Russian State Duma’s deputy Vladislav Reznik has introduced amendments that will allow the Federal Insurance Supervision Service (aka “RosStrakhNadzor”) to revoke an insurance company’s license if the insurer makes two mistakes during the year while preparing financial accountancy.

A program to improve financial literacy of Russia’s citizens is to be launched in June. It was jointly developed by the Ministry of Finance of the Russian Federation together with the World Bank.

This draft guidance has been approved under the Proceeds of Crime Act 2002 by HM Treasury and has been updated for the new ISAs (UK and Ireland).

The SEC staff is conducting a review to evaluate the use of derivatives by mutual funds, exchange-traded funds (ETFs) and other investment companies. The review will examine whether and what additional protections are necessary for those funds under the Investment Company Act of 1940.

The FSA is considering making suitability reports mandatory for a wider range of financial instruments, including structured products, under a possible extension of its COBS rules.

G20 countries still disagree on a unique tax on banks and financial institutions with which to protect taxpayers. This was announced yesterday by British Finance Minister Alistair Darling. According to him, England is not ready for one-sided actions at the moment just not to scare away its banks and not to make them run to other countries.

Ukraine’s government proposed the International Monetary Fund to grant it $5 billion as its next stand-by credit – informed Irina Akimova, first deputy chair of the presidential administration. “This was the previous number”, - she reminded.

The Ministry for Economic Development has prepared a set of proposals to improve Russia’s investment climate, and among the most obvious, most needed “number one” solutions (also standing as №1 in the list) is simplification of immigration regime.

The U.S. auditor watchdog said on Wednesday it would consider proposing a rule about how auditors communicate with their audit committees on boards of directors.

FBI arrested two Russians this Wednesday, suspecting them in insider trading. The Securities and Exchange Commission alleges that two businessmen – UBS executive offices Igor Poteroba and his friend from Northern Trust Alexei Koval – used a system of encrypted messages in which they referred to money as “potato yield” and “frequent flyer miles”.