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US Treasury Describes Its Anti-Money Laundering Options 5/25/2012 A fact sheet issued by the United States Treasury Department has explained how
Section 311 of the USA PATRIOT Act of 2001 provides the Treasury Secretary a range
of options that can be adapted to target specific money laundering and terrorist
financing risks.
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Australian Superfund Managers Face Greater Scrutinty 5/25/2012 Legislation to increase scrutiny of Australia's superfund managers has passed its first legislative hurdle, news welcomed by the minister in charge, who has stressed that the reforms will close an important regulatory gap.
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CBI Urges Corporate Tax Powers For Northern Ireland 5/24/2012 A lower corporation tax rate would give Northern Ireland's economy a 'shot in the arm', the head of the Confederation of British Industry Northern Ireland has said, calling for power to set the rate to be devolved.
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IRS Further Expands Its 'Fresh Start' Initiative 5/23/2012 The United States Internal Revenue Service has announced another expansion
of its 'Fresh Start' initiative by offering more flexible terms under its
Offer in Compromise programme.
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Australia To Reform Not-For-Profit Sector Regulation 5/21/2012 The Australian government is to introduce a new regulatory framework for the not-for-profit sector, to be overseen by an Australian Charities and Not-for-profits Commission. The government will, however, push back the enforcement date for the revised governance and financial reporting standards.
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Mauritius Joins Key Multilateral Regulatory Agreement 5/21/2012 The Financial Services Commission of Mauritius has become a signatory of the International
Organization of Securities Commissions' Multilateral Memorandum of Understanding, which sets out international standards on cooperation and information exchange for the robust regulation of securities and future markets internationally.
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Hong Kong Revises Bank Market Entry Criteria 5/17/2012 Amendments to the Banking Ordinance, which seek to update market entry criteria
for Hong Kong's banking sector, will be submitted to the Legislative Council on
May 23 and, subject to its negative vetting, will take effect on July 12, 2012.
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ECJ Urged To Confirm Passenger Delay Compensation 5/17/2012 An Advocate General has proposed to the European Court of Justice that
it should confirm that a passenger whose flight is delayed by three hours or more
may seek flat-rate compensation from the airline.
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Cayman Regulatory Framework Endorsed 5/15/2012 Cayman Finance has welcomed the results of an independent study which places the
Cayman Islands among only two offshore territories which have consistently implemented internationally-accepted
standards on identity verification during due diligence processes.
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Hong Kong Progresses Arbitration Centre Credentials 5/15/2012 As part of the government's determination to develop Hong Kong into a regional
dispute resolution centre, in particular as an international arbitration hub in
the Asia Pacific, the Secretary for Justice, Wong Yan Lung, has announced a broad
consensus in Hong Kong on the setting up of an industry-led single accreditation
body for mediators.
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Hearing Focusses On US Consumer Internet Privacy 5/10/2012 The Federal Trade Commission and the Department of Commerce have used their
testimonies before a hearing of the United States Senate Committee on Commerce,
Science and Transportation to describe the Administration’s efforts to protect
consumer privacy over the internet.
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EU Fails To Unite On Basel III 5/10/2012 Despite a marathon round of intense negotiations in Brussels, led by the Danish
Presidency of the European Union, EU Economic and Financial
Affairs Council ministers failed to agree a common approach on the
issue of more stringent capital standards.
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US Congress Investigates Tax Fraud 5/10/2012 The House of Representatives Ways and Means Committee’s Oversight Subcommittee
Chairman Charles Boustany and its Social Security Subcommittee
Chairman Sam Johnson (pictured) have held a joint hearing on tax fraud involving
identity theft in the United States.
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Hong Kong Readies Corporate Disclosure Regime 5/7/2012 Hong Kong’s Securities and Futures Commission and Hong Kong
Exchanges and Clearing Limited have both welcomed the enactment of the
Securities and Futures (Amendment) Ordinance 2012, which,
in particular, establishes a statutory disclosure regime for listed companies.
