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Sovereign ratings investigation - ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls (February 2013) | Esma
This report summarises the findings of the ESMA general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious possibilities of facts likely to constitute infringements of the CRA Regulation. -- didn't download
report  EU  ESMA  financial_system  financial_regulation  international_finance  sovereign_debt  rating_agencies  conflict_of_interest  internal_controls  risk-systemic 
september 2014 by dunnettreader
Due Diligence Gets Tougher: A loose term now means a whole lot more work
Aug 5. 2002 | The Investment Dealers’ Digest | by Barbara Etzel.

What constitutes enough due diligence anyway? It may be vague enough for attorneys to argue about, but there is no doubt that the bar has just been raised due to the steady diet of scandals and investors' mistrust of Wall Street. Attorneys say that the level of due diligence will continue to increase. That is because it will be up to advisers on all types of deals, stock and bond offerings as well as mergers and acquisitions, to make certain the company is complying with all the new laws that are being instituted. Corporations will need a policy for setting up internal controls and to have an independent audit committee. Their top officers will be required to certify the accuracy of their financial results, and those who falsely do so will face jail time and million-dollar fines. Companies will also be taking a closer look at their internal disclosure policies. That means that underwriters and their attorneys must understand what the company's policies are and make certain they are following them.
due_diligence  scandals  Wall_Street  investors  mistrust  financial_advisors  internal_controls  audits  disclosure 
september 2012 by jerryking
Clinical depression | NOW Magazine
October 23-30, 2003 | NOW | By Ali Sharrif.

African Canadian Legal Clinic in turmoil over shocking audit.

the leak of a thick audit conducted by the clinic’s funder, Legal Aid Ontario, over the last week, all hell has broken loose. The document was sent to media, including to this reporter, by a clinic employee upset by the audit’s contents.

The audit, released in April, raised questions about the possible misuse of funds and inflation of client numbers, and pointed to the existence of "weak internal controls with respect to the payment of expenditures.’ Documents suggest that some $418,000 was received from various funders but not reported to Legal Aid Ontario, which backs the group to the tune of approximately $628,000 yearly.
African_Canadians  lawyers  law  irregularities  mismanagement  audits  internal_controls 
november 2011 by jerryking

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