LONDON (Reuters) – European Union plans forcing companies to change accountants regularly were watered down on Thursday, providing some relief for the “Big Four” auditors that check most large company books.
A panel from the European Parliament backed allowing companies to keep the same accountant for up to 25 years in a move also being considered by U.S. regulators.
LONDON (Reuters) – A heated debate about Europe’s austerity drive flared back into life on Thursday with leading IMF and European Central Bank officials sharply at odds and Angela Merkel declaring that Germany required higher interest rates.
With the threat of the currency bloc’s break-up receding, some euro zone officials are saying now is the time to throttle back on debt-cutting drives because calmer financial markets will not react badly.
LONDON, April 24 (Reuters) – Companies would have to change
their accountant every 25 years under a tentative deal ahead of
Thursday’s committee vote on a European Union audit market
reform, two parliamentary sources involved in the talks said on
If endorsed, it would mark a big dilution in the draft EU
law and trigger relief among the “Big Four” accounting firms -
Deloitte, Ernst & Young LLP, PwC
and KPMG – who check the books of nearly all blue chip
LONDON, April 24 (Reuters) – Britain’s new regulator for
market operators warned clearers of tougher policing of fees to
stamp out cut-throat competition that risks undermining
World leaders agreed during the financial crisis to reshape
the opaque $640 trillion off-exchange derivatives market for
interest rate, credit default and other swaps by requiring many
of the contracts traded between banks to be cleared by a third
party that has a default fund to cover losses.
LONDON, April 23 (Reuters) – Top exchange officials opposed
to a European financial transactions tax intensified their
lobbying on Tuesday, warning it would push trading to other
parts of the world and make it harder for companies to raise
Eleven countries from the European Union are examining a
plan to tax their stock, bond and derivatives trades from
January 2014, no matter where they happen in the world.
LONDON (Reuters) – Trading of derivatives and other products denominated in euros in the financial markets should be backed up by support systems – such as clearing houses – based in euro zone countries, a senior French policymaker said on Monday.
Bank of France Governor Christian Noyer’s comments turn up the heat on Britain, which is fighting a European Central Bank plan to require clearing houses that handle a substantial amount of euro-denominated derivatives trades, such as London-based LCH.Clearnet, to be located in the euro zone.
LONDON (Reuters) – Switzerland accused the European Union on Monday of being protectionist and fragmenting global markets with new rules that are unfair to countries outside the bloc.
The clash highlights the difficulties faced by regulators seeking to make markets safer after the financial crisis without introducing conflicting rules for banks.
LONDON (Reuters) – Two interest rate benchmarks that banks were fined for rigging should be scrapped and replaced by indicators based on market transactions, a top U.S. regulator said on Monday.
The changes should also include benchmarks linked to gold, oil and other commodities, said Gary Gensler, chairman of the Commodity Futures Trading Commission said.
LONDON (Reuters) – Luxembourg will support Britain’s legal challenge to Europe’s proposed Financial Transaction Tax (FTT), the country’s finance minister, Luc Frieden, said on Monday.
As Europe’s largest financial center, London has the most to lose if finance firms move their trading operations to parts of the world free from such taxes.
LONDON (Reuters) – Shareholders would have the final say on who checks their company’s books under a proposal from a top European Union lawmaker seeking to end a deadlock over shaking up auditors.
Accounting firms face sweeping changes after criticism for giving banks a clean bill of health just months before they had to be rescued by taxpayers in the financial crisis.