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Morocco Launches 'Citizen's Budget' 5/3/2012 Determined to improve fiscal transparency, a priority of Morocco’s new
government, the Moroccan economy and finance ministry has recently launched
the ‘Citizen’s Budget’, and has published in Arabic a Moroccan
citizen’s guide to the country’s 2012 finance law.
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US Issues Annual IPR Country Report 5/3/2012 The Office of the United States Trade Representative has released its annual
‘Special 301 Report’ on the perceived adequacy and effectiveness of
US trading partners’ protection and enforcement of intellectual property
rights (IPR).
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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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IoM Contributes To UK Tax Transparency Program 5/1/2012 The Isle of Man government has recently participated in an initiative funded
by the UK's Foreign and Commonwealth Office to provide training to the British Overseas
Territories of Montserrat and Anguilla to help them meet their
international obligations on tax information exchange.
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Barbados Targets US Investors 5/2/2012 Barbados's Prime Minister Freundel Stuart has highlighted the advantages of doing
business in the territory for United States investors as the US Chamber of Commerce
prepares to launch an office in the country this year.
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Bermuda Financial Services Conference Hailed Success 4/30/2012 Bermuda has welcomed the success of the Annual Bermuda Financial Services Conference,
held in London on April 24, 2012, which attracted an audience of more than 260 leading lawyers,
accountants and financial services executives.
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Geithner Finds Progress In US-China Trade Relations 4/30/2012 In remarks made to the Commonwealth Club of California in San Francisco, Timothy
Geithner, the US Treasury Secretary, reviewed the development of the trading and
economic relationship between the United States and China, and pronounced that
significant progress has been made.
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German Cabinet Adopts Swiss Tax Deal 4/30/2012 The German cabinet has recently adopted the bill implementing the bilateral
tax agreement with Switzerland.
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Barbados's Tax Transparency Framework Endorsed 4/27/2012 The Barbados government has welcomed recognition from the Organization for
Economic Cooperation and Development that its legislative and regulatory framework
for the exchange of tax information meets international standards.
|
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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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Switzerland Begins To Implement FATF Revisions 4/24/2012 Switzerland’s Federal Council has recently commenced work on implementing
the latest Financial Action Task Force recommendations, according to
the Swiss Federal Department of Finance.
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Gibraltar Consults Industry On Transparency Enhancements 4/24/2012 The Gibraltar government is seeking input from the finance industry to help it form a response to recommendations received from the Organization for Economic Cooperation and Development on improvements deemed necessary to the territory's fiscal transparency frameworks for the exchange of tax information.
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Malta Signs Gambling Oversight Agreements 4/25/2012 Malta's Lotteries and Gaming Authority has announced the signing of three cooperation agreements with other regulators, the European Sports Security Association, the sports integrity agency of global soccer association FIFA, and the Alcohol and Gaming Commission of Ontario, to strengthen its domestic oversight capabilities and contribute towards international enforcement efforts.
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SVG's Tax Transparency Endorsed 4/20/2012 Saint Vincent and the Grenadines has welcomed the adoption of a report
by the Organization for Economic Cooperation and Development that
confirms the territory has adequate frameworks in place to meet international standards on tax transparency
and information exchange.
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BIS Issues Final Principles For FMIs 4/20/2012 The Bank for International Settlement’s Committee on Payment and Settlement
Systems and the technical committee of the International Organization of
Securities Commissions have published the final version of their ‘Principles
for Financial Market Infrastructures’ report.
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Liechtenstein, Sweden TIEA Enters Into Force 4/19/2012 The bilateral tax information exchange agreement between Liechtenstein
and Sweden has now entered into force, following ratification of the treaty by
the relevant contracting parties.
