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HKMA Reviews Its Progress In 2011 5/3/2012 In addition to its actions to strengthen further the risk management of banks
through its supervisory actions and countercyclical measures on property mortgages,
the Hong Kong Monetary Authority pointed, in its 2011 Annual Report, to
its support to the further expansion of renminbi market activities in Hong Kong.
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UK Consults On Corporate Governance Reforms 4/27/2012 The UK's Financial Reporting Council has launched a consultation on planned revisions to corporate governance and auditing rules intended to give effect to new company stewardship proposals.
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Australia To Enforce Companies' Workforce Obligations 4/20/2012 Draft legislation has been released by the Australian government which will enforce companies' compliance with tax and superannuation guarantee obligations.
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Mauritius Builds Synergy Between Domestic Regulators 4/13/2012 Mauritius's Financial Services Commission and the territory's Financial Reporting
Council on April 10, 2012, signed a Memorandum of Understanding to ensure
effective information exchange in relation to financial reporting, auditing and
corporate governance.
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Gibraltar Continues Financial Sector Support To Africa 3/30/2012 Gibraltar's Financial Services Commission has announced the recent completion
of two further assignments as part of an initiative to assist international
improvements in financial sector supervision, particularly in African nations.
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UK To Give Shareholders More Say On Bosses' Pay 3/22/2012 New reforms proposed by the UK government will enhance shareholder company rights in order to provide greater influence over executive pay.
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BC To Introduce 'Social Enterprise' Company Form 3/12/2012 Changes to British Columbian legislation will allow for the introduction of a new hybrid type of company, the community contribution company.
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OECD Report Tackles Aggressive Tax Planning 3/8/2012 The Organisation for Economic Cooperation and Development has announced the launch
of its latest publication, aimed at aiding governments to tackle the
use of aggressive tax planning.
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FRC Proposes 2015 Delivery Of Accounting Standards 3/6/2012 The UK Financial Reporting Council, setting out its priorities and funding for 2012/13,
has said set a 2015 deadline for the entry into force of a new UK accounting framework,
UK Generally Accepted Accounting Principles.
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HMRC Responds To Transparency Concerns 3/5/2012 The UK tax authority HM Revenue and Customs claims that new governance arrangements will bring greater transparency, scrutiny and accountability to significant tax disputes.
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Consultation Launched Into European Company Law 2/22/2012 The European Commission has launched an in-depth consultation on the future
of European company law, to ascertain whether Europe’s needs are still met
by the existing legal framework.
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US Accounting Standards Subject To Review 2/22/2012 United States accounting standards governing financial reporting for business combinations,
'operating segments', and deposit and investment disclosures will be
the next subjects of post-implementation reviews conducted by the Financial Accounting
Foundation, the agency has announced.
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Paying Taxes Survey Unveiled By PwC 2/20/2012 60% of world economies have made paying taxes easier over the past seven years, a new study has shown, with total tax rates falling by an average of 8.5%.
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Study Highlights High US Investment Tax Rates 2/16/2012 A study on United States corporate dividend and capital gains taxation, prepared
for the Alliance for Savings and Investment by Ernst and Young, discusses
the negative impact high tax rates on capital gains and dividends have on key
economic factors, including productivity, wages and decision making by investors
and companies.
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HMRC Revamps UK Business Record Checks 2/9/2012 The UK tax authority HM Revenue and Customs is to take a fresh approach to its business records checks programme in the coming financial year. The move comes following a review of the programme, and the revamped approach will be launched early in the 2012/13 financial year.
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Manx Contribution To UK Economy Highlighted 1/31/2012 The role played by the Isle of Man in supporting the creation of jobs and growth
in the United Kingdom economy has been praised by the Lord Mayor of the City of
London, David Wootton, during his first visit to the island.
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UK To Overhaul Executive Remuneration 1/31/2012 UK shareholders will be given more powers to block excessive pay proposals and payments for failure under new proposals from the Business Secretary, Vince Cable.
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UK Mulls Tax Breaks For Employee Ownership 1/19/2012 Continuing his attack on 'irresponsible capitalism' the UK's Deputy Prime Minister Nick Clegg has said that he wants to cut red tape and reform the tax system to encourage employee ownership.
