Новости

FFMS imposes tougher requirements for Russian IPOs and SPOs abroad

The Federal Financial Markets Service (FFMS) is working on a new order to change requirements for Russian companies which are planning to list on foreign stock exchanges.

Fined for a wrong advice

Yesterday chief of the Federal antimonopoly service (FAS) Igor Artemiev informed that his authority was working on amendments to the Code on administrative violations. Those amendments are developed to punish officials whose announcements affect market pricing. He gave an example with real estate prices: when officials say that those won’t be lowered, that surely is a signal for market participants.

Briefing Document: FASB Statement 140 and FIN 46(R)

The FASB concluded its deliberations of two proposals earlier today which will soon be finalized as standards. One of the proposals relates to the consolidation of variable interest entities, and one will amend existing guidance for when a company “derecognizes” transfers of financial assets.

FASB Issues Proposed Staff Position FIN 48-d “Application Guidance for Pass-through Entities and Tax-Exempt Not-for-Profit Entities and Disclosure Modifications for Nonpublic Entities”

This proposed FASB Staff Position (FSP) would amend FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” to include guidance on the application of Interpretation 48 to pass-through entities and tax-exempt not-for-profit entities. In addition, this proposed FSP would modify the disclosure requirements of Interpretation 48 for nonpublic entities as that term is defined in FASB Statement No. 109 “Accounting for Income Taxes”.

FFMS introduces tougher supervision over market participants

Yesterday the Federal Financial Markets Service (FFMS) published a new law project on prudential control over financial market participants in respect to their financial stability. This basically means that they will have to create a risk-management system and will have to meet certain normative standards.

Speed up reform of financial reporting system, say investors

Discontent is growing among major institutional investors at the pace of reform of the accounting system that allowed banks to push billions of pounds of liabilities off their balance sheets while artificially inflating profits.

Forensic Accountants Reconstruct Madoff Books

A court-appointed trustee has hired a team of forensic accountants to recreate customer accounts as part of the liquidation of Bernard Madoff’s scandal-scarred investment management firm.

West calls on Russia to get ready for the worst

Russia won’t be able to overcome the crisis soon, even with effective anti-crisis measures of its government – warned the World Bank’s director Klaus Roland at the economic conference in Yekaterinburg.

SEC Proposes Rule Amendments to Strengthen Safeguards of Investor Funds Controlled by Investment Advisers

SEC is seeking public comment on the proposed measures, which are intended to ensure that investment advisers who have “custody” of clients’ funds and securities are handling those assets properly. In some recent SEC enforcement actions, firms and principals have been charged with misusing clients’ money and covering up their illicit activities by distributing false account statements showing non-existent funds.

Treasury Wants Audit Trail for Derivatives

Among the proposed changes are amending the Commodity Exchange Act and the securities laws to allow the SEC and the Commodity Futures Trading Commission to impose recordkeeping and reporting requirements, including audit trails, on financial firms that engage in derivatives trading.