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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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Bermuda Remains Attractive To Reinsurers 4/17/2012 Bermuda has attracted eight highly-capitalized reinsurers holding Class 4 licenses
in the past five years, with more than USD8bn in fresh capital, highlighting the
territory's capability, and growth potential, as a top three reinsurance centre globally despite increased competition and the financial crisis, the government
has said.
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FATF Mandate Extended To 2020 4/17/2012 Ministers from nations party to the Financial Action
Task Force's 40+9 recommendations are to extend the organization's mandate to 2020, to allow the agency to continue its role of protecting
the integrity of the international financial system through the development and enforcement of its anti-money laundering
and terrorism financing standards.
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TIGA Considers Format Of UK Games Tax Relief 4/13/2012 TIGA, the trade association representing the UK games industry, has urged input
from design studios on the functioning of a tax credit, promised by the UK government
in its latest budget after years of industry lobbying for fiscal support.
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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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EU Consults On Rules For Wirelessly Connected Devices 4/13/2012 The European Commission has launched a public consultation to ensure that
the rights of individuals are respected in the so-called "Internet of Things", where everyday objects, such as phones and cars, are wirelessly connected
to the internet through smart chips, and can collect and share data.
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Czech Cabinet Unites On Austerity Package 4/13/2012 Following months of internal conflict, the Czech cabinet has finally adopted the
comprehensive savings programme agreed by the coalition parties, containing a
raft of savings measures and planned tax rises aimed at consolidating the country’s
finances.
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Commission Adopts Report Calling For New EU AML Directive 4/13/2012 In light of the adoption in February this year of revised international anti-money
laundering standards by the Financial Action Task Force, and its
own review process, a report on the application in the European Union of
the Third Anti-Money Laundering Directive has been adopted by the European Commission.
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EU, US Adopt Commitment To Open FDI Regime 4/12/2012 Within the framework of the Transatlantic Economic Council, the European
Trade Commissioner Karel De Gucht has announced that the European Union and the United States have reaffirmed their commitment to a set of principles
for creating and maintaining an open, transparent and non-discriminatory international investment
regime.
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Results Of Annual US Review Of Telecommunications Trade Agreements 4/10/2012 United States Trade Representative Ron Kirk has announced the results of
the 2012 annual review of the operation and effectiveness of telecommunications
trade agreements under Section 1377 of the Omnibus Trade and Competitiveness Act
of 1988.
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Gibraltar Accepted Into International Audit Forum 4/6/2012 The Gibraltar Financial Services Commission has announced that it has been accepted to join the International
Forum of Independent Audit Regulators.
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Jersey Regulator Seeks Civil Penalty Capabilities 4/5/2012 The Jersey Financial Services Commission has launched a new consultation paper
proposing that the Commission be empowered to impose civil penalties
on specified registered persons for serious, uncorrected or recurring breaches
of its Codes of Practice.
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OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
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US Approves Final Rule On Shadow Banking 4/6/2012 The United States Financial Stability Oversight Council has issued its
final rule and interpretive guidance on the Federal Reserve Bank’s authority
to require supervision and regulation of nonbank financial companies.
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Barbados Publishes Credit Risk Management Rules 4/4/2012 The Central Bank of Barbados has noted the publication of a new set of Credit
Risk Management Guidelines to assist financial institutions in meeting their credit risk management
obligations.
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ATO Reviews Effective Life Determination Process 4/4/2012 The Australian Taxation Office has launched a review of assets used in the flour and starch manufacturing industry, with a view to making new 'effective life' determinations.
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Hong Kong Launches New AML/CFT Regime 4/2/2012 Legislation which was approved by the Legislative Council in June 2011 and which
will enhance the Hong Kong financial sector’s anti-money laundering and counter-financing of terrorism regime went into effect on April 1.
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EU Consults On Future Insolvency Law 4/3/2012 The European Commission has launched a public consultation on modernizing
European Union rules governing insolvencies, which have applied since May
2002 and set out how bankruptcies – of companies or individuals –
should be coordinated between member countries.
