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We all remember the world coming to a standstill in 2008 on the wake of collapse of Lehman Brothers. What started as a bank run in early 2007, slowly spearheaded into banking panic centered due to market liquidity failure. The failure in financial intermediaries saw repercussions across industries & regions, job loss & capital loss […]

Markets in Financial Instruments Directive II, or MiFID II, is an expansive set of regulations governing EU investment firms that went into effect on 3 January 2018. MiFID II, is designed to offer greater protection for investors and inject more transparency into all asset classes by considerably expanding the scope of reporting requirements, imposing new […]

Efforts to ensure tax compliance from foreign investments have increased substantially over the past decade. The Foreign Account Tax Compliance Act (FATCA) is a tax law obliging US citizens around the globe to file annual returns on their foreign holdings. FATCA was formed in 2010 as part of the HIRE Act aiming transparency in the […]

The European Securities and Markets Authority (ESMA) recently published updated taxonomy to further ease the implementation of the requirements delineated by the Regulatory Technical Standard (RTS) on the European Single Electronic Format (ESEF). The ESEF taxonomy is based on the IFRS taxonomy along with additional concepts specific for the regulation. The entire taxonomy package is available […]

XBRL, also known as eXtensible Business Reporting Language, is an open standard reporting language that was introduced with the intention of improving the quality of financial data reporting. It is a form of extensible markup language (XML) that is used across the globe today, and millions of XBRL documents are created each year. As a […]

XBRL is an abbreviation of Extensible Business Reporting Language. It is widely used for presenting data which ensures hassle-free analysis, thereby bringing down costs, time and effort of businesses. It ensures paperless reporting and is therefore gaining widespread acceptance across different parts of the world. Here are some of the major reasons why XBRL filing […]

  On 28 August 2018, the European Banking Authority (EBA) published three public consultation papers regarding changes to the Implementing Technical Standards (ITS) on supervisory reporting for reporting framework 2.9. According to the EBA, the consultation papers covered three distinct areas, being: “COREP:  major revision of securitisation templates (simple, transparent and standardised (STS) regulation); FINREP:  […]

  In March 2017, H.R.1530, also known as the Financial Transparency Act of 2017 (FTA) was introduced in the 115th Congress. The FTA was the first US regulatory technology (“RegTech”) law and included measures designed to improve the regulatory reporting landscape. This article highlights some of the key features you should know about this Act. […]

With the start of the new year, a number of changes and amendments of IFRS has been made. In this article, we cover all major changes and amendments which have been made in 2019- The new standard IFRS 9 Financial Instrument applies in toto In case you have deferred implementation of IFRS 9 till now, […]

  In December 2018, the European Commission approved the draft Regulatory Technical Standards (RTS) for the European Single Electronic Format (ESEF) as a Delegated Regulation. Although there is still some time for the European Council and the European Parliament to express any objections they have, this article highlights what the ESEF is, who it impacts, […]