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US, Canada, Mexico Reaffirm Antitrust Cooperation 12/23/2011 The heads of the antitrust agencies of the United States, Canada and Mexico met
recently in Mexico to reaffirm their commitment to effective enforcement cooperation.
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Business 'Not Hit' By UK Bribery Act 12/14/2011 Six months into its operation, the UK's Bribery Act has not significantly affected companies' ability to do business, according to a new survey from Ernst and Young.
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Australia Announces Enquiry Into AGMs 12/9/2011 The Australian government has announced that the future of the company annual general meeting is to be examined in the light of changes to the way in which information is distributed and how shareholders interact with their companies.
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Corporate Responsibility Reporting Hits Record High 11/25/2011 The UK now tops the global rankings for corporate responsibility reporting, with Japan coming a close second, according to a new report from KPMG.
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Sweden To Tighten Interest Deduction Rules 11/21/2011 The Swedish government has announced plans to set up a corporate tax committee
tasked with examining the issue of questionable, ‘aggressive’ tax
planning in the private healthcare and education sectors with respect to interest deductions.
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Audit Committees Need To Improve Standards 10/27/2011 The majority of audit committees in UK listed companies fall short of best practice in their reporting, according to a new report.
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UK Consults On Corporate Governance Rules 10/20/2011 The UK’s Financial Reporting Council is to be refocused and streamlined under new proposals, designed to ensure the body is in a strong position to promote the highest standards of corporate reporting, governance and auditing.
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New Zealand To Tighten Company Rules 10/17/2011 A bill that tightens rules around company directors and company registration has been introduced to the New Zealand Parliament by Commerce Minister Simon Power.
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EC Targets Dutch Board Member VAT Rules 10/5/2011 The European Commission has formally requested that the Netherlands modify
its existing rules on the treatment of members of supervisory boards for value-added
tax purposes, to ensure that the rules comply with European Union legislation.
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Gibraltar Assists African Financial Services Regulators 9/23/2011 The Deputy Chief Executive Officer of the Gibraltar Financial Services Commission, David
Parody, has recently returned from Mombasa, Kenya, where he delivered a workshop
for the Board of the Kenyan Insurance Regulatory Authority funded by the
Authority itself.
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Caribbean Territories Sign Up To Anti-Corruption Drive 9/15/2011 A number of offshore Caribbean territories have notified their consent to receive
on-site visits to evaluate their compliance with the Inter-American
Convention against Corruption.
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Isle Of Man Publishes Guidance For Directors 8/3/2011 The Isle of Man Financial Supervision Commission has published guidance on the responsibilities
and duties of directors under the laws of the Isle of Man, relevant to all directors
of Isle of Man-incorporated businesses.
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UK Contributes To EU Corporate Governance Debate 7/27/2011 The principle of 'comply or explain' plays an essential part in
promoting best practice in corporate governance, says the UK Financial Reporting
Council in a submission to the European Commission.
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Chinese Corporate Accountability Tarnishing Investment 7/25/2011 Fitch Ratings has warned in a recent report that poor corporate governance relative
to international capital market standards, as well as issues such as China's under-developed
legal system and quality of information standards, has led to lower ratings being
given to Chinese corporates.
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UK Bank Ring Fence Proposals Criticised 7/25/2011 The UK's Treasury Committee has set out a series of questions it wishes the Independent Commission on Banking to address regarding a number of concerns that have been raised about its proposal to ring-fence retail banking, including its effect on the competitiveness of UK banking and the cost of credit to business.
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Congress Learns How US Tax System Encourages Debt 7/18/2011 Dave Camp, the Republican Chairman of the House of Representatives Committee on Ways and Means, and Max Baucus, the Democrat Chairman of the Senate Committee on Finance, have held a joint hearing to review the tax treatment of debt and equity in the United States, and to consider distinctions in the treatment of each in the context of comprehensive tax reform.
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Hong Kong Strengthens Research Analyst Rules 7/6/2011 Hong Kong’s Securities and Futures Commission has published the consultation
conclusions on proposals to expand the scope of conflicts-of-interest requirements
governing research analysts.
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Singapore Reviews Companies Act 6/23/2011 Singapore’s Ministry of Finance and the Accounting and Corporate Regulatory
Authority have invited public feedback on the final report of the Steering
Committee that has been reviewing the Companies Act, and on a review of the regulatory
framework for foreign entities in Singapore.