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Liechtenstein's Nordic TIEAs Enter Into Force 3/30/2012 The Liechtenstein government has recently announced that the bilateral tax information
exchange agreements (TIEAs) concluded with Norway, Finland, Iceland, Greenland
and the Faroe Islands are due to enter into force shortly, following ratification
of the treaties by the relevant contracting parties.
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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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China To Quadruple E-Commerce Sales By End-2015 3/29/2012 The Chinese Ministry of Industry and Information Technology has released a Five
Year Plan which foresees e-commerce sales quadrupling to RMB18 trillion in the period to the end of 2015.
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Australian Financial Advice Bill Passed 3/29/2012 Australia’s House of Representatives has passed the government’s Future of Financial Advice reforms, designed to deliver a growth strategy for the industry.
|
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FTC Issues Final Report On US Data Privacy 3/27/2012 The Federal Trade Commission has issued its final report setting forth best
practices for businesses to protect the privacy of United States consumers and
give them greater control over the collection and use of their personal data.
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Hong Kong Launches Consultation On Trust Law Reform Bill 3/26/2012 Hong Kong’s government has launched a two-month public consultation on its
draft legislation on trust law reform, which followed the positive responses it
had received from stakeholders in an earlier consultation held in 2009.
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US, EU Issue Joint Statement On Data Privacy 3/22/2012 A joint statement, following a conference in which both European Commission Vice-President Viviane Reding and the United States Commerce Secretary John Bryson
participated, confirms the deepening trans-Atlantic dialogue on commercial data
privacy issues.
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Laos Pushes For 2013 WTO Accession 3/22/2012 Having finalized new legislation and completed all but one bilateral negotiation necessary
to join the World Trade Organization, Laos is pushing to receive approval to accede
to the trade organization by the start of next year.
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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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FSB Looks For More Robust External Audits For Banks 3/21/2012 The Financial Stability Board, as part of its work to develop and promote
the implementation of global regulatory and supervisory financial sector policies,
has re-emphasized the importance of work to improve the role that external audits
play in providing information to prudential regulators of financial institutions.
|
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UK To Overhaul Competition Regulation 3/21/2012 The UK is to establish a single Competition and Markets Authority, which the government says will simplify and strengthen the competition landscape.
|
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Guernsey Concludes Comprehensive DTA With Malta 3/21/2012 Guernsey has announced the signing of a comprehensive Double Taxation Agreement
with Malta, which will allocate the territories' taxing rights to ensure that double taxation is removed from bilateral trade and investment, and also permit tax information exchange on request.
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Jamaica To Launch Tax Information Exchange Office 3/16/2012 The Jamaican government has announced that it will soon launch an Exchange of
Information Office to ensure the territory deals with tax information requests efficiently and in a timely manner, and also to bolster the nation's own tax enforcement efforts against non-compliant domestic taxpayers.
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Australia Consults On Tax Hedging Rules 3/16/2012 Australia is to amend its tax hedging rules in an effort to provide further certainty and reduce compliance costs for affected taxpayers.
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Ernst And Young Returns To The BVI 3/19/2012 Ernst and Young, one of the 'big four' accounting firms, has announced its decision
to re-establish an office in the British Virgin Islands after a multi-year absence, attracted by the territory's strong financial services legislation and regulatory regime.
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US Challenges Indian Poultry Imports Ban 3/16/2012 The United States government has initiated World Trade Organization proceedings against India's prohibition
of certain American agricultural exports, including poultry meat and chicken eggs,
which the nation says have been introduced contrary to international trade law.
|
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South Korea-US FTA Comes Into Effect 3/16/2012 The long-delayed South Korea-United States free trade agreement,
which was originally signed in 2007, entered into force on March 15, 2012.
|
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ASIC Reviews Regulatory Approach 3/16/2012 The Australian Securities and Investments Commission has announced that it is reviewing its regulatory approach to the platforms sector, as it seeks to boost investor confidence.
