KPMG and PwC have raised concerns over the draft EU regulations on country-by-country reporting (CbCR), seeking clearer guidance on the use of XBRL for tax reporting. The new rules mandate XBRL for reporting financial data, but specifics on its implementation are lacking, prompting calls for further clarification.
Nikhil Rathi, Chief Executive of the Financial Conduct Authority (FCA), spoke at the Digital Regulation Cooperation Forum (DRCF) earlier this month. Rathi addressed key issues surrounding digital regulation in the UK and provided insights into the future direction of regulatory efforts in the face of rapid technological advancement.
XBRL US CEO Campbell Pryde took a deep dive into bank regulation in the wake of the recent Silicon Valley Bank failure. He points out that XBRL data could have easily helped predict the crisis, as financial statements demonstrated the fragility of SVB’s finances.
The past few weeks have been chaotic in global financial markets, including a run on Silicon Valley Bank, quickly followed up with a wave of panic uncertainty around Credit Suisse, with both deposit-taking institutions subject to rapid regulatory resolution over the past couple of weekends.
Financial regulation has been in the spotlight recently as uncertainty, driven by Silicon Valley Bank (SVB) in the US and Credit Suisse in the EU (see above), continues.
The US Securities and Exchange Commission (SEC) is looking for feedback on the time required for interactive data requirements.
The International Organization of Securities Commissions (IOSCO) has appointed a new Board Chair, in addition to two Vice Chairs.
The European Banking Authority (EBA) has published its first mandatory Basel III Monitoring Report, assessing the impact that full Basel III implementation will have on EU banks in 2028.
The Australian Prudential Regulation Authority (APRA) has recently outlined its plans for work to modernise prudential architecture, with digital thinking at its core.
“Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities. Offers and sales of these thousands of crypto security tokens are covered under the securities laws,” says Gary Gensler, Chair of the US Securities and Exchange Commission (SEC).
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