Basel Committee consults on revised Core Principles for Effective Banking Supervision

The Basel Committee on Banking Supervision has published for consultation a revision of its Core Principles for Effective Banking Supervision: see here (pdf). A comparison between the existing Principles (dated 2006) and the proposed revised edition is available here (pdf) and an overview of the changes is available here.

Europe: EBA Internal Governance Guidelines - compliance information published

The European Banking Authority has published a document setting out whether Member States' competent authorities comply (or intend to comply) with the EBA's Guidelines on Internal Governance published in September 2011: see here (pdf).

Under Article 16(3) of the EBA Regulation (available here, pdf), Member States' competent authorities are required to inform the EBA whether they comply (or intend to comply) with EBA guidelines or recommendations within two months of the publication of such guidelines and recommendations. Where a competent authority does not comply, or does not intend to comply, it is required to provide reasons to the EBA, which the EBA has the discretion to publish.

USA: PCAOB proposes auditing standard on communication with audit committees

Towards the end of last year the Public Company Accounting Oversight Board proposed for comment an auditing standard on communication with audit committees: see here. The standard, which was originally proposed in March 2010 (see here, pdf), seeks to enhance the relevance and quality of the communications between the auditor and audit committee. It retains many existing requirements but establishes additional categories of information requiring disclosure by the auditor including, for example, significant transactions outside of the normal course of the company's business.

Netherlands: compliance with the Dutch Corporate Governance Code

Towards the end of last year, the Corporate Governance Code Monitoring Committee published its annual survey of companies' compliance with the Dutch Corporate Governance Code: see here (pdf). A summary of the findings, in English, is expected to be published soon.

UAE: Cabinet approves draft of new companies legislation

The Cabinet has approved a draft of new companies legislation which, if enacted, will herald significant change: see here. For media comment see here and here.