Regulation

Financial Services Briefing - Issue 1, 2014

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Asset Management

EY - Are we ready? Hong Kong-mainland China mutual fund recognition – considerations and future outlook(Jan 2014, China)

Are we ready? Hong Kong-mainland China mutual fund recognition - considerations and future outlook

The Hong Kong-mainland China mutual fund recognition initiative presents huge opportunity for fund managers and investors. Learn about the considerations and future outlook here.

EY - AIFMD - State of the Union, November 2013(Jan 2014, Global)

AIFMD - State of the Union, November 2013

Uncertainty has beset the Alternative Investment Fund Managers Directive since its first iterations. At last though, the situation is improving as firms finalize implementation.

Banking & Capital Markets

Global Regulatory Network Executive Briefing

Recent updates in this series include:

EY - US agencies agree on final Volcker Rule – implications for banks(Jan 2014, Global)

US agencies agree on final Volcker Rule - implications for banks

Banking entities will have to grapple with a host of new considerations when the rule takes effect on April 1, 2014.

EY - ECB comprehensive risk assessment: single supervisory mechanism(Nov 2013, Global)

ECB comprehensive risk assessment: single supervisory mechanism

A comprehensive review of Eurozone bank strength will occur ahead of the European Central Bank’s new supervisory role starting in November 2014.

EY - The Basel Committee fundamental trading book review — the fog is lifting(Nov 2013, Global)

The Basel Committee fundamental trading book review - the fog is lifting

Learn more about the boundary between banking and trading books, as well as the proposal to enhance capitalization of credit risk and market liquidity risk.

Insurance

Insights on IFRS Insurance

EY - Insurance Accounting Alert - IASB sets 2018 effective date for IFRS 9, FASB scales back scope of its insurance project(Feb 2014, Global)

Insurance Accounting Alert - IASB sets 2018 effective date for IFRS 9, FASB scales back scope of its insurance project

During the February meeting, the IASB discussed the effective date of IFRS 9 Financial Instruments. The FASB discussed the scope of its insurance contracts project as part of the redeliberations on its Exposure Draft Insurance Contracts.

EY - Change is on the horizon - Insurance contracts proposal: a summary of the comment letters(Jan 2014, United States)

Change is on the horizon - Insurance contracts proposal: a summary of the comment letters

Numerous comment letters were submitted to the Financial Accounting Standards Board (FASB) regarding their proposed Accounting Standards Update. Our report highlights key themes from those letters.

EY - Insurance Accounting Alert - Boards discuss comment letter responses, IASB discusses link between insurance contracts project and IFRS 9(Feb 2014, Global)

Insurance Accounting Alert - Boards discuss comment letter responses, IASB discusses link between insurance contracts project and IFRS 9

On 22 January 2014, the IASB and the FASB held a joint session to discuss summaries of the feedback from comment letters, outreach and fieldwork on the IASB’s Exposure Draft Insurance Contracts and the FASB’s Exposure Draft Insurance Contracts. In a separate session, the IASB discussed the interaction between the insurance project and its proposed model for classification and measurement in IFRS 9.

EY - IFRS 4 Phase II - Operational impacts(Dec 2013, Global)

IFRS 4 Phase II - Operational impacts

Are you getting ready to implement the proposed changes in the exposure draft for IFRS 4 Phase II?

Financial services - all

EY - US IRS and Treasury issue proposed and temporary regulations under FATCA(Feb 2014, Global)

US IRS and Treasury issue proposed and temporary regulations under FATCA, as well as "conforming regulations"

US IRS and Treasury released proposed and temporary regulations (TD 9657 and TD 9658) providing further FATCA guidance and “conforming” the requirements in chapters 3 and 61 of the Internal Revenue Code with the requirements of FATCA.

EY - OECD Common Reporting Standard: a global FATCA-like regime(Feb 2014, Global)

OECD Common Reporting Standard: a global FATCA-like regime

The Organization for Economic Co-operation and Development (OECD) has released a model Competent Authority Agreement (CAA) and Common Reporting Standard (CRS) designed to create a global standard for the automatic exchange of financial account information.