Новости

FFMS cuts its fines for market participants

The Federal Financial Markets Service (FFMS) has prepared and sent to the government is new suggestions on how to reform the way professional market participants are fined today. According to the draft version of the law, in certain cases fines will be decreased in 10 times, while for certain types of violations companies will get away with a simple warning.

Total control prescribed for largest banks in Russia

200 largest banks in Russia will face total control over their risks: in fact, the Central Bank of Russia wants to control their risks online.

PCAOB enters into cooperative agreement with German audit regulator

The Public Company Accounting Oversight Board today announced that it has entered into a cooperative arrangement with the German Auditor Oversight Commission (AOC) relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

MICEX-RTS risks losing liquidity in July

Head of the Federal Financial Markets Service Dmitry Pankin has taken into account worries of Russian market participants and foreign custodians who said that opening of Euroclear and Clearstream would force liquidity away from Russian markets.

Severe requirements for capital of non-government pension funds in Russia

Non-government pension funds in Russia are today facing a radical tightening of rules: requirements for evaluation of property needed for statutory activity (the notion denotes analogy of equity capital in their case) will be seriously tightened.

FASB makes decision on qualitative going-concern disclosures

FASB decided Wednesday that it will not require qualitative disclosures about an entity’s ability to remain a going concern that would supplement the proposed quantitative disclosures about liquidity risks, according to a summary of board decisions posted on its website.

Unaccompanied IFRSs and their technical summaries as of 1 January 2012

The IFRS Foundation offers free access to the current year’s consolidated unaccompanied English language IFRSs and official interpretations (Red Book). This includes IFRSs, IASs, IFRICs and SICs.

European Commission prolongs equivalence mechanism for third-country GAAPs

The European Commission (EC) has adopted two delegated regulations and one implementing decision to revise and update the EU’s IFRS Equivalence Mechanism. The series of documents are retroactively effective from 1 January 2012.

Minfin of Russia working to amend taxation of microfinance institutions

Russia’s deputy minister of finance Alexei Savatyugin announced that the financial ministry was working on amendments to the Tax Code where they relate to taxation of microfinance institutions. They would like to take into account specifics of their business.

“Excessively convenient” audit companies again exposed in Russia

The Deposit Insurance Agency is watching “too convenient” auditors on its own. But that we mean audit companies which used to check financial accountancy of banks and issue positive reports on it while the banks later lost their licenses. Of course, this normally means certain “unofficial relations” between the bank and its external auditors - although not always, of course.