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Hong Kong To Adopt Basle III Banking Reforms 3/13/2012 Hong Kong’s Banking (Amendment) Ordinance 2012, which empowers the Hong
Kong Monetary Authority to make rules to prescribe the capital, liquidity
and disclosure requirements applicable to authorized institutions, has been gazetted.
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EU Data Protection Rules Still Not Comprehensive, Says Watchdog 3/12/2012 The European Data Protection Supervisor has generally welcomed the proposed
package for a reform of the European Union data protection law, but remains
concerned that it is 'far from a comprehensive set of rules'.
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Australia Consults On Investment Manager Reform 3/13/2012 The Australian government has released draft legislation implementing the first stage of its new Investment Manager Regime.
|
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Hong Kong Reviews Plans For Financial Services 3/9/2012 Secretary for Financial Services and the Treasury, Professor K C Chan, has tabled
a plan at the Legislative Council Finance Committee, whereby the
government will continue to work closely with regulators and the industry to foster
the sustained development of the financial services industry in Hong Kong.
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Swiss Lawmakers Give Go-Ahead To Amended US DTA 3/9/2012 Marking a significant step forward in the longstanding tax dispute between the
two countries, the Swiss National Council, or lower house, has recently given
the green light to an amendment to the bilateral double taxation agreement with the US, permitting grouped requests.
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European Commission Acts On Securities Settlement 3/8/2012 In an attempt to bring more safety and efficiency to the financial system in Europe,
the European Commission has proposed the establishment of a European common regulatory
framework for Central Securities Depositories, the institutions responsible
for securities settlement.
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China's Commerce Minister Attacks US Trade Policies 3/9/2012 During a news conference on the sidelines of the 11th National People’s
Congress, while disclosing that China’s foreign trade will show a more modest
increase in 2012, Minister of Commerce Chen Deming questioned the current United
States trade policies being aimed at China.
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UK Financial Reporting Body To Revise Auditing Rules 3/7/2012 The Auditing Practices Board of the UK Financial Reporting Council has proposed revisions to the International Standards on Auditing, which were issued as part of the
'Clarity Project', to ensure that they can be introduced throughout both UK and Ireland for entities undertaking auditing activities.
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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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Obama Sets Out 2012 Trade Policy Agenda 3/6/2012 President Barack Obama has presented to Congress his 2012 United States
Trade Policy Agenda, which looks for a conclusion of negotiations for the extended
Trans-Pacific Partnership regional trade agreement, and enhanced trade enforcement
efforts to investigate unfair trading practices in other countries.
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Australia To Strengthen GAAR Legislation 3/6/2012 The Australian government is to introduce legislation intended to ensure the continued effectiveness of the country's general anti-avoidance rule.
|
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Swiss Lawmakers Pass Extended Tax Assistance Law 3/6/2012 The Swiss National Council has recently adopted the government’s new law
on administrative assistance in tax matters, by 113 votes to 58. The National Council also voted in favour in principle of the planned revisions to the Swiss-US double tax agreement.
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Google's New Privacy Policy Raises EU Concerns 3/5/2012 Despite the concern expressed in the preliminary findings of the French
data protection regulator, Commission nationale de l'informatique et des libertés, the internet company Google has gone ahead with the application of
its new privacy policy from March 1, 2012.
|
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SEC Proposes Rules To Prevent Identity Theft 3/1/2012 The United States Securities and Exchange Commission has announced proposed rules
to help protect investors from identity theft.
|
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Bermuda Insurance Sectors Withstand Challenging 2011 3/2/2012 The Bermuda Monetary Authority has announced that the Bermuda insurance market
remained resilient and continued to absorb the impact of adverse events, including
a continued softening of prices, low interest rates and above-average losses from
natural catastrophes during 2011.
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Costa Rica Off French Tax 'Black List' 3/2/2012 Costa Rica has welcomed the decision of the French government to remove it from a 'black list' of
non-cooperative territories, a decision that the nation's Finance Minister said would have positive ramifications for investment flows.
