Elements of a Regulatory Framework

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Elements of a Regulatory Framework"

Transcription

1 Elements of a Regulatory Framework Presentation:- World Bank Group International Finance Corporation June 2011 Ukraine David Kerr MIPA MICM Chief Executive Officer Insolvency Practitioners Association

2 About the IPA Membership body 2,000 members, 700 students, 500 IPs Leading the UK insolvency profession in: Development of professional standards Creation of insolvency qualifications Widening access to insolvency knowledge Debates on current insolvency issues Implementation of better regulation principles

3 Insolvency Practitioner Regulation Licensing of IPs introduced by Insolvency Act 86 Licensing by Government Insolvency Service & by Recognised Professional Bodies which have: Rules for governing membership Procedures for monitoring and inspection Powers to regulate and discipline IP able to take appointment in any insolvency

4 Insolvency Practitioners Individuals (natural persons) required to - Have passed Joint Insolvency Examination Have not less than 600 hours experience in three years before applying Be fit and proper Have professional indemnity insurance Have insolvency bond against fraud/dishonesty Have maintained professional education

5 IPs Joint Insolvency Examination Set by JIE Board at degree-equivalent level Held once each year Comprises three 3.5 hours papers - Personal (natural persons) insolvencies (Bankruptcy and Individual Voluntary Arrangements) Company Liquidations (winding-up) Company Voluntary Arrangements, Administrations and Receiverships

6 IPs - Experience Engaged in work relating to: administration of estates (over which IP appointed) Involving not less than 600 hours experience in management/supervision of cases on IP s behalf Work in last three years To be certified by one or more IPs for whom applicant has worked

7 IPs Fit and Proper test Applicants for licence required to make declarations covering any personal:- Criminal proceedings Civil proceedings Bankruptcy or other insolvency proceedings Adverse findings, restrictions or removal by a professional body Other relevant facts

8 IPs Insurance and Bonding IPs require Professional Indemnity Insurance Negligence Specified cover levels IPs require (by statute) insolvency bond: Fraud and dishonesty Annual enabling (general) bond Monthly returns/ cover schedules Specified cover levels

9 IPs Professional Education Minimum 25 hours annual structured learning: Continuing Professional Education (CPE) May include attending or speaking at courses, conferences, seminars and lectures organised by commercial course and conference providers, in-house or by own/other professionals firm Required to maintain 3 years records of CPE

10 IP Standards IPs required to comply with: Legislation Statements of Insolvency Practice and act in accordance with:- Code of Ethics and take account or have regard to:- Guidance issued Dear IP bulletins issued by the Government s Insolvency Service

11 IP Monitoring and Inspection IPs are required to:- renew licence each year & declare fitness to act Submit annual* self-certifications of conformity for sample of cases selected by IPA * (other than in year of visit) Co-operate and provide answers to complaints Subject themselves and their staff/firms to inspection visits at least once every three years

12 Committees consider Licence applications IP Regulation Reports of inspection visits Complaints Other information obtained about practices which may be unprofessional, unethical, improper or unfair

13 IP Disciplinary measures Regulator power to Withdraw or suspend licences Impose restrictions or prohibitions Issue warning letters Impose fines Order payment of costs Require additional (targeted) inspections and/or self-certifications

14 IP Disciplinary (appeal) measures IP subject to disciplinary measure can appeal Complainant can ask for matter to be referred to independent Reviewer of Complaints But IPA Cannot intervene directly in, or give directions re conduct of insolvency assignments Cannot order payment by way of compensation or damages or fee repayment

15 Regulator Responsibility/Accountability Set out in Memorandum of Understanding and Principles of Monitoring with Insolvency Service Subject to oversight and three-yearly inspection by Insolvency Service Provide details of its procedures on its website Publish disciplinary findings/ regulatory decisions Provide annual reports of regulatory activity to Insolvency Service, which consolidates/publishes

16 Code of ethics Best practice and ethics Common code for all practitioners Principles-based with specified prohibitions Five fundamental principles Integrity Objectivity Professional competence* Confidentiality Professional behaviour * expertise v cost v risk (e.g )

17 Ethics code Over-arching code Framework approach Threats and safeguards Conflicts e.g. self-review threats Perception incl. acceptance of gifts: e.g. per Ukraine draft code paragraph Part of everyday approach to assignments

18 Revision of UK code 2009 Structure & specific prohibitions retained New guidance on some issues (e.g. advertising and joint appointments) Review of some areas (e.g. commissions) IFAC principles Competence principle extended to Due care Confidentiality introduced

19 Transparency Confidentiality in context IPA transparency guidance Open reporting expectations of others Decisions/transactions explained (6.6.1) A code fit for the insolvency profession Emphasis on perception Ongoing review of potential conflicts Record keeping

20 Risk to reputations:- Individual profession-wide Minimising risk Familiarisation with code Identification of threats to objectivity Recognition of perception of others Assessment of self-interest (e.g. re fees) Consultation and contemporaneous note