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Hong Kong Studies Listing Of Business Trusts 6/14/2011 In answer to a question in the Legislative Council, Hong Kong’s Secretary
for Financial Services and the Treasury, Professor K C Chan, disclosed that the
Securities and Futures Commission and Hong Kong’s Stock Exchange are looking into the potential listing of active business trusts.
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ASEAN Bloc Tackles Trade Obstacles 5/13/2011 Indonesian Minister of Finance Agus Martowardojo has urged members of the ASEAN
trade bloc to implement reforms to establish greater financial sector integration
between nations, including through easing tax and non-tax barriers and setting
up frameworks to mitigate criminality.
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UK SMEs Eager For Accounting Switchover 4/28/2011 UK businesses strongly support the introduction of International Financial
Reporting Standards and Financial Reporting Standards for small and medium-sized
entities as a replacement for UK GAAP, believing that now is the right
time to move towards the new model of financial reporting, a new survey from
Ernst & Young shows.
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Jersey Finance Targeting Affluent Russians 4/25/2011 New quality business is ripe for the picking in Russia as growing numbers accumulate
wealth, according to Jersey Finance, the government's financial services industry promotional body.
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UK Accountants Support Standards Convergence 4/18/2011 A new survey shows an overwhelming majority of UK accountants favour the convergence of the Generally Accepted Accounting Practice with International Financial Reporting Standards.
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OECD Proposals Mean Increased Vigilance For Canadian Businesses 4/18/2011 Big Four firm Ernst and Young has commented on the Organization for Economic Co-Operation and Development's recent criticism of Canada's anti-corruption regime with a warning that businesses ought to prepare themselves for increasingly vigorous fraud investigations.
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Guernsey To Update Corporate Governance Code 4/13/2011 The Guernsey Financial Services Commission has announced the publication of a draft Finance Sector Code of Corporate Governance aimed at providing guidance to locally-regulated
financial services businesses.
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EU Consults On Corporate Governance Rules 4/11/2011 After the financial crisis, which is said to have shown that the corporate governance
of European companies, until now largely based on self-regulation, is not
as effective as it could be, the European Commission has launched
a public consultation that addresses the ways in which it can be improved.
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IRS Issues 2010 APA Review 4/1/2011 As it is required to do, the United States Internal Revenue Service has
issued an annual report reviewing the structure and activities of its Advance
Pricing Agreement programme during 2010.
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Hong Kong To Legislate On Price Sensitive Information 2/15/2011 Hong Kong’s Secretary for Financial Services and the Treasury, Professor
K C Chan, has confirmed that the government is to press ahead with the statutory
codification of certain requirements to disclose price sensitive information by listed corporations.
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UK Streamlines Business Regulation 2/11/2011 UK Business Minister, Mark Prisk has outlined plans for streamlining and improving
how regulators deal with businesses, following a six-month review of the Local
Better Regulation Office.
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Gibraltar FSC Member Resigns 2/2/2011 The Gibraltar Financial Services Commission has announced the resignation of
Robert Vasquez, a Commission Member, following debate on the introduction of
rules to prevent those with political involvement from holding policymaking
roles within the Commission.
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Guernsey Association Publishes QROPS 'Best Practice' 2/3/2011 The Guernsey Association of Pension Providers has published a Code of Practice
as a guide for members on best practice in the establishment and operation of
Qualifying Registered Overseas Pension Schemes in Guernsey.
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SEC Adopts Rules On Executive Remuneration 1/31/2011 The United States Securities and Exchange Commission has adopted rules concerning
shareholder approval of executive compensation and ‘golden parachute’
compensation arrangements, as required under the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
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Hong Kong Gazettes New Companies Bill 1/19/2011 Hong Kong’s new Companies Bill has now been gazetted, and will be introduced
into the Legislative Council for its first reading on January 26, 2011.
|
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CAI Opens Debate On Audit Reform 1/14/2011 Chartered Accountants Ireland has announced the launch of a discussion paper,
entitled 'Future of the Statutory Audit', which invites debate on whether the
scope and role of audit should change to meet the evolving regulatory environment,
and the needs of the industry's various stakeholders.
