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Statement On The Application Of IFRS 19, Subsidiaries Without Public Accountability: Disclosures, In Filings With The SEC [1], Erik Gerding, Director, Division Of Corporation Finance, Paul Munter, SEC Chief Accountant

Date 17/05/2024

In May 2024, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 19, Subsidiaries without Public Accountability: Disclosures (“IFRS 19”), which permits certain subsidiaries of reporting companies to provide reduced disclosures when applying recognition, measurement, and presentation requirements of IFRS Accounting Standards.[2] IFRS 19 also specifies that eligible subsidiaries that elect to apply the standard must provide additional material disclosures when it determines that information is necessary to enable financial statement users to understand the impact of transactions, events, and conditions on the subsidiary’s financial position and financial performance.[3] Although the scope of IFRS 19 is limited to entities that do not have public accountability[4] at the end of their financial statement reporting period, there may be situations when financial statements that apply IFRS 19 are included in filings with the Securities and Exchange Commission (the “SEC” or the “Commission”). In these situations, we believe that the requirements of IFRS 19 are likely to necessitate additional disclosures in financial statements filed with the SEC because such financial statements are intended for use by investors in our public capital markets for making investment and voting decisions.

ISDA Response To SFC And HKMA Joint’s Consultation Paper On Implementing UTI, UPI, And CDE

Date 17/05/2024

On May 17, ISDA responded to SFC and HKMA ‘s joint further consultation on enhancements to the OTC derivatives reporting regime for Hong Kong to mandate – (1) the use of Unique Transaction Identifier (UTI), (2) the use of Unique Product Identifier (UPI) and (3) the reporting of Critical Data Elements (CDE).

Report From FINRA Board of Governors Meeting – May 2024 - Board Approves 2023 Annual Financial Report, Adds New Members To Advisory Committees And Hears Latest On FINRA’s Advanced Analytics Strategic Initiative

Date 17/05/2024

FINRA’s Board of Governors met on May 8-9 for the second time in 2024. The Board approved FINRA’s 2023 Annual Financial Report, appointed new members to Advisory Committees, was briefed on FINRA’s Advanced Analytics Strategic Initiative, received operational updates and continued discussions around FINRA’s long-term financial planning.

ISDA IQ: Disruption Response – IQ May 2024

Date 17/05/2024

People are full of contradictions, but the impact of proposed US capital rules on central clearing is a particularly blatant example. On the one hand, central clearing of derivatives is widely acclaimed by policymakers for reducing risk and increasing the resilience of financial markets. On the other, US prudential regulators apparently see it as so risky that the provision of client clearing by banks warrants an 80% increase in capital, a move that would reduce capacity and increase costs.

SEC Announces Departure Of Policy Director Heather Slavkin Corzo And Appointment Of Corey Klemmer To The Role

Date 17/05/2024

The Securities and Exchange Commission today announced that Policy Director Heather Slavkin Corzo will leave the agency. Corey Klemmer, most recently the Corporation Finance Counsel to Chair Gary Gensler, has been appointed Policy Director.

Payments Innovation, Technical Standards, And The Federal Reserve's Roles, Federal Reserve Governor Christopher J. Waller, At The International Organization For Standardization Technical Committee 68 Financial Services 44th Plenary Meeting, Hosted By The Federal Reserve Bank Of Minneapolis, Minneapolis, Minnesota

Date 17/05/2024

Thank you, President Kashkari, for the introduction, and thank you to the conference participants for the opportunity to speak with you. As you all know, the payment system relies on the kind of cooperation and collaboration that this body represents. So, let's begin by acknowledging that ongoing effort.

The Future Of UK Finance: UK Economic Secretary To The Treasury Bim Afolami Delivers Keynote Speech At UK Finance At Bright Blue Event In Partnership With Virgin Money

Date 17/05/2024

The last few years have not been easy for the British economy. We’ve faced the legacy of Covid, war in Ukraine and the Middle East. These challenges have made life tough for people in Britain.

The EBA Consults On Draft Guidelines On Acquisition, Development And Construction Exposures To Residential Property Under The Standardised Approach Of Credit Risk

Date 17/05/2024

• The EBA plays an important role in the implementation of the EU Banking Package.
• These draft Guidelines are part of the first phase of the EBA roadmap for implementing the EU Banking Package.
• These draft guidelines will contribute to a more a robust regulatory framework, efficient supervision, and enhanced risk control by credit institutions.

UK Financial Conduct Authority: Guy Flintham Sentenced To 6 Years For Fraud Over Unauthorised Investment Scheme

Date 17/05/2024

Following a hearing at Southwark Crown Court, Guy Flintham, 46, was today sentenced to 6 years for fraud.

Nodal Exchange Named Commodity Exchange Of The Year By Energy Risk

Date 17/05/2024

Nodal Exchange has been named Commodity Exchange of the Year for the second year in a row by Energy Risk magazine. The Energy Risk Awards recognize excellence in financial risk management across the global commodities markets. Energy Risk presented the Commodity Exchange of the Year award at a ceremony in Houston yesterday.