These accounting provisions require publicly traded companies to maintain records that accurately and fairly represent the company's transactions and to have an adequate system of internal accounting controls.
Authority: made by the Solicitors Regulation Authority Board under sections 32, 33A, 34, 37, 79 and 80 of the Solicitors Act 1974, section 9 of the Administration of Justice Act 1985, section 83(5)(h) of, and paragraph 20 of Schedule 11 to, the Legal Services Act 2007 with the approval of the Legal Services Board; date: 6 October 2011; replacing: the Solicitors' Accounts Rules 1998; regulating: the accounts of solicitors and their employees, registered European lawyers and their employees, registered foreign lawyers, recognised bodies and their managers and employees, and licensed bodies and their managers and employees, in respect of practice in England and Wales.
For the definition of words in italics see rule 2 - Interpretation.
The majority of the changes to the local legislation that are required pursuant to these commitments will be developed later as the Accession Protocol provides for transition periods depending on particular commitments (see our previous Alert “The Russian insurance market and the World Trade Organisation: first impressions” for details).
However, some of these changes are already in force.
The Principles set out in the Handbook apply to all aspects of practice, including the handling of client money.
Those which are particularly relevant to these rules are that you must: Underlying principles which are specific to the accounts rules are set out in rule 1 below.
The antibribery provisions make it unlawful for any US person (and certain foreign issuers) to make a payment to a foreign official for the purpose of obtaining or retaining business for or with, or directing business to, any person.
The FCPA (as amended) also added accounting requirements to the Securities and Exchange Act of 1934.
One of the changes that Russia had to introduce immediately pursuant to the WTO requirements was the increase of the foreign investment quota from 25% to 50%. As of 1 January 2013, according to official statistics (published annually), foreign investment represented 17.41% of the aggregate amount of charter capitals of the Russian insurers.
Other WTO requirements that needed immediate action included lifting of residency requirements for managers of insurance companies and cancelling preferential treatment for foreign investors originating from the EU.
The FBI investigates matters relating to fraud, theft, or embezzlement occurring within or against the national and international financial community.