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Bermuda Enacts Investment Funds Amendment Act 1/3/2011 Conyers Dill and Pearman have noted that the Investment Funds Amendment Act 2010 received the assent of the Governor General on December 22, 2010, amending the
Investment Funds Act 2006, making new provisions for the regulation of investment
funds in Bermuda.
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Tsang Plugs HK's Regulatory Advances 12/1/2010 During a speech delivered by the Financial Secretary, John C Tsang, at the First
Pan-Asian Regulatory Summit in Hong Kong, he reviewed the advances made by Hong
Kong in its regulatory regime.
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Jersey's EFA Granted MoME Operational License 11/12/2010 Europlan Fund Administrators Limited, the Jersey based
specialist fund establishment and administration service provider, has announced that it has extended its current fund services' offering having received a license from the island's Financial Services Commission to provide Manager of Managed Entity services to Jersey Fund Services Businesses.
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BMA Welcomes Bermuda Banking Code 11/5/2010 The Bermuda Monetary Authority on November 3 welcomed the launch of the Bermuda
Banking Code of Conduct, which sets standards of good banking practice for Bermuda’s
banks and deposit companies.
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Jersey Signs Tax Pact With China 11/2/2010 The promotional agency on behalf of Jersey's financial services industry, Jersey
Finance, has lauded the latest signing of a landmark Tax Information Exchange Agreement
with China, which is set to boost bilateral relations at a time when Jersey is
striving to achieve economic synergies.
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SEC Progresses Work Plan For Global Accounting Standards 11/2/2010 The United States’ Securities and Exchange Commission has published its
first progress report on the work plan aimed at providing the information needed
to evaluate the implications of incorporating International Financial Reporting
Standards into the financial reporting system for US securities’
issuers.
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HK Releases Final Companies Bill Consultation Results 10/28/2010 The conclusions of the second and final phase of consultation on Hong Kong’s draft Companies Bill, which began in May and finished in August this year, have been released.
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Jersey Urged To Beef Up FSC's Powers 10/26/2010 Senator Alan Breckon has requested that the Minister for Economic Development bring forward for approval by the States no later than June 2011 proposals to allow the Jersey Financial Services Commission to impose fines for breaches of its regulations.
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Bankers' Bonus Tax Generates Windfall For UK Coffers 9/28/2010 The UK government has disclosed that it has received 40% more revenue than expected
from the limited-in-time bankers’ bonuses tax, suggesting that the previous Labour government’s
attempt to limit bonuses failed to have a considerable impact.
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Cable Crusades Against City 'Short-Termism' 9/24/2010 UK Business Secretary Vince Cable announced on September 22 that the government
is to conduct a comprehensive review into corporate governance and 'economic
short-termism.'
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Ontario To Launch Global Risk Institute 9/20/2010 The government of Canada, in partnership with the government of Ontario, has
announced plans to launch the Global Risk Institute in Financial Services
in Toronto. The initiative is being launched to ‘build on Canada’s
growing reputation for financial risk management’, the government said.
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New Zealand Tightens Company Registration Rules 9/13/2010 New Zealand’s Commerce Minister, Simon Power, has announced measures designed
to shore up New Zealand's company registration process against criminal activity
from overseas.
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Landmark Nasdaq Listing For Mauritius Firm 9/3/2010 Leading Indian online travel company, MakeMyTrip Limited has undertaken a USD70m
Initial Public Offering on the Nasdaq Global Market, making it the first Mauritius-incorporated
company to list on a major New York stock exchange.
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SEC Cautions Credit Rating Agencies 9/3/2010 The United States Securities and Exchange Commission has issued a
report cautioning credit rating agencies about their ratings conduct and the importance
of sufficient internal controls over the policies, procedures, and methodologies
the firms use to determine credit ratings.
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UAE Nears Completion Of New Companies Law 9/2/2010 The United Arab Emirates’ Minister for the Economy, Sultan Bin Saeed Al Mansouri has told business leaders that the comprehensive rewrite of companies legislation is in its final stages.
