"We were not looking at ECD as a financial entity or as a company, " Metzger says.
It is reasonable to infer that BP will remain a viable and strong financial entity despite this incident.
Management might counter that it should be the whole company, or at least a recognisable financial entity within it.
Furthermore, a financial entity registered by CONSOB must have first invested at least 5% in an offering for it to qualify to be crowd funded for equity.
Local governments encouraged the formation of a new kind of financial entity, which would charge prospective borrowers a fee and, in exchange, serve as a guarantor to the bank, pledging to pay for any losses in the event of a default.
The LEI would provide a unique identification tag for every financial services entity and perhaps extend to the financial instruments they issue.
FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance
You have a financial interest in an entity outside your country of residence.
Her last job was as chief executive officer of the Financial Industry Regulatory Authority, the entity that regulates stock brokerages and stockbrokers.
The American Bankers Association in 2011 asked the Consumer Financial Protection Bureau to apply consumer financial protection laws uniformly across the financial sector regardless of whether an entity is a traditional bank or one of the evolving nonbank payment providers.
This failure can only be corrected if the councils give up either their powers of enforcement to local police or some other entity disinterested in the financial outcome of such enforcement or give up the financial benefit from penalty notices.
Amerco also claims PwC acted recklessly when it told Amerco it had to consolidate the special-purpose entity on its own financial statements in 2002, causing Amerco to restate two years of numbers and wipe out 92% of its reported 2001 net income.
This would mean regulating consistently in two ways--regulating the function, in this case taking deposits and making loans, and secondly, regulating the entity in terms of its financial soundness.
The U.S. Person owns, directly or indirectly, more than 50% of a corporation (vote or value), partnership (profits or capital) or other entity that owns the foreign financial account.
FORBES: IRS Issues Final FBAR Regulations and Revised FBAR Form
The current push for a unique global identifier for each legal entity was sparked by the financial crisis in 2008 when firms and regulators had a hard time tracing the transactions among key players such as Lehman, Bear Stearns, AIG and the portfolios of mortgage-backed securities.
The concern was over a foreign entity acquiring control of core Australian financial infrastructure.
For storm-stricken entrepreneurs, simply owning coverage only counts for so much when the entity writing the checks is a sophisticated financial institution looking to levitate its profits by curbing payouts.
FRS5, which requires the substance of an entity's transactions to be reported in its financial statements, regardless of legal form.
Officers or employees of subsidiaries of such U.S. listed entities if foreign financial account information is included in a consolidated FBAR with the parent entity.
FORBES: IRS Issues Final FBAR Regulations and Revised FBAR Form
What is interesting to note is the interdependence of financial institutions of varying credit quality and the importance that investors understand which entity actually controls the distribution of their capital.
By Friday SIFMA should have a recommendation for the Office of Financial Research (OFR) on who should be in charge of Legal Entity Identifiers (LEI), the first step toward improving global regulation.
FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance
The independent external auditor is a licensed professional who works for a public accounting firm and performs an audit of the financial statements of a company, government, individual, or any other legal entity or organization.
Legal Entity Identifers are the first concerted effort to develop a regulatory response to the financial crisis of 2008 by developing a globally accepted unique identifier for firms and subsidiaries.
FORBES: Global Financial Regulation -- The LEI Looks All-American
When the realization that you are hated by the entity you are pursuing for profit becomes the core of your existence within the financial markets, you approach things from a very different point of view.
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But is the biggest entity of all--the U.S. government--heading toward the financial rocks?
Soon after, on New Year's Eve, President Barack Obama signed into law sanctions against any entity which dealt with the Central Bank of Iran, a measure which put off many financial institutions from doing business with Iran under the fear of being locked out of the US market.
Does the White House -- would the White House consider having a consumer financial protection agency that is independent but is part of another regulator, or does it have to be a separate entity?
Given the sorry state of the financial markets, politicians are clamoring for the recreation of a throwback to the 1980s savings and loan crisis: an entity like the Resolution Trust Corp. to help relieve banks of their toxic assets.
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