In May 2021, the Financial Transparency Act (FTA) was reintroduced to the 117th United States Congress. This bill, if passed, would direct all eight major US financial regulatory agencies to implement consistent data standards for the information they collect from filers under existing securities, commodities and banking laws.
The European Banking Authority (EBA) has affirmed that its EU-wide 2021 transparency exercise will be carried out in autumn, with the launch planned for September. This annual exercise is part of the EBA’s endeavours to foster transparency and market discipline.
The European Banking Authority (EBA) has launched a consultation on its draft Guidelines on the delineation and reporting of ‘available financial means’ of Deposit Guarantee Schemes (DGSs), essentially ensuring that institutions really do have the resources to which they lay claim.
The Financial Stability Board (FSB) has published its final report on the impacts of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs), implemented following the global financial crisis. It found that the reforms have made banks more resilient and resolvable, and have reduced systemic and moral hazard risk.
The issue of investment stewardship is an increasingly visible one, thanks to the expansion of passive investment and expanded investor focus on ESG. It’s a topic we’re sure to explore further in the future, particularly with a view to the way that transparency can contribute to the functioning of markets in this field.
Grinding along in the background since 2016 have been a range of measures that seek to use disclosure mechanisms to rebalance various tax arrangements. This week the European Council has approved proposed measures to enhance corporate transparency of big multinational companies, as part of its action plan on reforms to the international corporate tax system.
The European Securities and Markets Authority (ESMA), has written to the European Commission with its proposals to improve the EU Transparency Directive following the Wirecard case.
Can central banks combat climate change? During a recent speech at the European Banking Congress, Jens Weidman, the President of the Deutsche Bundesbank and Chairman of the Board of the Bank for International Settlements, outlined the role central banks can – and cannot – play in moving towards a greener future.
The European Securities and Markets Authority (ESMA) has published its annual Public Statement on European Common Enforcement Priorities – and Covid-19 is at the top of the list.
The 2020/21 reporting season is set to bring a number of new challenges for businesses. With Covid-19 disrupting business-as-usual world-wide, and Brexit causing uncertainty in Europe, The UK Financial Reporting Council’s (FRC’s) Director of Regulatory Standards, Mark Babington, has some advice for preparers.