Tag Archives: conflict-of-interest

Trump expected to sign crypto regulation bill

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The U. S. Senate Banking Committee will vote in December 2025 on comprehensive cryptocurrency market structure legislation, according to committee Chair Tim Scott on a recent television interview The Bill seeks to establish a unified regulatory framework for digital assets and would formally designate Bitcoin and Ether as digital commodities under the jurisdiction of the Commodity Futures Trading Commission, according to draft text of the legislation. The designation would resolve a jurisdictional dispute between the Securities and Exchange Commission and the CFTC over oversight of digital assets. The proposed legislation includes requirements for cryptocurrency exchanges to segregate customer funds, implement conflict-of-interest controls, and provide enhanced disclosures. The provisions address vulnerabilities exposed during the collapse of exchanges including FTX, according to the bill’s framework. Scott stated he plans to advance the legislation to the full Senate in early 2026 if the committee vote succeeds. President Donald Trump is expected to sign the bill into law, according to legislative projections. Bipartisan negotiations continue Bipartisan negotiations remain ongoing, with regulation of decentralized finance platforms emerging as a primary point of contention. Democratic lawmakers have expressed concerns regarding money laundering risks and systemic vulnerabilities associated with DeFi protocols, according to sources familiar with the discussions.
https://crypto.news/trump-expected-to-sign-crypto-regulation-bill/

Indian government may amend Companies Act to boost local auditors

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**Indian Government May Amend Companies Act to Boost Local Auditors**
*By Mudit Dube | Oct 13, 2025, 02:41 PM*

The Ministry of Corporate Affairs (MCA) is considering significant amendments to the Companies Act aimed at strengthening the position of domestic audit firms. This initiative is part of a broader effort to help Indian auditors compete more effectively with global giants such as Deloitte, PwC, EY, and KPMG. The proposed changes are expected to be introduced through the Companies Act Amendment Bill.

**Relaxing Partner Composition Norms**

One of the key proposals under consideration is the relaxation of partner composition norms for audit firms. Currently, Section 141(1) of the Companies Act mandates that a majority of partners practicing in India within an audit firm must be chartered accountants. The amendment seeks to modify this requirement to offer greater flexibility and encourage the growth of local firms.

**Tender Reforms to Increase Domestic Participation**

Apart from legislative changes, the government is also evaluating reforms in tender norms related to government audits. At present, large-value government audit contracts are predominantly won by international audit firms. To boost opportunities for Indian firms, the government plans to make participation of domestic auditors mandatory in government tenders and adjust eligibility criteria to widen the bidder base.

**Role of ICAI and Regulatory Alignment**

The Institute of Chartered Accountants of India (ICAI) has been engaged to help align regulatory frameworks with global best practices. As part of this collaboration, ICAI is finalizing a digital platform to facilitate mergers among CA firms, aiming to strengthen the domestic audit sector. These regulatory enhancements are expected to roll out in the coming months alongside the legislative changes.

**Proposed Amendments to Conflict-of-Interest Provisions**

In addition to partner composition reforms, amendments to Section 144 of the Companies Act are also being considered. Section 144 governs conflict-of-interest provisions, and the proposed changes intend to ensure the regulatory environment evolves in line with new business models in auditing and advisory services.

**Towards a Level Playing Field**

Collectively, these proposed amendments and policy initiatives are designed to create a more level playing field for Indian audit firms by enhancing their capacity to compete against international counterparts. The government’s focus on strengthening domestic capabilities signals a strategic move to nurture local talent and increase indigenous participation in the critical audit segment.

*Stay tuned for updates as the Companies Act Amendment Bill progresses through the legislative process.*
https://www.newsbytesapp.com/news/business/indian-government-may-tweak-companies-act-to-boost-local-auditors/story