21 Statements of Insolvency Practice A suite of statements on specific areas of practice:- Originally guidance on BEST PRACTICE Now setting out REQUIRED PRACTICE SIP1 introduction regulatory status Transparency of primary importance Consultation and revision Enforcement Comply or explain

22 SIPs topics Liquidator s investigations Voluntary Arrangements + new Protocol re consumer IVAs Directors conduct returns (content/timing) Meetings of creditors Remuneration and accounts + new statutory Rules, April 2010 Funds (separate bank accounts) Sales of assets/businesses (valuation/disclosure)

23 Regulation of ethics Cost of regulatory procedures versus effectiveness e.g. sampling Assumptions Monitoring Visits and self-certifications CPE Complaints disciplinary sanctions The grapevine regulatory intelligence

24 Essential elements Any regulatory system must have: Integrity Independence (lay input) Consistency/ fairness Sufficient robustness Effectiveness (real and perceived) Oversight Government and public confidence

Regulation of Insolvency Practitioners and the handling of complaints

Regulation of Insolvency Practitioners and the handling of complaints Regulation of Insolvency Practitioners and the handling of complaints Standard Note: SN/HA/5531 Last updated: 1 June 2010 Author: Section Lorraine Conway, Home Affairs Section Home Affairs Section In the

More information

INSOLVENCY CODE OF ETHICS

INSOLVENCY CODE OF ETHICS LIST OF CONTENTS INSOLVENCY CODE OF ETHICS Paragraphs Page No. Definitions 2 PART 1 GENERAL APPLICATION OF THE CODE 1-3 Introduction 3 4 Fundamental Principles 3 5-6 Framework Approach 3 7-16 Identification

More information

Effective from 1 January 2009. Code of Ethics for insolvency practitioners.

Effective from 1 January 2009. Code of Ethics for insolvency practitioners. INSOLVENCY PRACTITIONERS (PART D) Effective from 1 January 2009. Code of Ethics for insolvency practitioners. On 1 January 2014 a minor change was made to paragraph 400.3 of the code. The change clarifies

More information

4374 The Mauritius Government Gazette

4374 The Mauritius Government Gazette 4374 The Mauritius Government Gazette General Notice No. 2260 of 2012 THE INSOLVENCY ACT Notice is hereby given that the following Rules governing the performance and conduct of Insolvency Practitioners

More information

Proposed Code of Ethical Principles for Professional Valuers

Proposed Code of Ethical Principles for Professional Valuers INTERNATIONAL VALUATION STANDARDS COUNCIL Second Exposure Draft Proposed Code of Ethical Principles for Professional Valuers Comments to be received by 31 August 2011 Copyright 2011 International Valuation

More information

INSOLVENCY CODE OF PRACTICE

INSOLVENCY CODE OF PRACTICE THE INSOLVENCY ACT, 2003 (as amended) SECTION 487 INSOLVENCY CODE OF PRACTICE (the Code ) TABLE OF CONTENTS Page CHAPTER I: INTRODUCTION - - - - - - - 1 CHAPTER II: INTERPRETATION - - - - - - 2 CHAPTER

More information

Professional Ethics in Liquidation and Insolvency

Professional Ethics in Liquidation and Insolvency COE Section 500 Issued February 2012Revised July 2015 Effective on 1 April 2012 Code of Ethics for Professional Accountants Part E Section 500 Professional Ethics in Liquidation and Insolvency SECTION

More information

Regulation of Insolvency Practitioners

Regulation of Insolvency Practitioners 1 Regulation of Insolvency Practitioners Regulatory Impact Statement EXECUTIVE SUMMARY Under insolvency, the main issue is that there is rarely enough money to pay all the creditors everything they are

More information

Insolvency INSOLVENCY PRACTITIONER REGULATIONS 2014

Insolvency INSOLVENCY PRACTITIONER REGULATIONS 2014 Insolvency Legislation made under s. 486. 2011-26 (LN. ) Commencement 1.11.2014 Amending enactments Relevant current provisions Commencement date LN. 2015/133 rr. 9, 22 20.8.2015 Regulation 1. Title and

More information

GUIDELINES ON FIT AND PROPER CRITERIA

GUIDELINES ON FIT AND PROPER CRITERIA GUIDELINES ON FIT AND PROPER CRITERIA GUIDELINE NO: FSG-G01 Application of Guidelines These Guidelines set out the fit and proper criteria applicable to all relevant persons in relation to the carrying

More information

Insolvency practitioner regulation regulatory objectives and oversight powers

Insolvency practitioner regulation regulatory objectives and oversight powers Insolvency practitioner regulation regulatory objectives and oversight powers Legislative changes introduced on 1 October 2015 December 2015 1 Contents Introduction Part 1: Overview of regulatory objectives

More information

INSOLVENCY CODE OF ETHICS

INSOLVENCY CODE OF ETHICS Definitions INSOLVENCY CODE OF ETHICS Authorising Body A body declared by Order of the Secretary of State for Trade and Industry or the Department of Enterprise, Trade and Investment to be a recognised

More information

Insolvency Practitioners Association of Singapore Limited Code of Professional Conduct and Ethics

