• French regulator Autorité des marchés
financiers (AMF) and the Dubai Financial Services
Authority have signed a Memorandum of Understanding that
contains provisions on the exchange of information and
investigatory co-operation. The agreement will also facilitate
cross-border business between the two markets. The AMF said the
agreement was part of its efforts to forge closer ties with
regulators in the Middle East.
• The demand for
sustainability services is rising in South Africa, according to the
head of sustainability services at Ernst & Young South
Africa, Jayne Mammatt.
Last year, South Africa released a new version
of its code on corporate governance, King Report III. The report
highlighted the importance of reliable sustainability information
and audit committees were tasked with establishing a formal process
of external assurance on a company’s sustainability
• The Saudi Arabian
Capital Market Authority (CMA) has revoked the licence of
Ernst & Young (E&Y) Consulting Saudi
Arabia following allegations of several capital markets law
violations. E&Y, one of the largest firms in the Middle East
and Africa with about 4,200 staff, said in a statement that it
fully respected the CMA’s decision.
“This decision is limited to the services
provided by one of the entities of Ernst & Young in Saudi
Arabia, E&Y Consulting Limited, Saudi Arabia (EYCSA), and does
not affect any other E&Y entity in Saudi Arabia,” it
• Mohammed Abdul Aziz is the
new president of the Institute of Cost and Management
Accountants of Bangladesh (ICMAB). Aziz qualified as a CMA
in 1986 and has served on the ICMAB board five times, including
stints as treasurer in 1995, secretary in 1996, vice-president
between 1997 and 1998 and president in 2001.
Aziz has worked both in public and private
sector industries in senior management positions. He is currently
the group finance director of Bangladeshi industrial conglomerate
Opex & Sinha Textile Group. He will serve as ICMAB president
until January next year.
• The Dubai Financial
Services Authority (DFSA) has proposed changes to Dubai’s
corporate governance framework for reporting entities, including a
‘comply or explain’ model for companies to disclose their
governance decisions. The proposed regime lays out a mandatory
framework to meet corporate governance objectives. Entities will be
free to decide how to meet these objectives.
• The removal of mandatory
audits for non-public companies is one of the most damaging
provisions in South Africa’s new Companies Act, according to the
South African Institute of Chartered Accountants
SAICA auditing project director Ashley Vandiar
said the provisions of Section 30(2) may achieve the opposite of
the objectives of the corporate law reform process.
The new act, which was signed into law in 2009
and comes into effect in July, will remove the mandatory audit
requirements for most companies in South Africa. At present, all
companies are subject to audit in South Africa.