Make a blog

danetrevarthen

5 months ago

International Organization of Securities Commissions (IOSCO)

Background

The International Organization of Securities Commissions (IOSCO) is the worldwide association of national securities regulatory commissions, such as the Securities and Exchange Commission in the United States, the Financial Services Authority in the United Kingdom, and about 100 other similar bodies. 

The member agencies of IOSCO have agreed to:

•    cooperate in developing, implementing and promoting adherence to internationally recognised and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks
•    enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries
•    exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation.
•    Under the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information, member organisations cooperate with each other in matters of enforcement. 

IOSCO's involvement in IFRS

IOSCO's enforcement role extends to matters of interpretation of IFRS, where IOSCO maintains a (confidential) database of enforcement actions taken by member agencies.

In September 2013, IOSCO and the IFRS Foundation announced agreement on a set of protocols to improve consistency in the implementation of IFRS. The Statement of Protocols for Cooperation on International Financial Reporting Standards reiterates the current relationship between the two organisations, and identifies four new areas for mutually supportive work:

•    Use of IFRSs within jurisdictions around the world — IOSCO and the IFRS Foundation will periodically share information to maintain current and accurate data on the progress of global IFRS adoption
•    How securities regulators will be affected by IASB standards — The IFRS Foundation will identify and explain implementation aspects of the IASB’s new or significantly amended standards that are of interest to securities regulators
•    Discussion of IFRS enforcement matters — IOSCO will organise an annual IFRS enforcers’ discussion session for its members to discuss issues, standards and other IFRS enforcement matters with IASB members or staff
•    Providing critical and timely input — The IFRS Foundation will solicit IOSCO member opinions on any time-sensitive IFRS implementation matters needing urgent input from securities regulators.

6 months ago

Global Director - Fraud Detection and Analytics (Stockholm)

JCW is currently working on an exciting retained search for a Global Director of Fraud Detection and Analytics at a rapidly growing Payments Organization. The qualified candidate will help to develop a pre-existing fraud detection system, with cutting-edge mitigation solutions in place - but also to develop the scope of this system to a global level leading the Fraud team in both the EU and US. This position will be based in Stockholm, Sweden and full relocation benefits will be offered.

Responsibilities include:

•    All end customer fraud prevention efforts across the organization’s rapidly expanding, multi-country footprint
•    Overseeing fraud analytics and development of the fraud detection system
•    Continuous gap and root cause analysis to improve fraud and underwriting decisions
•    End-to-end development of fraud prevention strategies
•    Overall leadership in innovating, building, and implementing fraud risk solutions and setting the roadmap of external and internal fraud prevention tools
•    Creating and maintaining metrics for measuring the success of fraud systems and agents
•    Owning and resolving all fraud related issues related to geographic expansion and new verticals
•    Communications on fraud topics to the executive management team
 
Position requirements:

•    Extensive leadership experience with a pragmatic approach to motivating teams.
•    Large scale Fraud Prevention experience with a global firm
•    The ability to lead teams and influence senior management on a global scale
•    An understanding of payments methods and the internet retail ecosystem.
 
Et Halstead recruits for Fraud and Risk professionals across the financial services sector and would be happy to provide further details about this or other positions. You can reach him at 646-934-8400 or at Et.Halstead@jcwresourcing.com

9 months ago

Cayman: Premier Rejects UK Request for BO Information by Mossack Fonseca

Cayman: Premier Rejects UK Request for BO Information by Mossack Fonseca

Alden McLaughlin, the premier of the Cayman Islands, has denied the UK’s request for direct access by its law enforcement agencies to beneficial ownership (BO) information in the Cayman Islands.

 

Premier McLaughlin indicated in his 26 November 2015 Premier's Statement on Beneficial Ownership: “The information concerned does not belong to the Cayman Islands Government. It is the property of the owners of the respective legal entities. Further, as far as we are aware, there is no country in the world that allows unrestricted access to beneficial ownership information by the law enforcement agencies of another country”.

 

The Premier made it clear that there is already an effective process that allows overseas law enforcement authorities to access beneficial ownership information. He stated that the process is carefully administered to ensure legality, accuracy, and compliance with existing global standards.

 

The Premier summarized his statement as follows:

 

1. We will not agree to a public register unless and until that becomes the global standard and all of our competitors also subscribe to that standard.

 

2. We will not agree to unfettered access to Cayman Islands beneficial ownership information by external law enforcement, tax or regulatory authorities. Requests for such information must continue to meet established criteria and be dealt with by the relevant Cayman Islands authorities established for that purpose and approved as being in accordance with global standards.