Insolvency Practitioners Association of Singapore Limited Code of Professional Conduct and Ethics PRELIMINARY DRAFT Insolvency Practitioners Association of Singapore Limited Code of Professional Conduct and Ethics Sections 1 to 6 only T:\Committees\IPAS\Extracts of IPAS Code of Ethics ver 6.draft (clean).doc

More information

APES 110 Code of Ethics for Professional Accountants

APES 110 Code of Ethics for Professional Accountants APES 110 Code of Ethics for Professional Accountants [Supersedes APES 110 Code of Ethics for Professional Accountants (Issued in June 2006 and subsequently amended in February 2008)] ISSUED: December 2010

More information

ANTI-MONEY LAUNDERING GUIDANCE FOR INSOLVENCY PRACTITIONERS IN THE REPUBLIC OF IRELAND

ANTI-MONEY LAUNDERING GUIDANCE FOR INSOLVENCY PRACTITIONERS IN THE REPUBLIC OF IRELAND ANTI-MONEY LAUNDERING GUIDANCE FOR INSOLVENCY PRACTITIONERS IN THE REPUBLIC OF IRELAND This guidance, which is specific to money laundering issues likely to arise in the context of insolvency practice,

More information

THE LANDSCAPE INSTITUTE CODE OF STANDARDS OF CONDUCT AND PRACTICE FOR LANDSCAPE PROFESSIONALS

THE LANDSCAPE INSTITUTE CODE OF STANDARDS OF CONDUCT AND PRACTICE FOR LANDSCAPE PROFESSIONALS THE LANDSCAPE INSTITUTE CODE OF STANDARDS OF CONDUCT AND PRACTICE FOR LANDSCAPE PROFESSIONALS May 2012 The Landscape Institute Charles Darwin House 12 Roger Street London WC1N 2JU Telephone: 020 7685 2640

More information

Exposure Draft of Proposed Standard: APES 330 Insolvency Services

Exposure Draft of Proposed Standard: APES 330 Insolvency Services Exposure Draft of Proposed Standard: APES 330 Insolvency Services ED XX/08 P:\Standards & Guidance Notes\APES330 Insolvency Services\Exposure Draft APES330 Insolvency Services.doc Commenting on this Exposure

More information

AAT CODE OF PROFESSIONAL ETHICS 2014

AAT CODE OF PROFESSIONAL ETHICS 2014 AAT CODE OF PROFESSIONAL ETHICS 2014 Contents 4 Foreword 5 Introduction 7 Part A: General application of the Code 9 Section 100 Introduction and code of fundamental principles 13 Section 110 Integrity

More information

AN OVERVIEW OF APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS

AN OVERVIEW OF APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS LICENCES AND REGISTRATIONS FOR PUBLIC PRACTITIONERS 1 1 AN OVERVIEW OF APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS AN OVERVIEW OF APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS The objective

More information

Insolvency Office Holder Regulation the benefit of experience

Insolvency Office Holder Regulation the benefit of experience Insolvency Office Holder Regulation the benefit of experience Neil Cooper Past President INSOL International Honorary Life President INSOL Europe February 2012 Corporate Advisory & Restructuring The nature

More information

Submission. Ministry of Economic Development. Draft Insolvency Law Reform Bill Discussion Document. to the. on the

Submission. Ministry of Economic Development. Draft Insolvency Law Reform Bill Discussion Document. to the. on the Submission by to the Ministry of Economic Development on the Draft Insolvency Law Reform Bill Discussion Document 11 June 2004 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 1. INTRODUCTION 1.1.

More information

Code of Ethics for Professional Accountants

Code of Ethics for Professional Accountants COE Revised May 2015 July 2015 Effective on 1 January 2011 (including subsequent amendments as indicated) Code of Ethics for Professional Accountants COPYRIGHT Copyright 2015 Hong Kong Institute of Certified

More information

Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010)

Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010) 2014 Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010) Fitness and Probity Standards 1 Contents 1. Introduction 2 2. Fitness and Probity Standards 8 3. Conduct

More information

APES 320 Quality Control for Firms

APES 320 Quality Control for Firms APES 320 Quality Control for Firms APES 320 Quality Control for Firms is based on International Standard on Quality Control (ISQC 1) (as published in the Handbook of International Auditing, Assurance,

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS KINGDOM OF SAUDI ARABIA Capital Market Authority CREDIT RATING AGENCIES REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution

More information

Strengthening the regulatory regime for IPs

Strengthening the regulatory regime for IPs Strengthening the regulatory regime for IPs Response by the Money Advice Trust Date: MARCH 2014 Contents Page 2 Page 3 Page 4 Page 5 Contents Introduction / About the Money Advice Trust Introductory comment

More information

RESPONSE TO LRC PERSONAL DEBT MANAGEMENT AND DEBT ENFORCEMENT REPORT. Chapter 1: Personal Insolvency Law: Debt Settlement Arrangements

