Archive for: October, 2011

FSA Consults on Transaction Reporting User Pack Version 3

FSA Consults on Transaction Reporting User Pack Version 3

The Financial Services Authority has proposed guidance that relates to the SUP17 of the FSA Handbook (Transaction Reporting). This guidance is likely to be of most relevance to authorized firms with transaction reporting obligations. The TRUP provides guidance to firms on understanding the transaction reporting obligations that come from Directive 2004/39/EC on MiFID, implemented through [...]

Israel Securities Authority Nods Sharing of Information with PCAOB

Israel Securities Authority Nods Sharing of Information with PCAOB

The Public Company Accounting Oversight Board has entered into a cooperative agreement for the exchange of confidential information with the Israel Securities Authority (ISA) to enhance the supervisory oversight of auditors and accounting firms that practice in the two regulators’ respective jurisdictions. PCAOB Chairman James Doty noted that the arrangement is the first of its [...]

Special Administration Regime for MF Global UK Inked

Special Administration Regime for MF Global UK Inked

The Financial Services Authority (FSA) has confirmed that MF Global UK Limited (MF Global UK) has entered the Special Administration Regime (SAR) and Richard Fleming, Richard Heis and Mike Pink of KPMG LLP have been appointed as joint special administrators. This follows a decision taken by the board of MF Global UK. The Special Administration [...]

FSA Proposes Revamp on Boundary Between Tiers 2 & 3 for Banks and Building Societies

FSA Proposes Revamp on Boundary Between Tiers 2 & 3 for Banks and Building Societies

Thr Financial Services Authority has released a guidance that relates to the Remuneration Code, Disclosure – remuneration requirements, and General guidance on proportionality. This guidance is likely to be of most relevance to all FSA-authorised banks, building societies and Capital Adequacy Directive (CAD) investment firms. The FSA’s revised Remuneration Code came into force on 1 [...]

Wealth Management Seminar: Improving Quality and Increasing Standards

Wealth Management Seminar: Improving Quality and Increasing Standards

The Financial Services Authority is holding an interactive seminar designed to provide an overview of the issues identified during its recent wealth management review work and to provide guidance on complying with the requirements in relation to retail clients. The FSA has recently reviewed the suitability of retail client portfolios in a sample of firms [...]

Solvency II: What the Revised Assumptions Mean for Internal Model Firms

Solvency II: What the Revised Assumptions Mean for Internal Model Firms

The Financial Services Authority is holding a briefing on the afternoon of Thursday, November 3, to update the industry on the revised assumptions mean for internal model firms. This briefing will be of interest to firms that intend to apply to use an internal model and are currently in the pre-application phase of our Internal [...]

Credit Ratings Agencies Registered

Credit Ratings Agencies Registered

The Financial Services Authority (FSA) had been designated as the competent authority of the UK for the purposes of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. The FSA has registered the following credit rating agencies: Standard & Poor’s Credit Market Services Europe [...]

New PwC Global Tax Leader Named

New PwC Global Tax Leader Named

Global accounting and business consulting firm PricewaterhouseCoopers has named J. Richard Stamm as its new Network Vice Chairman, Tax effective November 1, in which he will lead PwC‘s tax practices globally and will be a member of PwC‘s Network Executive Team (NET). Mr. Stamm succeeds a role previously held by Richard Collier-Keywood, who has been [...]

‘Tis Not a Happy Halloween for Economy

‘Tis Not a Happy Halloween for Economy

The slow economic recovery and soaring household costs are “casting a chill” over consumer confidence, but ran short of bringing back the ghost of recessions past. Deloitte’s 26th annual survey of holiday spending intentions and trends showed that while two-thirds (67 percent) of consumers expect the economy to stay the same or weaken next year, [...]

HR Transformation, Talent and Employee Engagement, November 21-22, 2011 Amsterdam

HR Transformation, Talent and Employee Engagement, November 21-22, 2011 Amsterdam

Thought Leader Global is hosting an HR Transformation, Talent and Employee Engagement on November 21-22, 2011 at Amsterdam. The event will feature BT on Process Excellence and Performance Management and Measurement; Mobistar on HR’s Changing Role in Global Transformation Programmes; Garanti Bank on Managing Communication Channels during the Change Process; Sandler Group on Enhancement of [...]

