AADB stands for the Accountancy and Actuarial Discipline Board, which was an independent, investigative, and disciplinary entity in the UK.
The Accountancy Investigation and Discipline Board (AIDB), now known as the Accountancy and Actuarial Discipline Board (AADB), is a UK-based entity responsible for overseeing the professional conduct and disciplinary processes for accountants and actuaries.
The situation in which a number of persons act collectively in the affairs of an undertaking, whether on the basis of a formal agreement or an informal understanding.
The Accounting Standards Committee (ASC) is a significant entity responsible for establishing and maintaining accounting standards to ensure consistency, transparency, and reliability in financial reporting.
Audit rotation is the policy of appointing an audit firm for a set period only, after which a different firm must be employed. This practice aims to prevent the renewal of audits from influencing conduct and ensure auditor independence. However, it faces criticism for cost implications, disruption, and potentially reduced audit quality.
The Bank for International Settlements (BIS) aims to promote global monetary and financial stability through international cooperation among central banks and financial supervisory authorities.
A financial institution traditionally engaged in accepting deposits and making loans for house purchases or improvements, predominantly found in the UK, Australia, South Africa, Ireland, and New Zealand.
The City Code on Takeovers and Mergers, initiated in 1968, provides guidelines and regulations to ensure fair practices in company takeovers and mergers, safeguarding shareholder interests and maintaining market integrity.
A federal official appointed by the President and confirmed by the Senate, responsible for chartering, examining, supervising, and liquidating all national banks.
Legislation designed to curb fees, interest rate increases, and other abusive practices by credit card companies. The legislation went into effect fully in February 2010.
US legislation that provided for comprehensive changes to the framework of financial regulation in the US following the crisis of 2007--08. Named after its sponsors, Senator Chris Dodd and Representative Barney Frank, the act introduced new capital requirements and risk limits for banks and created new government agencies to oversee consumer protection and the regulation of financial institutions and credit-rating agencies.
The Eighth Company Law Directive (1984) focused on the role and regulation of auditors within the European Union. Incorporated into UK law through the Companies Act 1989, it was superseded by the Statutory Audit Directive in 2006.
An income tax code issued by tax authorities when the correct tax code for an employee is unavailable, ensuring basic personal allowance application but excluding further allowances until proper code assignment.
A comprehensive regulatory framework established by the European Union to enhance financial stability and supervision in the wake of the 2008 global financial crisis.
FCA stands for both the Financial Conduct Authority and Fellow of the Institute of Chartered Accountants in England and Wales. Each represents significant entities in the realms of finance regulation and professional accounting standards, respectively.
The Federal Crisis Inquiry Commission (FCIC) was a ten-member panel created by President Barack Obama in 2009 to investigate the causes of the financial and economic crisis in the United States.
One of the 12 regional banks that, along with their branches, constitute the Federal Reserve System in the United States. These banks play a crucial role in monitoring the commercial and savings banks in their respective regions, ensuring compliance with Federal Reserve Board regulations, and providing access to emergency funds through the Discount Window.
The Federal Reserve Board, often referred to simply as the Fed, is the governing body of the Federal Reserve System, the central bank of the United States. Its major responsibilities include overseeing monetary policy, regulating banks, maintaining financial stability, and providing financial services.
A Federal Reserve District is one of twelve regions created by the Federal Reserve System, each served by a regional Federal Reserve Bank. These banks provide various financial services, regulatory oversight, and economic research relevant to their specific districts.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Organization for Economic Cooperation and Development (OECD) to combat money laundering and terrorist financing on a global scale through policy development and surveillance.
A comprehensive guide to understanding the role, functions, and importance of the Financial Industry Regulatory Authority (FINRA) in maintaining market integrity and protecting investors.
The Financial Reporting Council (FRC) is a regulatory body established to oversee the accounting, auditing, and actuarial professions, ensuring high standards in financial reporting and corporate governance.
The Financial Services Act 1986 was a landmark UK Act of Parliament aimed at regulating investment business through the Securities and Investment Board and Self-Regulating Organizations. It laid down comprehensive legislation for many of the recommendations of the Gower Report and was superseded by the Financial Services and Markets Act in 2000.
The Financial Services Authority (FSA) was an independent, non-governmental body established in 1997 to regulate the financial services industry in the UK. It was abolished in 2013 with its responsibilities divided between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The Financial Services Authority (FSA) was a regulatory organization in the United Kingdom responsible for oversight of the financial services industry, encompassing banks, insurance companies, and investment firms.