RESPONSE TO LRC PERSONAL DEBT MANAGEMENT AND DEBT ENFORCEMENT REPORT. Chapter 1: Personal Insolvency Law: Debt Settlement Arrangements Chapter 1: Personal Insolvency Law: Debt Settlement Arrangements Reform of the Bankruptcy Act The Report recommends that a thorough review of the Bankruptcy Act 1988 should be undertaken. Comment: It is

More information

Compiled APES 110 Code of Ethics for Professional Accountants

Compiled APES 110 Code of Ethics for Professional Accountants Compiled APES 110 Code of Ethics for Professional Accountants [Supersedes APES 110 Code of Ethics for Professional Accountants (Issued in June 2006 and subsequently amended in February 2008)] Compiled

More information

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS CODE OF ETHICS

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS CODE OF ETHICS Issued 07/13 NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS CODE OF ETHICS Notice of Legal Status of the Code of Ethics The Code of Ethics of the New Zealand Institute of Chartered Accountants is made

More information

Institutional framework for insolvency resolution: role of insolvency professionals

Institutional framework for insolvency resolution: role of insolvency professionals Institutional framework for insolvency resolution: role of insolvency professionals Finance Research Group, IGIDR March 23, 2015 Professional services in insolvency proceedings Resolution of insolvency

More information

AUSTRALIAN KINESIOLOGY ASSOCIATION INC. Professional Conduct and Practice Rules

AUSTRALIAN KINESIOLOGY ASSOCIATION INC. Professional Conduct and Practice Rules AUSTRALIAN KINESIOLOGY ASSOCIATION INC. Professional Conduct and Practice Rules Contents 1. APPLICATION...3 2. SCOPE OF THESE RULES...3 3. PURPOSE OF THESE RULES...3 page 2 1. APPLICATION These Rules apply

More information

Code of Professional Ethics

Code of Professional Ethics Code of Professional Ethics AAT Code of Professional Ethics Contents Foreword... 2 Introduction... 2 Part A: General application of the Code... 5 Section 100 Introduction and code of fundamental principles...

More information

Code of Ethics for Professional Accountants

Code of Ethics for Professional Accountants COE Issued December 2005; revised June 2010 Effective on 30 June 2006 until 31 December 2010 Code of Ethics for Professional Accountants CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS CONTENTS Page PREFACE...

More information

APPLICATION TO CARRY ON INSURANCE BROKING BUSINESS IN SINGAPORE UNDER SECTION 35X OF THE INSURANCE ACT (CAP 142)

APPLICATION TO CARRY ON INSURANCE BROKING BUSINESS IN SINGAPORE UNDER SECTION 35X OF THE INSURANCE ACT (CAP 142) APPLICATION TO CARRY ON INSURANCE BROKING BUSINESS IN SINGAPORE UNDER SECTION 35X OF THE INSURANCE ACT (CAP 142) To: Executive Director Capital Markets Intermediaries Department Monetary Authority of Singapore

More information

Architects Accreditation Council of Australia. Regulation of the Architect Profession within Australia An Overview

Architects Accreditation Council of Australia. Regulation of the Architect Profession within Australia An Overview Architects Accreditation Council of Australia Regulation of the Architect Profession within Australia An Overview February 2015 Table of Contents 1. Introduction... 3 2. Registration Requirements for Individuals...

More information

Code of Professional Ethics

Code of Professional Ethics Code of Professional Ethics The AAT Code of Professional Ethics is based on the Code of Ethics for Professional Accountants of the International Ethics Standards Board for Accountants, published by the

More information

Claims Management Services Regulation. Conduct of Authorised Persons Rules 2013 (2)

Claims Management Services Regulation. Conduct of Authorised Persons Rules 2013 (2) Claims Management Services Regulation Conduct of Authorised Persons Rules 2013 (2) Effective from 8 July 2013 Contents Introduction 1 Definitions 1 General Rules Principles 2 Conduct of Business 2 Professional

More information

AAT(SA) Code of Professional Ethics January 2014

AAT(SA) Code of Professional Ethics January 2014 1 AAT(SA) Code of Professional Ethics Contents Foreword... 4 Introduction... 4 Part A: General application of the Code... 7 Section 100 Introduction and code of fundamental principles... 7 Section 110

More information

VIRGIN ISLANDS INSOLVENCY PRACTITIONERS REGULATIONS, 2004 ARRANGEMENT OF REGULATIONS

VIRGIN ISLANDS INSOLVENCY PRACTITIONERS REGULATIONS, 2004 ARRANGEMENT OF REGULATIONS VIRGIN ISLANDS INSOLVENCY PRACTITIONERS REGULATIONS, 2004 ARRANGEMENT OF REGULATIONS Regulation 1. Citation. 2. Interpretation. 3. Application for licence. 4. Approval of application for licence. 5. Licence

More information

STAREP Accounting and Auditing Standards Community of Practice (A&A CoP) Public Oversight and Quality Assurance in UKRAINE: Current Status

