IOSCO statement on non-GAAP financial measures. The International Organization of Securities Commissions released a statement on the use of non-GAAP financial measures by issuers. In the statement, IOSCO identified 12 elements that compose a frame of reference for the disclosure of non-GAAP financial measures and can assist issuers in reducing the potential for misleading disclosures. (6/7/2016) IOSCO press release.
FSB offers guidance on resolution planning for systemically important insurers. The Financial Stability Board published new guidance on developing effective resolution strategies and plans for systemically important insurers. (6/6/2016) FSB press release.
ISDA and IIFM publish new standards for Islamic forward foreign exchange products. The International Swaps and Derivatives Association and the International Islamic Financial Market published the ISDA/IIFM Islamic Foreign Exchange Forward standards, which can be used in Islamic hedging transactions to help minimize the exposure of Islamic financial institutions to foreign exchange volatility. (6/6/2016) ISDA press release.
ISDA releases quarterly review of US swaps trading activity. ISDA published its SwapsInfo Quarterly Review for the first quarter of 2016, which analyzes interest rate derivatives and credit default swap index trading activity in the US. (6/1/2016)ISDA SwapsInfo Quarterly Review.
ISDA OTC Derivatives Compliance Calendar. ISDA updated its OTC Derivatives Compliance Calendar. (6/1/2016)
Basel Committee issues statement on capital arbitrage transactions. The Basel Committee on Banking Supervision published a statement in which it discouraged banks from engaging in transactions that are designed to offset regulatory adjustments. (6/1/2016) BIS press release.
IOSCO and IFRS Foundation announce cooperation plan for the development and implementation of IFRS Standards. IOSCO and the International Financial Reporting Standards Foundation published a Statement of Protocols that establishes a cooperation program to facilitate the development and consistent application of IFRS Standards. (6/1/2016) IOSCO press release.
IOSCO conducts survey on audit committee oversight of auditors. IOSCO published a report that summarizes the results of its survey regarding the existing legal and regulatory requirements related to audit committee oversight of auditors. (5/31/2016) IOSCO press release.
ISDA white paper on CCP resolution. ISDA and The Clearing House published a white paper that identifies the main issues for consideration by regulators when developing a comprehensive resolution framework for systemically important central counterparties. (5/24/2016) ISDA press release.
BIS’s Foreign Exchange Working Group releases first phase of a global code of conduct for currency markets. The Bank for International Settlement’s Foreign Exchange Working Group published the first phase of the Global Code of Conduct for the Foreign Exchange Market and associated principles, which establish guidelines and standards of behavior for market participants to promote transparency and integrity in the wholesale foreign exchange market. (5/26/2016)BIS press release.
FSB publishes results of its peer review on the implementation of its shadow banking policy framework. The FSB released the findings of its thematic peer review on the implementation of its policy framework for shadow banking entities. The review found that implementation of the FSB’s policy framework is still in an early stage and recommended several measures for jurisdictions to take to fully implement the policy. (5/25/2016) FSB press release.