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Financial Accounting Foundation Endorses Statement of the International Accounting Standards Committee Foundation Monitoring Board

The Board of Trustees of the Financial Accounting Foundation (FAF) has expressed support for the “Statement on Principles for Accounting Standards and Standard Setting” issued by the International Accounting Standards Committee (IASC) Foundation Monitoring Board today. The IASC Foundation Monitoring Board is composed of securities regulators from both large and emerging markets, including U.S. SEC Chairman Mary Schapiro.

Moody’s accused in awarding knowingly overstated ratings

Former analyst of the international rating agency “Moody’s” Eric Kolchinsky accused his former employees in issuing misleadingly overstated ratings.

Federal Reserve takes traders’ bonuses under control

The US Federal Reserve is gathering data on trading positions from the banking organizations it regulates. The regulator wants to be sure that traders’ bonuses are related to real, not expected profits of banks.

FSA warns of Solvency II “timebomb”

Speaking at the Gleneagles Savings and Pensions Industry Leaders’ Summit on Saturday, FSA managing director of retail markets Jon Pain called on the pensions industry to do more to convince Europe that a liquidity premium should be allowed under the new rules.

Moody’s may be restrained from rating of insurers

The National Association of Insurance Commissioners (NAIC) warned Moody’s that it was going to keep the agency out of provision of ratings to insurance companies. The reason for that lies within Moody’s unwillingness to disclose its methods, which in NAIC’s opinion were not quite perfect and led to billions of losses suffered by investors. The Association’s experts think that the situation may be dealt with by creation of a new rating agency under the government’s control.

Switzerland may disclose its banking secrecy to Russia

President of Russia Dmitry Medvedev says that it is possible for the Russian Federation to address Swiss financial regulators and ask them to disclose banking secrecy of its residents.

Russia’s President approves the order to check incomes of state officials

As part of the anti-corruption campaign (which is among central issuers of the whole Dmitry Medvedev’s presidency), Russia’s president approved the order to carry out inspections of revenues that state officials and chairpersons of state corporations receive on their occupied positions.

Global anti-bonus campaign

Following European “trends”, American financial authorities also came out with proposals on how to restrict bonuses to top-managers. Generally, US regulators are less “aggressive” as compared to their colleagues in Europe. At least, the Fed does not want to tie bonuses to banking financial indicators.

Governments line up transfer pricing tax crackdown

Cross-border controls on transfer pricing are coming under increased levels of scrutiny as governments target them as an easy source of tax revenues, according to KPMG.

IOSCO consults on auditor transparency, communication and ownership structures

The International Organization of Securities Commission (IOSCO) Technical Committee has launched three related consultation reports prepared by its Task Force on Audit Services on the Transparency of Firms that Audit Public Companies; Auditor Communications and Exploration of Non-Professional Ownership Structures for Audit Firms.