Raportari internationale vs. Integrarea europeana

Valentin Ionescu -ASF

Ex- Situatia curenta IFRS

• The United States of America (USA) has not officially adopted IFRS as their financial reporting framework. Generally Accepted Accounting Principles (GAAP) remains the current standard in the USA.

• *IFRS Global Map–Legend: Blue – Adopted, Gray – In Process, White – Not Adopted

http://globalexecutives.org/tag/international-financial-reporting-standards/

FATCA- situatia curenta• FATCA (Foreign Account Tax Compliance)• The purpose of FATCA is to improve compliance of U.S. taxpayers who have foreign

financial assets and offshore accounts.

http://fatca.thomsonreuters.com/about-fatca/intergovernmental-agreement/

Intergovernmental Agreement Model 1• In July 2012, the U.S. Treasury Department issued the first model for an

Intergovernmental Agreement (IGA) which makes it easier for partner countries to comply with the provisions of FATCA.

• Under this agreement, FFIs in partner jurisdictions will be able to report information on U.S. account holders directly to their national tax authorities, who in turn will report to the IRS.

• IGA highlights and benefits• Relaxation of deadlines• Simplified due diligence• Increased clarity around due diligence with country specific provisions• Annex II of the Model 1 IGA includes a country-specific list of financial

institutions, products and accounts that are exempt or deemed compliant • Increased clarity around insurers• Clearer definitions with respect to pension annuities and more favorable

rules applicable to new insurance contracts.

Intergovernmental Agreement Model 2

• On November 15, 2012, the U.S. Treasury Department issued the second model of the Intergovernmental Agreement (IGA) for complying with the FATCA provisions.

• Model 2 IGA was designed to address potential conflicts of national and local laws that would make it difficult, for Financial Institutions in some jurisdictions, to comply with FATCA.

• The most notable differences between Model 1 and Model 2 IGA’s- In Model 2, financial institutions will report information directly to the IRS rather than their local jurisdictions

ASF vs. raportarile internationale

• ASF raporteaza catre ESMA (piata de capital) si EIOPA (asigurari si pensii).

• EIOPA - raportarile din cadrul Financial Stability Committee, Semestrial - Spring financial stability report &Autumn financial stability report; anual-Annual report.

ASF vs. ESMA

Raportari ESMA

• In afara de cele trei raportari mai exista alte raportari in pregatire, si anume:

• Proiectul ESMA Registers – Registrul entităților autorizate, al sancțiunilor și al prospectelor.

• Proiectul AIFMD Reporting – raportarea conform Directivei AIFMD.

• Proiectul SARIS - privind suspendarea instrumentelor de la tranzacționare.

• Schimbul securizat al documentelor - schimbul electronic de informații intre Autoritățile Naționale și ESMA TRS Joint Sub Group

ESMA HUB

• HUB-ul permite schimbul de date/fișiere între mai multe entități, cum ar fi de exemplu între o Autoritate Națională și ESMA.

• Prin acces restricționat, fiecare Autoritate Națională și fiecare aplicație are propria zonă privată pe HUB (arbore de directoare) unde sunt încărcate fișierele trimise și de unde fișierele primite sunt descărcate.

• În prezent ESMA HUB este folosit în cadrul sistemelor TREM și Short Selling.

High Frequency Trading

• CEMA (Committee for Economic and Markets Analysis) a instituit un grup de lucru pentru analiza impactului HFT (high-frequency trading) pe piețele financiare din UE;

• Transmiterea datelor se va face fie prin HUB sau prin servere FTP gestionate de locurile de tranzacționare.

• Avem o globalizare sau o fragmentare a pietelor?

• Exista la nivel global si european o tendinta de re-reglementare (MiFID2, Solvency II, Basel II….)