Новости

Banks in Russia still prefer acting like “laundries”

Banks in Russia committed less violations of the anti-money laundering legislation. For that, the Central Bank reacted with a bit softer supervision – shows the CB’s official statistics. Other violations, however, continue to grow.

Firms consider move into ratings arena

The primary role of the credit ratings agencies, which were heavily criticized during the financial crisis, is under threat from the major accountancy firms who are now considering a move into this area themselves.

Guidance on Auditing Executive Pay and Perks

The Institute of Internal Auditors has published a new practice guide to provide an overview of key executive compensation risks that should be understood before assessing whether the controls and governance over executive compensation and benefits programs are effective.

SEC wants to separate banks from CRAs

The US Securities and Exchange Commission (SEC) has a plan to create an intermediary between banks and credit rating agencies. Through that, regulators hope to prevent forming “cartels” between CRAs and banks when the latter acquire unreasonably high ratings they aren’t worth.

Putin called for severe supervision over banks and insurers

Last Friday, during the meeting with representatives of the Ministry of Finance and the Ministry for Economic Development Russia’s Prime-Minister Vladimir Putin called for more severe supervision, and not only over banks, but over insurance companies as well.

Insurers not ready for Solvency II

Research conducted by the Economist Intelligence Unit found that 36% of insurers are concerned that the industry as a whole will be able to achieve compliance by the 2012 EU deadline.

Professional Oversight Board publishes its review of transparency reporting by auditors of public interest entities

The review of the first set of mandatory Transparency Reports includes a detailed commentary on common themes across the reports, an update on the extent to which issues identified in last year’s review of voluntary reports have been addressed by the firms and an analysis of disclosures under each of the statutory requirements.

Investing in Russia strongly not advised

Those investors looking for a safe place to invest after problems with Greece should stay away from Russia as well – experts warned. The country is really within the “black list” of counties with investment risks at critical levels.

Insurers left without promissory notes

The Federal Insurance Supervision Service of Russia (aka “RosStrakhNadzor”) is driving promissory notes out of insurance companies’ turnover: they won’t be able to use that instrument neither for creation of reserves, nor for capital – at least for awhile.

FFMS wants to know everything on short selling

The Federal Financial Markets Service (FFMS) wants to know everything on short selling which allows to earn money on falling markets. It will be already this year when brokers in Russia start to inform the regulator on such transaction on obligatory basis.