In a speech in London, US Treasury Secretary Henry Paulson Jr. said the Federal Reserve needs a statutory mandate to anticipate and prevent risks across the entire financial system. "The Fed has neither the clear statutory authority nor the mandate
Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke will appear at the first of a series of hearings on the policy implications of the transformation of domestic and international financial markets, with a primary focus on the
The Securities and Exchange Commission has proposed rule changes to make the limits and purposes of credit ratings clear to investors and ensure that the role assigned to ratings in SEC rules is consistent with the objectives of having investors
The actions of the UK's Financial Services Authority during the Northern Rock crisis last year were "not acceptable to either myself or the FSA," the group's chief executive, Hector Sants, wrote in the UK watchdog agency's annual report. "I regret
The Financial Services Authority (FSA) has published its latest update on firms' progress towards the December deadline for demonstrating that they are consistently treating their customers fairly. The March interim deadline required firms to have management information (MI) in place
The International Compliance Association (ICA) is launching a new professional qualification for financial crime prevention practitioners. Fraud and financial crime cost the industry billions of pound a year and the increase in and varieties of fraud continue to challenge financial
The US Justice Department asked a federal court in Miami to authorize the Internal Revenue Service to request information from UBS AG about US taxpayers who may be using Swiss bank accounts to evade federal income taxes, Reuters reports. The
Japan and Brunei Darussalam have reached basic agreement on adopting bilateral tax treaty which aims to prevent double taxation pertaining to economic and investment activities between the two countries, following formal negotiation held November 2007. The proposed new treaty is
The Securities and Exchange Commission has published proposed rule amendments to increase the range of services foreign broker dealers are allowed to offer in the United States. The SEC's proposals would modify the requirement that any contact by a foreign
Japan wants to attract foreign funds to the country by making taxation rules more transparent for foreign investors, Bloomberg reports. Japan's Financial Services Agency released a clarification of tax regulations, exempting managers of offshore investment funds from corporate tax provided