Новости

FRC consults on changing Smith Guidance

The Financial Reporting Council has begun a consultation on proposed changes to the Smith Guidance on Audit Committees as part of the implementation phase of its Choice in the Market project.

FFMS to control derivatives

It appears that FFMS aims to acquire control over the market for all types of derivatives, including those with underlying foreign currency assets. Experts say that the Central Bank controlling money market has a better position for hedging risks.

SEC Proposes Naked Short Selling Anti-Fraud Rule

The Securities and Exchange Commission has proposed to take additional steps to better safeguard investors and protect the integrity of the markets during short selling transactions by proposing a rule that would specify that abusive “naked” short selling is a fraud.

IFAC Invites Responses to Survey on Performance Measurement in the Public Sector

The International Federation of Accountants (IFAC) is inviting professional accountants and others who work in the public sector to complete an online survey on the ways in which public sector entities set objectives, measure performance, and report on results.

Foreign insurers are given “too much freedom” on Russian market

Last Friday Alexander Koval, State Duma’s deputy and chairman of the All-Russia Union of Insurers, introduced a new document for consideration. This new legislation allows direct branches of foreign insurance and reinsurance companies on Russia’s inner market – it provides amendments to the “About organization of insurance business in Russia” law and the one called “About foreign investments into Russia”. Its appearance is associated with Russia’s planned entry to the World Trade Organization (WTO) and its corresponding obligations concerning direct branches of foreign insurers.

Foreign banks may be forced to make IPO in Russia

The Federal Financial Markets Service (FFMS) proposed to oblige subsidiaries of foreign commercial banks to enter Russian stock exchanges (this implies making an initial public offering, of course) no later than three years after foundation. Experts say this totally contradicts international law which lets companies to decide themselves whether to go public or not.

New Report Examines Improvements to the Financial Reporting Supply Chain and Areas for Future Action

A new report, “Financial Reporting Supply Chain: Current Perspectives and Directions”, emphasizes that significant efforts to strengthen financial reporting in recent years have resulted in improvements in three key areas: corporate governance, the process of preparing financial reports, and the audit of financial reports. However, despite improvements to the financial reporting process, the report points out that the understandability of financial reports has not improved.

FSA publishes new rules on telephone recording

The Financial Services Authority (FSA) today published new rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK.

Moscow may become world’s largest trade center

The Federal Financial Markets Service (FFMS) proposes to unite all Russian bourses into a single holding company and after that make an initial public offering (IPO). “Within the next decade, small-numbered national trade centers will acquire features of world’s largest markets, and their main presence in this or that country will itself be a sign of those countries’ competitiveness, growth of their influence and their political and economical independence”, - that’s what is said in the document prepared by the FFMS. In May, it will be discussed with market participants and later – transferred to government for official consideration.

Center for Audit Quality Reports on First Year

The Center for Audit Quality marked its first anniversary with a report on its progress in improving public confidence in the audit process.