Новости

Russian registrars complained to SEC

The Professional Association of Registrars, Transfer Agents and Depositories (PARTAD) decided to answer to the Association of Global Custodians which used to express concern around future of the international financial center in Moscow. PARTAD spoke against any interventions of Americans into Russian laws.

“Eurotax” instead of “Eurodebt”

Governments of Germany and France yesterday failed to agree upon the idea of unification of all EU countries’ state debts into a single “eurodebt”. Instead, salvation of euro is seen through a single tax on financial transactions in the euro zone, commencing 2013. Amendments to constitutions of EU member states are also planned: before the mid of 2012 they will be proposed to set limits on their budget deficits in national legislation, like Germany did.

Fitch kept American ratings at triple A

One of the “Big Three” ratings agencies Fitch confirmed long-term ratings in foreign and national currency, as well as the one for US Treasuries, at “AAA”, outlook “stable”. Short-term rating in foreign currency is left at “F1+”.

From accounting to accountability

As corporate reporting evolves, companies are now expected to discuss their long-term vision, business model and performance in financial and non-financial areas.

PCAOB Issues Concept Release on Auditor Independence and Audit Firm Rotation

The Public Company Accounting Oversight Board today voted to issue a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms. Comments are due Dec. 14, 2011.

Europe restricts "shorting"

Stock exchange regulators in France, Italy, Spain and Belgium are prohibiting unsecured short selling, trying to protect their markets from excessive decline caused by speculative attacks. The ban was put in place on Friday and until further notice.

FFMS merging with the insurance supervisor: first stage to be completed in September

Head of the Federal Financial Markets Service of Russia Dmitry Pankin told that the first stage of the merger between the Russian Insurance Supervision Service and the FFMS was scheduled for completion in September. In his interview to Russian media he told today that during the first phase all federal offices of the insurance supervision service would be connected.

NASBA and AICPA Issue Proposed Revisions to Continuing Professional Education (CPE) Provider Standards

The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) today issued proposed revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards), the framework for the development, presentation, measurement and reporting of CPE programs.

Outcome of investigation into the conduct of PwC in respect of the preparation of reports to the FSA regarding JP Morgan Securities Limited

On September 2010 the AADB commenced an investigation into the conduct of PricewaterhouseCoopers LLP, auditors to JP Morgan Securities Limited (“JPMSL”), in relation to the preparation of reports to the FSA in respect of JPMSLs compliance with the FSA’s Client Asset Rules (“the CASS Rules”) for the periods ended 31st December 2001 to 31st December 2008.

Russian state corporations reformed into “publicly legal companies”

The Ministry for Economic Development published a new draft law which will introduce a new form of a legal entity. The document provides a new notion of “publicly legal companies”, into which all state corporations in Russia will be turned.