Новости

Commission adopts measures to strengthen supervisory committees and standard-setting bodies for accounting and auditing

The European Commission has adopted a set of decisions to strengthen the supervisory framework for EU financial markets, in order to improve supervisory cooperation and convergence between Member States and to reinforce financial stability. Under the new rules, the three committees that supervise, respectively, the securities, banking and insurance sectors will benefit from a clearer operational framework and more efficient decision-making processes.

New York authorities discovered another Ponzi scheme

Nicholas Cosmo was in charge of the New York based “Agape World Inc”. Official say that the company provided construction loans and attracted investments; it paid high dividends (13-14% annually) out of newcomers’ funds, thus creating a classical Ponzi scheme.

Another ministry to control foreign investments in CIS countries

It is possible that all companies making acquisitions in CIS countries will soon be under the new ministry’s control. Chairperson of the Ministry for Economic Development Elvira Nabiullina proposed a separate entity to coordinate such investments of Russian companies.

BDO in China doubles in size

One of China’s largest independent accounting firms has joined BDO International’s network, a move that sees BDO in China more than double in size. SLP ManCo has five firms in mainland China including Beijing, Nanjing, Shanghai, Fuzhou and Guangzhou and has joined BDO International alongside the network’s member firms in Beijing, Shenzhen and Wuhan.

PCAOB Publishes Staff Guidance on Auditing Internal Control Over Financial Reporting in Smaller Public Companies

The Public Company Accounting Oversight Board today published Staff Views – “An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements: Guidance for Auditors of Smaller Public Companies”.

NYSE eased listing requirements

Facing all negative applications of the financial crisis, the New York Stock Exchange (NYSE) – a leader of IPOs in 2008 – had to ease listing requirements in respect to the minimal capitalization which companies have to keep in order to be here. Instead of 25 million USD it is now only 15 million. The simplified regime will be in effect until April 22nd – and will spread on all financial securities traded on the New York Stock Exchange – both the ones already traded and the ones to follow.

MICEX creates its own AIM

The Moscow Interbank Currency Exchange (MICEX) is creating a base to trade non-public assets of companies which decided not to make already scheduled IPOs. It is there where they will be able to trade theirs shares, and where banks will sell assets of non-public companies. Direct investment funds will participate in the trading process. The Federal Financial Markets Service thinks that under current conditions, prices for those assets will be low.

Partners rush to take four day week at KPMG

More than 80% of KPMG’s UK partners have applied to work a four day week or take a sabbatical after the Big Four firm announced a scheme last week aimed at avoiding redundancies. The voluntary scheme, announced last week, is one of the first of its kind by a big accounting firm.

APB issues Guidance on the Audit of Credit Unions in the United Kingdom

The Auditing Practices Board (APB) has published Practice Note (PN) 27 “The audit of credit unions in the United Kingdom”. A consultation draft was published for public comment during 2008.

Duma raised fines for violations on financial markets

Today the State Duma of the Russian Federation approved the law on administrative liability of financial market participants in its third and final reading. Fines were increased for breaking legislation on joint-stock companies, on limited liability companies, on financial securities markets and on investment funds. In some cases, fines were made 60 times higher.