Yesterday chairman of the Federal Financial Markets Service (FFMS) Vladimir Milovidov met with Greg Tanzer, Secretary General of the International Organization of Securities Commissions (IOSCO) to discuss perspectives of Russia joining the international society of securities regulators. To make that possible, Russia first has to approve the law on insider trading which (among other things) should provide the FFMS with access to bank secrecy.

EU markets chief, Michel Barnier, said Europe is “getting impatient” by US progress towards adopting international accounting rules, in a speech in Washington today.

The number of companies including all information required by the FSA’s Disclosure and Transparency Rules (DTR) on companies’ annual announcements has tripled in one year, according to a new survey by Deloitte, the business advisory firm.

Securities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler today announced the formation of a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues was one of the 20 recommendations included in the agencies’ harmonization report issued last year.

WEF’s experts estimated how well the EU’s followed their obligations on national economies’ development that was agreed upon in 2000. Those agreements - they remind - provided principles for further development, among which were knowledge, fair competition, and increased social guarantees to employees.

The decision was made in relation to rapidly increasing volatility on global financial markets, a good example of which was demonstrated last week where (as it is assumed) electronic software failure led to a quick-spread panic on American and European markets.

The State Duma of Russia today discusses amendments to the 26th Section of the law “On banks and banking business” in their first reading. It is proposed to forbid militia (law enforcement authorities in Russia) to demand confidential information on legal entities’ and individual unincorporated entrepreneurs’ accounts from banks.

Key accounting figures from bodies including the Center For Audit Quality, CFA Institute, Investment Company Institute, and the US Chamber of Commerce among others, are attempting to block the so called Brown amendment to the Restoring American Financial Stability Act, which would limit leverage ratios at financial institutions.

The International Accounting Standards Board (IASB) today published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 “Financial Instruments”).

The Auditing Practices Board (APB) of the FRC has today published a consultation draft of a revision of Practice Note (PN) 20: “The Audit of Insurers in the United Kingdom (Revised)”. The consultation period ends on 16 August 2010.