By 25 December 2022, all EU Member States were expected to have adopted and published, the laws, regulations and administrative provisions necessary to comply with Directive (EU) 2020/1828 on representative actions for the...more
Pre-Brexit and during the transition period, UK judgments were enforced within the EU on the basis of the Brussels I Recast. Judgments were easily enforceable in other member states without any declaration of enforceability...more
Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more
The Hong Kong Court of Appeal has denied an accountant’s appeal of a Disciplinary Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA) order that cancelled her practicing certificate due to...more
In mid-2020 the German stock corporation Wirecard became suspected of having falsified its records and to have made up assets in the magnitude of EUR 1.9 billion in its balance sheets. This prompted the German legislature to...more
Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more
12/22/2021
/ Accountants ,
Accounting ,
Accounting Standards ,
Auditor Independence ,
Financial Reporting ,
Financial Services Industry ,
Foreign Corporations ,
Hong Kong ,
Netherlands ,
PCAOB ,
Securities and Exchange Commission (SEC)
A company that specialized in the design and production of optical instruments (hereafter: the Company) hired an accounting firm and a tax consultancy firm (hereinafter: the Accountants) to prepare its annual accounts between...more
10/26/2021
/ Accountant Malpractice ,
Accountants ,
Accounting ,
Accounting Standards ,
Audits ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong ,
Italy ,
Netherlands ,
Professional Liability ,
Securities and Exchange Commission (SEC) ,
Spain
On 1 July 2021 a new bill came into force in Germany that substantially reshapes the legal framework for accountants (“Gesetz zur Stärkung der Finanzmarktintegrität – (Finanzmarktintegritätsstärkungsgesetz -FISG)”, “FISG”,...more
Court of Appeal rules in favor of accounting firm in breach of contract claim -
The Court of Appeal has rejected a claim from a California-based businessman that a global accounting firm failed to ensure that its...more
Recent regulatory and enforcement developments -
Hong Kong -
Court rules on disclosure of disciplinary decisions-
Accountants and other professionals should not expect that disciplinary decisions against them will remain...more
3/30/2021
/ Accountant Malpractice ,
Accountants ,
Accounting ,
Accounting Standards ,
Capital Markets ,
Disciplinary Proceedings ,
Enforcement Actions ,
Fraud ,
Hong Kong ,
Italy ,
Memorandum of Understanding ,
Netherlands ,
Regulation S-K ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
On 18 February 2020, the French Ministry of Economy and Finance announced the launch of a new online platform called SignalConso, an easy-to-use public service enabling individuals to report any consumer law issue they may...more
On 21 August 2020, the court of Chancery of the State of Delaware granted a motion brought by three Defendant KPMG firms to dismiss a cause of action seeking to hold KPMG LLP (KPMG US) liable as the agent of KPMG Cardenas...more
9/18/2020
/ Accounting ,
Financial Services Industry ,
Hong Kong ,
Hong Kong Monetary Authority (HKMA) ,
KPMG ,
Liability ,
Netherlands ,
PCAOB ,
Regulatory Agenda ,
Regulatory Standards ,
Risk Management
Certified public accountants are among those who may benefit from a mechanism announced by the Hong Kong government in May 2020 to exempt certain inbound travelers from compulsory quarantine. The exemption is provided under...more