Новости

SEC establishes new supervisory cooperation arrangements with foreign counterparts

The Securities and Exchange Commission today announced that it has established comprehensive arrangements with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.

Minfin ready to “bury” up to 2/3 of all banks

The Ministry of Finance of the Russian Federation thinks it is possible to increase minimal capital requirements to 1 billion after the year 2015. Today only 1/3 of all banking entities in Russia meet those insane requirements.

Basel III is coming to national markets

The Basel Committee on Banking Supervision (BCBS) is currently discussing the option of treating all leading national banks similarly to the way global banking structures under heavier financing regulation have been treated until now.

Multicurrency MICEX-RTS

MICEX-RTS has presented its strategic plans until 2015. The largest Russian stock exchange wants all of its clients to be able to choose the currency for settlement of accounts he/she prefers. He or she should also be able to trade with any asset from one and the same account.

The Professional Oversight Board announces the scope of the Audit Inspection Unit’s work for 2012/13

The Professional Oversight Board of the Financial Reporting Council (FRC) today publishes a description of those entities whose audits will be deemed to be “major audits” for the purposes of audit inspections in the year from 1 April 2012 to 31 March 2013.

FAF Publishes Learning Guide for the FASB Accounting Standards Codification® Research System

The Financial Accounting Foundation (FAF) today published the Learning Guide for the Codification Research System, a new resource for subscribers who want to use the Financial Accounting Standards Board’s (FASB) online Accounting Standards Codification’s features more effectively and efficiently.

International Standard on Auditing (ISA) 610 (Revised); Using the Work of Internal Auditors

The revised ISA 610 “Using the Work of Internal Auditors” deals with the external auditor’s responsibilities if using the work of an internal audit function in obtaining audit evidence.

Captive companies allowed to be used by banks for crediting purposes

The Federal Antimonopoly Service of Russia has made an unprecedented offer to banks: if a bank is selling insurance to a borrower on its own, it now has a right to propose services of only one insurer of its choice (to be “chosen” by the borrower).

Pension market in Russia awaits regulatory shakeup

Participants of the pension market have developed suggestions on how to protect pensions of Russian citizens: they are proposing two types of licenses for non-government pension funds. In case of any organization’s bankruptcy its clients will be compensated out of a special insurance fund.

IVSC consults on new fairness guidelines

Many corporate transactions are supported by fairness opinions which aim to provide boards and other stakeholders advice as to whether the terms of a proposed transaction are fair from a financial perspective. A valuation or valuation analysis is often at the core of the opinion.