STAREP Accounting and Auditing Standards Community of Practice (A&A CoP) Public Oversight and Quality Assurance in UKRAINE: Current Status STAREP Accounting and Auditing Standards Community of Practice (A&A CoP) Public Oversight and Quality Assurance in UKRAINE: Current Status Background Auditing Market Condition Number of auditors: 2,734

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS KINGDOM OF SAUDI ARABIA Capital Market Authority CREDIT RATING AGENCIES REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution

More information

Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements

Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements HKSQC 1 Issued June 2009; revised July 2010, May 2013, February 2015 Effective as of 15 December 2009 Hong Kong Standard on Quality Control 1 Quality Control for Firms that Perform Audits and Reviews of

More information

Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Registration -- Registered Representative

Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Registration -- Registered Representative 1 Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Registration -- Registered Representative Explanatory Notes 1. This application form is for a Broker Member (the

More information

Strengthening the regulatory regime and fee structure for insolvency practitioners

Strengthening the regulatory regime and fee structure for insolvency practitioners Strengthening the regulatory regime and fee structure for insolvency practitioners The Law Society response March 2014 2013 The Law Society. All rights reserved. The Law Society welcomes the opportunity

More information

STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS

STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS 1 INTRODUCTION 1.1 This Statement of Insolvency Practice (SIP) is one of a series issued to licensed insolvency practitioners

More information

REQUIREMENT FOR PROVISION OF PROFESSIONAL SERVICES

REQUIREMENT FOR PROVISION OF PROFESSIONAL SERVICES REQUIREMENT FOR PROVISION OF PROFESSIONAL SERVICES ENGINEERING SERVICES REPUBLIC OF SINGAPORE ACPECC SECRETARIAT 2012 Questionnaire on the Requirements for Provision of Professional Services Notes: Services

More information

RESERVE BANK OF ZIMBABWE

RESERVE BANK OF ZIMBABWE RESERVE BANK OF ZIMBABWE BANK SUPERVISION DIVISION LICENSING REQUIREMENTS FOR MONEYLENDING INSTITUTIONS MINIMUM REQUIREMENTS FOR MONEYLENDING INSTITUTIONS 1. Completed Application Form accompanied by proof

More information

The Insolvency Service consultation on Strengthening the regulatory regime and fee structure for insolvency practitioners

The Insolvency Service consultation on Strengthening the regulatory regime and fee structure for insolvency practitioners British Property Federation response to: The Insolvency Service consultation on Strengthening the regulatory regime and fee structure for insolvency practitioners March 2014 1. The British Property Federation

More information

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires accounting Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting corporation" means a company approved as an accounting corporation

More information

ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013

ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013 ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013 LEARNING OUTCOMES Module aim To ensure that students have a good grounding in the fundamentals of insolvency work to enable them to work effectively in

More information

Codes of professional ethics

Codes of professional ethics chapter 14 Codes of professional ethics Contents Introduction Examination context Topic List 1 Professional ethics 2 IFAC Code 3 ICAEW Code 4 APB Ethical Standards Summary and Self-test Answers to Self-test

More information

Assist Members in developing their own national arrangements through being able to draw on and hence benefit from the experience of other members;

Assist Members in developing their own national arrangements through being able to draw on and hence benefit from the experience of other members; Introduction IFIAR is an organization of independent audit regulators (hereinafter, audit regulators ). The organization s primary aim is to enable its Members to share information regarding the audit

More information

Appendix 1: General regulatory questions

Appendix 1: General regulatory questions Appendix 1: General regulatory questions ACCA regulates its members and students with due regard for the principles of better regulation. Regulatory procedures are proportionate and transparent, with hearings

More information

Proposals paper: A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia

Proposals paper: A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia Proposals paper: A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia Australian Government December 2011 Commonwealth of Australia 2011 ISBN

More information

Submission in response to the Life Insurance and Advice Working Group Interim Report on Retail Life Insurance

Submission in response to the Life Insurance and Advice Working Group Interim Report on Retail Life Insurance 30 January 2015 Mr John Trowbridge Chairman Life Insurance and Advice Working Group Email: submissions@trowbridge.com.au Dear Mr Trowbridge, Submission in response to the Life Insurance and Advice Working

More information

[Type text] Insolvency Policy. AH/KM/CR/8933 Page 1 of 9

[Type text] Insolvency Policy. AH/KM/CR/8933 Page 1 of 9 [Type text] Insolvency Policy AH/KM/CR/8933 Page 1 of 9 Policy 1. AAT policy on insolvency AAT expects its members to manage their financial affairs correctly and efficiently at all times. Being insolvent

More information

RELEVANT TO ACCA QUALIFICATION PAPER P7

RELEVANT TO ACCA QUALIFICATION PAPER P7 RELEVANT TO ACCA QUALIFICATION PAPER P7 A question of ethics Paper P7, Advanced Audit and Assurance often contains question scenarios and requirements dealing with ethical issues, in both the compulsory

More information

Compliance Policy ALCO recommended standard

Compliance Policy ALCO recommended standard 1. PURPOSE In accordance with CSSF Circular 2004/155, the board of directors of [NAME OF COMPANY] (hereafter the Company ) has adopted the following Compliance Policy. The Company s Compliance function

More information

Code of Practice. Overall. A1.2 Segregation, identification and safeguarding of trust assets is paramount.

