Mohini Singh, director of financial reporting policy at CFA Institute, discusses the Financial Accounting Standards Board’s recent initiative to develop separate accounting standards for private companies. She provides background on the private company project, examines recent developments, and provides investor perspectives on the initiative.
Vincent Papa, PhD, CPA, FSA Credential, CFA, is director of financial reporting policy at CFA Institute. He is responsible for representing the interests of CFA Institute on financial reporting and on wider corporate reporting developments to major accounting standard setting bodies, enhanced reporting initiatives, and key stakeholders. He is a member of ESMA’s consultative working group for the Corporate Reporting Standing Committee, EFRAG user panel, and a former member of the IFRS Advisory Council, Capital Markets Advisory Committee, and Financial Stability Board Enhanced Disclosure Task Force. Prior to joining CFA Institute, he served in investment analysis, management consulting, and auditing roles.
Cboe Global Markets has withdrawn from the Securities and Exchange Commission a request for a rule change to allow listing of the VanEck SolidX Bitcoin Trust. The SEC had postponed a decision several times on whether to authorize the exchange-traded fund. CoinDesk (UK) (18 Sep.)
The US Federal Deposit Insurance Corp. has proposed reducing by potentially $40 billion the amount large banks must hold to cover derivatives trades between affiliates. The FDIC has also proposed postponing a requirement that small funds post margin for derivatives trades, in line with a delay to September 2021 from the Basel Committee on Banking Supervision, and letting banks transition to the Secured Overnight Financing Rate without a need to treat trades as new transactions. Reuters (17 Sep.)
International coordination will become more crucial to preserve financial stability as financial technology becomes widespread, Bank for International Settlements General Manager Agustin Carstens says. "In the future, what now looks desirable may become essential," he says. MLex (subscription required) (17 Sep.)
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.