Новости

Ukrainian banks will be allowed to create housing and pension funds

Deputies of the Ukrainian parliament (the Verkhovna Rada) proposed to further develop home construction by allowing banks to create and to manage housing and pension funds. Banks will be able to invest money from those funds in one instrument even without portfolio diversification.

Bank of Russia wants to know electronic payments better

The Central Bank of Russia is starting to look after electronic money operators: in September they will have to present information on their operations. 15 months later operators will have to acquire banking licenses and to get under control of the regulator.

Bank of Russia improves regulation of banks within the Deposit insurance system

The Central Bank of Russia intends to amend the legislation on deposit insurance by making estimated figures out of mandatory financial indicators of banks. Business planning will become an obligatory criterion, informed chief of the department of licensing and financial rehabilitation of the Bank of Russia Mikhail Sukhov during the international banking forum in Sochi.

Swiss banks “help clients move to Singapore”

Swiss bankshave already begun helping UK clients move their money to Singapore in defiance of an agreement struck with the UK last week, Accountancy Age understands.

European banks will need 200 billion euro more in capital – IMF

European banks may require additional 200 billion euro in capital to cover write-downs of problematic countries’ debt – says the International Monetary Fund. Currently employed models do not reflect real value of those bonds, they say. In their turn, banks and European regulators blame the IMF in being prejudged and unreasonable.

Following SOX effectively

According to the latest E&Y’s report Thinking outside the SOX box, companies are able to minimize their compliance costs and increase operating efficiency.

Swiss agreement: the international ramifications

The international aspects of the Swiss/UK tax deal go beyond the two countries themselves. The announcement of the agreement, which imposes a withholding tax just below the top rates of tax, follows swiftly from a deal between Switzerland and Germany, while the US has gone for an altogether different route of legislating at home. The European Union's Savings Directive (EUSD) has been in place since 2005 and already includes provisions for a withholding tax, so there might be implications on future negotiations.

2012 U.S. GAAP Financial Reporting Taxonomy Now Available for Public Review and Comment

The Financial Accounting Standards Board (FASB) today released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2011.

McKinsey calculated costs for Basel III

Tightening of requirements for financial stability of banks will lower business efficiency and will cost European banks about 610 billion dollars in 7 years. Those are the results of McKinsey’s calculations. By the way, Russian banks are also expected to switch to Basel III eventually.

Every single bond rated

Yesterday chief of the Federal Financial Markets Service (FFMS) of Russia Dmitry Pankin held a meeting with representatives of credit rating agencies which want to oblige issuers to put bonds under rating. Market participants generally support the idea because expenses for mandatory rating of bonds won’t be very large while positive effects are expected to be significant.