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HK Releases Consultation Results On Draft Companies Bill 9/1/2010 Hong Kong’s government, releasing the conclusions of the first phase of
consultation on the draft of the Companies Bill, has said that it is prepared
to adopt a number of proposals regarding the issues highlighted for consultation.
|
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IFC Cooperates With Georgia On Tax Reform 8/31/2010 Through its Advisory Services, the International Finance Corporation, a member of the World Bank Group, is working towards reform of Georgia’s tax system to benefit small businesses.
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Qatar Gives Boost To Captive Insurance 7/13/2010 The Qatar Finance Centre Regulatory Authority has released a Consultation Paper on a series of proposals designed to develop a base in Qatar for captives and includes related proposals for protected cell companies' and insurance intermediaries' regimes.
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Future Of Banking Commission Calls For UK Reforms 6/16/2010 In its first report, the Future of Banking Commission, which was established
by Which?, the UK’s largest consumer body, and is chaired by the Conservative
Party MP David Davis, who has campaigned for civil liberties, goes as far as to
recommend the break-up of the largest banking groups.
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SBA Laments Parliament's UBS Decision 6/14/2010 Expressing its bitter disappointment with the National Council’s decision
to reject the UBS-US agreement, the Swiss Bankers Association has warned
of the negative impact of the decision on the Swiss financial centre as a whole.
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EU Proposes Comprehensive Financial Reforms 6/9/2010 As part of its work aimed at preventing a future financial crisis and strengthening
the financial system, the European Commission has put forward amendments
to the European Union rules on credit rating agencies, and launched
a public consultation on reforming corporate governance in financial institutions.
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MENA Insurers Urged To Strengthen Corporate Governance 6/2/2010 The United Arab Emirates Minister for the Economy, Sultan Bin Saeed Al Mansoori,
has called on the insurance and financial sector to push forward with the adoption
of modern corporate governance and transparency measures to ensure the Middle
East and North Africa insurance industry realises its ‘vast potential
for growth’.
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Irish Audit Regulations Enacted 5/31/2010 Chartered Accountants Ireland has noted the recent enactment of company law provisions,
the European Communities (Statutory Audits) Directive Regulations 2010, which
makes several changes to regulation surrounding audit practice.
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Irish Accountants Urged On In Standards Debate 5/24/2010 The newly-appointed President of Chartered Accountants Ireland, Paul O’Connor, has urged Irish tax professionals to engage in debate on reforming
auditing standards to improve transparency and financial reporting.
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OECD Membership Grows 5/12/2010 The Organisation for Economic Cooperation and Development has agreed to invite Estonia, Israel and Slovenia to become members of the Organisation, paving the way for its membership to grow to 34 countries.
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HK Consults On Companies Bill 5/12/2010 The three-month second phase of public consultation on the draft provisions of
the Companies Bill, aiming to facilitate the conduct of business and, thereby,
enhance Hong Kong's competitiveness and attractiveness as a major international
business and financial centre, has been launched.
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Goldman Sachs Under Fire In US Senate 4/29/2010 In the midst of attempts by the US Senate to place stricter controls
on the finance industry and the complex products it sells, and after the Securities
and Exchange Commission had charged it with defrauding investors, the most
influential US investment house, Goldman Sachs, was required to testify before
a US Senate committee.
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Russia's Skolkovo To Have Own Tax Regime 4/26/2010 The head of the Russian 'Silicon Valley' project at Skolkovo, Victor Vekselberg, has given an interview to Vedomosti, in which he describes the project and its planned tax privileges in more detail.
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Ireland Tackles Corporate Governance 3/30/2010 A new Code of Practice was launched on March 25, by the National Standards Authority
of Ireland and the Institute of Directors in Ireland, to tackle corporate
governance challenges facing Irish public and private organizations.
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IMF Unveils Switzerland Report 3/25/2010 In its annual report, the International Monetary Fund noted that, by international
comparison, Switzerland has managed the global financial and economic crisis
well.
|
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Accountants Push For Adoption Of Global Standards 2/26/2010 Investors and all consumers of financial information deserve clear, reliable,
and consistent information, organizations from around the world asserted
in a survey by the International Federation of Accountants.
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Bermuda Issues Proposals For Insurance Group Supervision 2/24/2010 The Bermuda Monetary Authority has released details of its proposed group-wide
supervision framework for Bermuda’s insurance sector in a Consultation Paper
entitled 'Insurance Groups Regulatory Framework.'
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