listed Companies in the UK

The Financial Reporting Council (FRC), the United Kingdom’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment, is publishing a further Update for Directors of Listed Companies in the UK to assist them in responding to continued economic uncertainties facing a number of countries around the world.