Fractional reserve banking is a regulation in the banking industry whereby banks (and other similar institutions) keep reserves that are less than their total deposits.
An in-depth analysis of the 2003 Freddie Mac accounting scandal where the US Federal Home Loan Mortgage Corporation fraudulently misstated billions of dollars in earnings to meet Wall Street's expectations.
Assets that, for one reason or another, cannot be used or realized. This might occur due to government restrictions, legal actions, or sanctions, preventing their liquidity or transfer.
The Glass-Steagall Act of 1933 is a legislative measure passed by Congress that authorizes deposit insurance and prohibits commercial banks from owning brokerage firms. This act was largely repealed by the Financial Services Modernization Act of 1999.
An influential report on the protection of investors delivered to the UK government in 1984 by Professor Jim Gower, which laid the groundwork for the Financial Services Act 1986.
Insider trading refers to the practice of trading a company's securities by individuals who have access to confidential or non-public information about the company. This practice is illegal under various laws and regulations worldwide.
An independent, privately funded organization responsible for developing and promoting international accounting standards to ensure high quality and comparable financial reporting globally.
The Investment Advisers Act of 1940 requires all investment advisers to register with the Securities and Exchange Commission (SEC) and is designed to protect the public from fraud or misrepresentation by investment advisers.
The Investment Services Directive (ISD) was a directive of the European Union aimed at creating a single market in investment services and fostering financial integration across member states.
An ethical and regulatory concept in the securities industry mandating that brokers must have reasonable grounds for believing that their recommendations are suitable for the customer’s financial situation and needs.
The London Metal Exchange (LME) is the world's largest non-ferrous metals exchange, trading in options and futures contracts in metals such as copper, aluminium, nickel, zinc, and lead, and is regulated by the UK Financial Conduct Authority.
The Markets in Financial Instruments Directive (MiFID) is an EU directive that aims to increase competition and enhance investor protection by providing a comprehensive regulatory regime for financial services and markets throughout the European Economic Area. MiFID superseded the Investment Services Directive (ISD) in November 2007.
MiFID (Markets in Financial Instruments Directive) is a regulatory framework that standardizes the financial markets across the European Union, enhancing transparency and protecting investors.
An offshore company is a business entity not registered in the same country as that of its funding residents or it's an entity established in a foreign country, often a tax haven, for capitalizing on specific tax laws and exchange control regulations.
Operational risk refers to the risk of direct or indirect loss resulting from inadequate or failed internal processes, systems, or from a wide variety of external events. It is a significant focus in financial regulation and has influenced several important guidelines such as the Basel Accords and the Turnbull Report.
Learn about the PRA, its role in financial regulation, the implications for banks and financial institutions, and the broad spectrum of activities it oversees.
Established in April 2013, the Prudential Regulation Authority (PRA) functions as the UK's prudential regulator for banks, building societies, credit unions, insurers, and major investment firms. It aims to promote the safety and soundness of these institutions and create a more resilient financial system.
The rate base is the value established for a utility by a regulatory body on which a regulated company is allowed to earn a particular rate of return.
Registration involves the official enrollment process applied in various contexts such as general enrollment, academic settings, and securities markets. In securities, it refers to the process set by the Securities Acts of 1933 and 1934 to ensure compliance and transparency.
Regulation U is a rule of the Securities and Exchange Commission (SEC) that governs the maximum amount of credit that banks may extend for the purchase of regulated securities.
Repo 105 is an accounting maneuver used by Lehman Brothers to temporarily reduce the appearance of its leverage before reporting financial results.
The Sarbanes-Oxley Act of 2002, often abbreviated as SOX, is a United States federal law that mandates various regulations to improve the accuracy and reliability of corporate disclosures and to protect investors against fraudulent financial practices.
The Truth in Lending Act (TILA) is a federal law designed to ensure that consumers are provided with accurate and transparent information regarding the cost of credit, allowing them to compare credit offers more effectively. It mandates commercial lenders to disclose the annual interest rate and total interest charges, and provides borrowers a three-day rescission period for certain secured loans.
UCITS are a popular investment structure within the European Union that allows for a single authorization from one EU member state to market the investment product throughout the EU. UCITS are mainly mutual funds and investment trusts that adhere to strict regulatory standards to protect investors.