Code of Practice. Overall. A1.2 Segregation, identification and safeguarding of trust assets is paramount. Code of Practice A Overall A1. Integrity A TACT member must conduct its business with integrity. A1.1 Members will ensure that their key persons and officers work with the highest integrity at all times

More information

Life Insurance Council Code of Conduct

Life Insurance Council Code of Conduct Life Insurance Council Code of Conduct TABLE OF CONTENTS EXECUTIVE SUMMARY... 2 INTERPRETATION... 5 DEFINITIONS... 6 CODE OF CONDUCT PRINCIPLES... 7 1. INTEGRITY AND TRUSTWORTHINESS... 7 2. GOOD FAITH...

More information

[To All Financial Institutions Exempt from Holding Capital Markets Services Licence]

[To All Financial Institutions Exempt from Holding Capital Markets Services Licence] Circular No.: CMI 01/2011 7 February 2011 [To All Holders of Capital Markets Services Licence] [To All Holders of Financial Advisers Licence] [To All Financial Institutions Exempt from Holding Capital

More information

CONTENT OF THE AUDIT LAW

CONTENT OF THE AUDIT LAW CONTENT OF THE AUDIT LAW I. GENERAL PROVISIONS Article 1 This Law shall regulate the conditions for conducting an audit of legal entities which perform activities, seated in the Republic of Macedonia.

More information

Tax Agent Services Act 2009

Tax Agent Services Act 2009 Tax Agent Services Act 2009 No. 13, 2009 An Act to establish the Tax Practitioners Board and to provide for the registration of tax agents and BAS agents, and for related purposes Note: An electronic version

More information

AVOIDING AND RESOLVING DISCIPLINE AND GRIEVANCE ISSUES AT WORK. Simpler laws, better services

AVOIDING AND RESOLVING DISCIPLINE AND GRIEVANCE ISSUES AT WORK. Simpler laws, better services AVOIDING AND RESOLVING DISCIPLINE AND GRIEVANCE ISSUES AT WORK Simpler laws, better services 2 Introduction This leaflet has been jointly produced by the Department for Business, Enterprise and Regulatory

More information

Review of insolvency engagements questionnaire

Review of insolvency engagements questionnaire Review of insolvency engagements questionnaire Introduction This questionnaire is to be used for formal insolvency engagements under the Corporations Act and Bankruptcy Act. The questionnaire is based

More information

CPA Code of Ethics. June 2011. The Institute of Certified Public Accountants in Ireland

CPA Code of Ethics. June 2011. The Institute of Certified Public Accountants in Ireland CPA Code of Ethics June 2011 The Institute of Certified Public Accountants in Ireland CONTENTS Definitions 2 PART A: GENERAL APPLICATION OF THE CODE ALL MEMBERS 100 Introduction and Fundamental Principles...

More information

APPOINTMENT OF DIRECTOR, CHAIRMAN AND KEY EXECUTIVE PERSON

APPOINTMENT OF DIRECTOR, CHAIRMAN AND KEY EXECUTIVE PERSON Notice No: MAS 106 Issue Date: 18 Apr 2013 This Notice replaces MAS 106 issued on 30 April 2008. APPOINTMENT OF DIRECTOR, CHAIRMAN AND KEY EXECUTIVE PERSON Introduction 1. This Notice is issued pursuant

More information

Good practices in Insolvency practitioners regulation

Good practices in Insolvency practitioners regulation Good practices in Insolvency practitioners regulation June 8-15, 2011 World Bank Group Investment Climate Restructuring & Insolvency Team Andres F. Martinez Roadmap for session Introduction importance

More information

(Effective as of December 15, 2009) CONTENTS

(Effective as of December 15, 2009) CONTENTS INTERNATIONAL STANDARD ON QUALITY CONTROL 1 QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF FINANCIAL STATEMENTS, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS (Effective as of December

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines Teachers Federation Health Ltd ABN: 86 097 030 414 Original Endorsed: 25/06/2015 Version: December 2015 1. Corporate Governance Framework 1 2. Board of Directors 2 3. Performance

More information

Review of the Regulation of Law Firms: call for evidence

Review of the Regulation of Law Firms: call for evidence Review of the Regulation of Law Firms: call for evidence A response by the Association of Personal Injury Lawyers March 2009 Page 1 of 8 The Association of Personal Injury Lawyers (APIL) is a not-for-profit

More information

Consumer Credit Licensing. For more information go to www.oft.gov.uk. What is the purpose of this form?