1 year ago

Discover The 7 Keys The Wealthiest People Use

To Safeguard Their Money and Create a Financial Legacy

As your business expands, you want to invest your money in a way that safeguards yourself and your family.

Many business owners wonder how to grow their money and create financial freedom without taking too much risk


The Question is: Are You Controlling Money or Is Money Controlling You?

Signs Money Is Controlling You:
- You often wish you could buy more things
- Your want to get rich, but you have no realistic plan
- You blame others for your financial problems (government, boss, spouse)
- You use credit to buy things that decrease in value, such as expensive cars or expensive clothing
- Money controls your mood - you feel good or bad based on your finances


This information is brought to Canada by an international business man who owns multiple 8-figure companies. Meir Ezra has years of experience across a wide range of fields, an inventor with many patents registered to his name and an international business consultant with clients in more than 26 countries. His clients include companies such as BP (British Petroleum), Motorola, IBM and many small business owners. He established the most successful distributor of gasoline management systems, a company, that within three years, grew to $100,000,000.

Join us for Navigating The Money Maze and you could be the next success story!

1 year ago

Atsumi and Sakai Consulting Group Fraud Lawyers in Tokyo Japan on Finance Practices

Atsumi & Sakai has a proven track record in international finance matters, advising clients on many innovative and award-winning transactions. A number of these transactions have been awarded “Deal of the Year” by leading international legal and financial publications, including the International Financing Review, Asiamoney, the International Financial Law Review and Asian Legal Business Magazine for their innovation, scale and strategic importance. Most recently, Atsumi & Sakai was awarded for “Securitization Deal of the Year” at the Asian Legal Business Deal of the Year Awards, Japan 2005.

 

Of the nine transactions nominated in this category, Atsumi & Sakai advised on no less than three major deals, including the winning Global Hospital Limited transaction. Atsumi & Sakai itself was also voted “Best Securitisation Law Firm in Asia” for 2003 by the International Securitisation Report. The Firm has played a pivotal role in many other award winning transactions, including a deal hailed as Japan’s first securitization of residential mortgage loans; another as the world’s largest multi-issue CLO, and the first master trust CLO program in Japan by a Japanese bank; the first securitization of residential mortgages from multiple originators in Japan for issuance of multiple-tranche securities to investors; and the first repackaged CMBS in Japan by a Japanese bank. The frequency with which the media report on, and award, deals on which we advise is testimony to our firm’s ability to use our experience and knowledge to successfully assist clients in innovative transactions.

 

Atsumi & Sakai is one of Japan’s most experienced law firms in the field of securitization, and has been closely involved in a number of groundbreaking transactions such as the first securitization of real estate mortgages in Japan. The Firm’s securitization practice experience includes the securitizations of leases, credit card receivables, loan receivables; real estate backed deals involving commercial office buildings, rental apartments and other residential housing, the securitization of future cash flows and intellectual property, and whole-business securitization. In recent years the Firm has attracted high-profile work on new types of products, has worked on the formation of real estate funds and other investment funds, and of course has a regular flow of general banking, capital markets, project finance, trust banking, and corporate finance work.

 

These include:

 

General Finance

 

- Loans, syndicated loans, swaps, options and other derivatives

- Project finance

- Ship finance, aircraft finance, and real-estate financing

- BIS regulations and other legal regulations

- Structuring of new financial products

 

Trust Banking

 

- Creating trust products and structures

- Advice on the Trust Business Law and compliance issues

 

Structured Finance and Securitization

 

- Asset-backed securities (ABS) involving lease receivables, credit card receivables, cash card receivables, bank loans, business loans, consumer loans, motor vehicle loans, notes and accounts receivable, medical fee claims and various other monetary claims and rights to intellectual property, etc.

- Real estate mortgage-backed securities (RMBS), and commercial mortgage-backed securities (CMBS)

- Asset-backed commercial paper (ABCP), including acting for the arranger on transactions for city banks, trust banks, foreign banks, investment banks, foreign securities companies, etc.

- Collateralized Bond Obligations (CBO), Collateralized Loan Obligations (CLO), Collateralized Debt Obligations (CDO), Whole Business Securitizations (WBS), repackaged bonds, credit linked bonds and credit derivatives

- Structuring transactions involving the establishment and operation of special purpose companies, including non-Japanese SPCs, and Japanese special purpose entities such as tokutei mokuteki kaisha (TMK) and chukan hojin.