‘Independence and Objectivity’ Practice Guide Released

‘Independence and Objectivity’ Practice Guide Released

The Institute of Internal Auditors has released a new practice guide entitled “Independence and Objectivity.” “The importance of independence and objectivity, which has always been significant for internal auditors, continues to increase among the challenges facing internal audit activities in the constantly changing business environment,” the IIA said. An ever-growing number of stakeholders, both inside [...]

Strategic Marketing and Branding Forum, November 3-4, 2011 Amsterdam

Strategic Marketing and Branding Forum, November 3-4, 2011 Amsterdam

Thought Leader Global will host the Strategic Marketing and Branding Forum on November 3-4, 2011 at Amsterdam. The forum will feature BT on Exploring the Role of Marketing – a Transformation Story; Zurich Financial Services on Restructuring and Rebuilding Marketing Departments; SEB on Global Brand Developments and Establishing Brand Leadership; Michelin on Managing Brand Engagement; [...]

E&Y Shaping Future Business Leaders

E&Y Shaping Future Business Leaders

Ernst & Young has launched “EYAcademy”, a structured tactic to develop socially responsible future business leaders. The program is open for first year students in finance and business related disciplines in local universities who are passionate about learning and development, and are ambitious to become future leaders. Participants will join the program as EY Cadets. [...]

4th Corporate Fraud and Corruption Forum, November 17-18, 2011 Amsterdam

4th Corporate Fraud and Corruption Forum, November 17-18, 2011 Amsterdam

Thought Leader Global is hosting its fourth Corporate Fraud and Corruption Forum on November 17-18, 2011 at Amsterdam. The event will be sponsored by Autonomy, an HP company. “Audit, Compliance and Legal Departments are not only required to maintain business integrity: they need to implement these strategies in a meaningful way that goes beyond theory [...]

SEC to Hear CPA’s Appeal

SEC to Hear CPA’s Appeal

The US Securities and Exchange Commission will hold an open meeting on November 2, 2011 at 9:00 a.m., in the Auditorium, Room L-002, to hear oral argument in an appeal by Wendy McNeeley, CPA, from an initial decision of an administrative law judge. The law judge found that McNeeley engaged in improper professional conduct as [...]

Fraudulent Hedge Fund Halted

Fraudulent Hedge Fund Halted

The Securities and Exchange Commission has obtained an asset freeze against a Boston-area money manager and his investment advisory firm charged with misleading investors in a supposed quantitative hedge fund and diverting portions of investor money into his personal bank account. The SEC’s speedy investigation was conducted by Boston Regional Office staff including Michele Perillo [...]

Customer Protection in Packaged Account Market Propped Up

Customer Protection in Packaged Account Market Propped Up

The Financial Services Authority (FSA) has proposed new rules to make sure banks and building societies check customers are eligible to claim on insurance cover before selling them a packaged bank account. Packaged accounts are current accounts bundled up with a range of insurance policies and other products such as ticket discounts. The FSA estimates [...]

SEC Names New Associate Director for Clearance and Settlement in Division of Trading and Markets

SEC Names New Associate Director for Clearance and Settlement in Division of Trading and Markets

The Securities and Exchange Commission has named Peter J. Curley as the new Associate Director for Clearance and Settlement in the SEC’s Division of Trading and Markets. As Associate Director, Mr. Curley will oversee the Division’s clearance and settlement program, which has been expanded significantly over the past two years. Traditionally focused on securities clearing [...]

Illegal ‘Free-riding’ Scheme by Fund Managers

Illegal ‘Free-riding’ Scheme by Fund Managers

The Securities and Exchange Commission has charged a pair of purported money managers with orchestrating an illegal “free-riding” scheme of selling stocks before they paid for them and netting $600,000 in illicit profits. The SEC’s investigation was conducted by Stephanie Shuler, Vincenzo DeLeo, and Peter Lamore of the SEC’s New York Regional Office. The U.S. [...]

IASB Pushes to Amend Accounting for Government Loans in IFRS 1

IASB Pushes to Amend  Accounting for Government Loans in IFRS 1

The International Accounting Standards Board (IASB) has published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposed amendment sets out how a first-time adopter would account for a government loan with a below-market rate of interest when they transition to IFRSs. If adopted, this amendment would [...]