Consumer Credit Licensing. For more information go to www.oft.gov.uk. What is the purpose of this form? Consumer Credit Licensing Credit Competence Plan OFT Form CCP 1 For more information go to www.oft.gov.uk Please read these guidance notes carefully before completing the form. Form CCP 1 What is the purpose

More information

Insolvent Company Investigations. What we do

Insolvent Company Investigations. What we do Insolvent Company Investigations What we do 1 Contents Introduction... 3 What can directors of insolvent companies do?... 4 What is unfit conduct?... 4 The law... 5 What can we investigate?... 5 Who can

More information

Code of Ethics for Professional Accountants. ICPAK Code of Ethics for Professional Accountants

Code of Ethics for Professional Accountants. ICPAK Code of Ethics for Professional Accountants ICPAK Code of Ethics for Professional Accountants I CONTENTS PREFACE... 3 PART A: GENERAL APPLICATION OF THE CODE 100 Introduction and Fundamental Principles...5 110 Integrity...13 120 Objectivity...14

More information

CIMA CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS

CIMA CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS CIMA CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS JANUARY 2015 03 CIMA code of ethics for professional accountants CIMA PREFACEl As chartered management accountants CIMA members (and registered students)

More information

The Principles of Professionalism

The Principles of Professionalism 1. Professionalism, for the actuarial profession, means: the application of specialist actuarial knowledge and expertise; the demonstration of ethical behaviour, especially in doing actuarial work; and

More information

Code of Ethics for Members

Code of Ethics for Members Code of Ethics for Members Effective from 1 July 2006 Contents Section 1: Approach, Scope and Authority 2 Part A: General Application of This Code 7 100 Introduction and Fundamental Principles 8 110 Integrity

More information

Players Agent Registration Regulations

Players Agent Registration Regulations Players Agent Registration Regulations 1 Definitions 1.1 In these, the following terms shall have the following meanings: Agency Activity means acting in any way and at any time in the capacity of agent,

More information

Procedure for approving intermediaries under the Debt Relief Order scheme

Procedure for approving intermediaries under the Debt Relief Order scheme Procedure for approving intermediaries under the Debt Relief Order scheme Introduction AdviceUK has been been notified by Insolvency Service that it has been designated by the Secretary of State as a Competent

More information

liquidators, it does not provide cover for fraud, dishonesty or misappropriation by the liquidator him or herself.

liquidators, it does not provide cover for fraud, dishonesty or misappropriation by the liquidator him or herself. Consultation on the amount and terms of indemnity against losses and claims arising in respect of civil liability by liquidators 7 August 2015 Table of Contents 1) Introduction...1 2) Overview of Professional

More information

(1 January 2011 - to date) AUDITING PROFESSION ACT 26 OF 2005

(1 January 2011 - to date) AUDITING PROFESSION ACT 26 OF 2005 (1 January 2011 - to date) AUDITING PROFESSION ACT 26 OF 2005 (Government Notice 32 in Government Gazette 28406 dated 16 January 2006. Commencement date: 1 April 2006 [GN 316, Gazette No. 28698]) NEW RULES

More information

Professional Ethics Study and assessment guide

Professional Ethics Study and assessment guide Professional Ethics Study and assessment guide 2013 AAT Accounting Qualification Version date: December 2013 (version 3) c Changes to the previous version of this document are shown in blue Professional

More information

Property Management Services Bill. Contents

Property Management Services Bill. Contents C2717 Property Management Services Bill Contents Clause Page Part 1 Preliminary 1. Short title and commencement... C2727 2. Interpretation... C2727 3. Property management services... C2733 4. Disciplinary

More information

International Federation of. June 2005. Accountants. Ethics Committee. Code of Ethics for Professional. Accountants

International Federation of. June 2005. Accountants. Ethics Committee. Code of Ethics for Professional. Accountants International Federation of Accountants Ethics Committee June 2005 Code of Ethics for Professional Accountants Mission of the International Federation of Accountants (IFAC) To serve the public interest,

More information

STATEMENT OF INSOLVENCY PRACTICE ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS. Contents. Introduction 1 4. Scope 5 6

STATEMENT OF INSOLVENCY PRACTICE ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS. Contents. Introduction 1 4. Scope 5 6 STATEMENT OF INSOLVENCY PRACTICE ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS Contents Paragraphs Introduction 1 4 Scope 5 6 Legal Obligations of Directors and Statutory Provisions 7 10 Obligations

More information

Corporate Governance Statement

Corporate Governance Statement Corporate Governance Statement Magellan Flagship Fund Limited ACN 121 977 884 Magellan Flagship Fund Limited (the Company ) is a listed investment company whose shares are traded on the Australian Securities

More information

KEY ELEMENTS OF NEW REGULATORY FRAMEWORK. New Statutory Board Council for Estate Agencies to strengthen regulation of real estate agency industry

KEY ELEMENTS OF NEW REGULATORY FRAMEWORK. New Statutory Board Council for Estate Agencies to strengthen regulation of real estate agency industry ANNEX A KEY ELEMENTS OF NEW REGULATORY FRAMEWORK New Statutory Board Council for Estate Agencies to strengthen regulation of real estate agency industry Enhanced Licensing for Estate Agents Appointed Key

More information

APPLICATION FOR A LICENCE TO ACT AS AN INSOLVENCY PRACTICTIONER Pursuant to The Insolvency Act 2003 (the ACT ), Section 475(1)