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IoM Intends No Tax On Capital Gains 3/1/2012 The Isle of Man has no intention of introducing taxes on capital gains, the island's
Treasury Minister, Eddie Teare has confirmed, clarifying the situation following
the removal of the island's deemed distribution regime.
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Australia Announces Overhaul Of Audit System 3/1/2012 The Australian government has introduced legislation designed to enhance audit quality and strengthen regulatory oversight.
|
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Obama Unveils Internet 'Bill of Rights' 2/28/2012 President Barack Obama has unveiled a United States 'Consumer Privacy Bill
of Rights' as part of a comprehensive blueprint to protect individual privacy
rights and give users more control over how their information is handled on
the internet.
|
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Switzerland Confirms Financial Centre Strategy 2/27/2012 The Swiss Federal Council has recently held talks on a 'credible' financial centre strategy designed to deflect international criticism over issues such as tax and banking secrecy.
|
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FAF Updates US Accounting Standards Compendium 2/23/2012 The Financial Accounting Foundation has announced the publication of the updated
print edition of the Financial Accounting Standard Board's Accounting Standards
Codification, the single reference source for US Generally-Accepted Accounting
Principles.
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Greece Signs Up To Multilateral Tax Convention 2/23/2012 Greece has become the latest signatory to the Convention on Mutual Administration
Assistance in Tax Matters, which promotes international cooperation in the assessment
and collection of taxes through multinational information exchange.
|
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US Industry Warns Against Lease Accounting Proposals 2/23/2012 A coalition of several leading non-profit and commercial organizations, including
the US Chamber of Commerce, has released a report warning against the introduction of the International Accounting Standard and the Financial Accounting Standard
Boards' proposed lease accounting standard, noting the significant detrimental impact it would have on the United States' economy.
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UK Backs Revised FATF Standards 2/23/2012 The UK has announced its support for the Financial Action Task Force's new standards to combat money laundering and terrorist financing.
|
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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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France Backs New FATF Standards 2/21/2012 French Finance Minister François Baroin has welcomed the adoption
of the new Financial Action Task Force anti-money laundering standards following a lengthy process
undertaken in close consultation with the private sector and civil society.
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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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Liechtenstein Ratifies EFTA FTAs With HK, Montenegro 2/20/2012 The Liechtenstein government has ratified the European Free Trade Association free trade agreement with Hong Kong together with a related agreement
on labour standards, and has submitted the agreements to parliament.
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SEC Tightens Rules on Investment Advisers' Performance Fees 2/21/2012 The United States Securities and Exchange Commission has announced a tightening
of its rules on investment advisory performance fees, raising the net worth requirement
for investors who pay them.
|
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Russia Signs Up To OECD Anti-Bribery Pact 2/20/2012 The Organisation for Economic Cooperation and Development has welcomed Russia's
adoption of the OECD Anti-Bribery Convention at a ceremony in Paris on February
17, 2012.
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FATF Adopts Revised International AML Standards 2/20/2012 The Financial Action Task Force anti-money laundering standards have
been revised to strengthen global safeguards and further protect the integrity
of the financial system, by providing governments with stronger tools to take
action against financial and tax crimes.
|
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Grenada To Ensure Adherence To Tax Standards 2/16/2012 The government of Grenada has established a high-level committee of public and
private sector individuals to aid the government in overhauling legislation regulating the territory's financial services sector to ensure adherence to international standards.
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IoM Consults On Ombudsman Scheme Changes 2/14/2012 The Isle of Man's Office of Fair Trading is proposing to increase the maximum
award limit under the Isle of Man Financial Services Ombudsman Scheme from GBP100,000
to GBP150,000.
|
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Guernsey Reviews Collective Investment Scheme Rules 2/15/2012 The Guernsey Financial Services Commission has published a consultation document on new rules to be placed on 'Class B' Collective Investment Schemes.
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