News

SEC to hold Fintech Forum

By Editor on March 25, 2019

The Securities and Exchange Commission (SEC) announced this week that in May they will be holding a Fintech forum to discuss distributed ledger technology and digital assets.

The SEC has taken a mixed approach to digital asset regulation, with SEC Chairman Jay Clayton suggesting that digital assets both do and don’t qualify as securities, depending on their design. To help clarify the regulatory ambiguity around digital assets the SEC established its Strategic Hub for Innovation and Financial Technology in 2018 (FinHub). Finhub now seeks to improve communication with and understanding of the digital asset industry with this forum.

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EBA Launches PSD2 Register

By Editor on March 25, 2019

Managing access to personal data is a central question in many aspects of the global economy and at the forefront of many debates on a host of issues. Not least in payments.

Europe is pushing in two directions on payments infrastructure: making it easier to access, while strictly restricting access to authorised entities. The “Payments Services Directive (PSD2)” is opening up access to authorised groups, through Open Banking APIs. At the same time, the privacy provisions that define who can access what have been greatly tightened. Confused? Well, this week the European Banking Authority launched its central register of the thousands of payment and electronic money institutions operating under PSD2. Perhaps it might help.

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Auditing in the AI Age

By Editor on March 25, 2019

AI has led to some predicting the catastrophic demise of the audit profession – however, as robots don’t quite live up to the job-stealing hype that’s been predicted, how will the smart machine age really effect the evolution of auditing? Jillian Alderman explores the reality of audit in the AI era in an article in the Graziadio Business Review this week.

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Sustainability Reporting Consults on Alignment

By Editor on March 25, 2019

On March 20 the Corporate Reporting Dialogue launched a six-week global consultation process to gather views from stakeholders on how to improve the alignment of sustainability frameworks.

As we’ve reported here before, a major setback in the admirable attempts to introduce more robust sustainability disclosure metrics is the existence of multiple competing frameworks. Without easily comparable data the impact of disclosure is highly variable.

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Bloomberg Lists BSE XBRL Data

By Editor on March 17, 2019

Bombay Stock Exchange (BSE) adopted the XBRL standard for all Annual Report filings on 18 February, making company data digital and searchable. Bloomberg announced this week that it has on-boarded XBRL data from the BSE, giving a boost to business analysis on Indian BSE listed equities.

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SEC Approves 2019 Taxonomy

By Editor on March 17, 2019

On 12 March the Securities and Exchange Commission (SEC) approved the US Financial Accounting Standards Board’s (FASB’s) 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy. The updates to the GAAP Financial Reporting Taxonomy and the SRT for 2019 include changes to accounting standards, and a number of recommended improvements. The taxonomies are […]

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Webinar: EU’s LEI Requirements

By Editor on March 17, 2019

The European Securities and Markets Authority (ESMA) has published a webinar on the Legal Entity Identifier (LEI). The webinar, which is available to view on YouTube, covers LEI requirements under MiFID II and other legislation such as EMIR and SFTR. A number of EU regulations and directives already require the use of a LEI, and […]

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Calling All Vendors: National Bank of Georgia Launches XBRL Project with Expo

By Editor on March 17, 2019

The National Bank of Georgia (NBG) is adopting the XBRL standard for the collection of supervisory and financial reports. The NBG invites XBRL software vendors to an exposition on 7 May to present their products to the local financial sector.

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EU Agrees on Sustainable Investment Disclosure Rules

By Editor on March 17, 2019

The European Parliament and EU member states have reached a political agreement on 7 March on the new rules governing disclosure requirements for sustainability investments. This latest agreement is part of the EU’s Action Plan on Financing Sustainable Growth.

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What Does Transparency Mean for Tax?

By Editor on March 17, 2019

In a talk at the 2018 IFBM Conference Professor Penelope Tuck, Birmingham University Business School, examined the role financial reporting plays in response to calls for increased transparency about the tax affairs of multinationals.

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