APPLICATION FOR A LICENCE TO ACT AS AN INSOLVENCY PRACTICTIONER Pursuant to The Insolvency Act 2003 (the ACT ), Section 475(1) APPLICATION FOR A LICENCE TO ACT AS AN INSOLVENCY PRACTICTIONER Pursuant to The Insolvency Act 2003 (the ACT ), Section 475(1) This application form should be read in conjunction with: - the Insolvency

More information

Applicant any person who is applying or has applied for registration as a Paralegal;

Applicant any person who is applying or has applied for registration as a Paralegal; PRACTISING CERTI Paralegal Practising Certificate Rules Citation, Commencement and Interpretation These Rules may be cited as the Paralegal Practising Certificate Rules 2015 and come into force on 20th

More information

Government Owned Corporations. Corporate Governance Guidelines for Government Owned Corporations

Government Owned Corporations. Corporate Governance Guidelines for Government Owned Corporations Government Owned Corporations Corporate Governance Guidelines for Government Owned Corporations Version 2.0 The State of Queensland (Queensland Treasury) The Queensland Government supports and encourages

More information

APES 230 Financial Planning Services

APES 230 Financial Planning Services APES 230 Financial Planning Services Prepared and issued by Accounting Professional & Ethical Standards Board Limited ISSUED: April 2013 Copyright 2013 Accounting Professional & Ethical Standards Board

More information

Claims Management Services Regulation. Conduct of Authorised Persons Rules 2014

Claims Management Services Regulation. Conduct of Authorised Persons Rules 2014 Claims Management Services Regulation Conduct of Authorised Persons Rules 2014 Effective from 1 October 2014 Contents Introduction 1 Definitions 1 General Rules Principles 2 Conduct of Business 2 Professional

More information

QUALITY SYSTEM REQUIREMENTS FOR PHARMACEUTICAL INSPECTORATES

QUALITY SYSTEM REQUIREMENTS FOR PHARMACEUTICAL INSPECTORATES PHARMACEUTICAL INSPECTION CONVENTION PHARMACEUTICAL INSPECTION CO-OPERATION SCHEME PI 002-3 25 September 2007 RECOMMENDATION ON QUALITY SYSTEM REQUIREMENTS FOR PHARMACEUTICAL INSPECTORATES PIC/S September

More information

DISCIPLINARY BYE-LAWS

DISCIPLINARY BYE-LAWS PROPOSED NEW DISCIPLINARY BYE-LAWS: NOT IN FORCE The Institute of Chartered Accountants In Ireland Incorporated by Royal Charter 14 th May 1888 Operating as DISCIPLINARY BYE-LAWS Effective Date: [ ] NOT

More information

Agenda. Professionalism and Governance of the Profession. Yves Guérard, Secretary General. Challenges for the Profession. The IAA Priorities

Agenda. Professionalism and Governance of the Profession. Yves Guérard, Secretary General. Challenges for the Profession. The IAA Priorities The Fifth International Professional Meeting of Leaders of the Actuarial Profession and Actuarial Educators in Asia and the Pacific Agenda Professionalism, an IAA priority since the restructure What is

More information

Australian Charities and Not-for-profits Commission: Regulatory Approach Statement

Australian Charities and Not-for-profits Commission: Regulatory Approach Statement Australian Charities and Not-for-profits Commission: Regulatory Approach Statement This statement sets out the regulatory approach of the Australian Charities and Not-for-profits Commission (ACNC). It

More information

About insolvency. Information for individuals and companies

About insolvency. Information for individuals and companies About insolvency Information for individuals and companies BUSINESS WITH CONFIDENCE icaew.com/insolvency Contents Introduction 01 What is insolvency? 01 What does an insolvency practitioner do? 02 Who

More information

INVITATION TO COMMENT

INVITATION TO COMMENT INVITATION TO COMMENT INVITATION TO COMMENT AND EXPOSURE DRAFT ON: Code of Ethics (Revised) 8 March 2013 ITC: Code of Ethics (Revised) REQUEST FOR COMMENT The Professional Standards Board (PSB) of the

More information

UNIVERSITY BOARD SKILLS REVIEW MATRIX 2014. Page 1 of 5

UNIVERSITY BOARD SKILLS REVIEW MATRIX 2014. Page 1 of 5 UNIVERSITY BOARD SKILLS REVIEW MATRIX 2014 Each key skill is linked to relevant strategic objectives and/or the Board s Statement of Primary Responsibilities. To assist with the assessment of Board Members

More information

APB ETHICAL STANDARD 5 (REVISED) NON-AUDIT SERVICES PROVIDED TO AUDITED ENTITIES

APB ETHICAL STANDARD 5 (REVISED) NON-AUDIT SERVICES PROVIDED TO AUDITED ENTITIES APB ETHICAL STANDARD 5 (REVISED) NON-AUDIT SERVICES PROVIDED TO AUDITED ENTITIES (Revised December 2010, updated December 2011) Contents paragraph Introduction 1 4 General approach to non-audit services

More information