Monday, January 16, 2012

First FRB Financial Stability Analysis Serves as a Model for the Industry

Author: David Schwartz J.D. CPA
In a December 23, 2011 approval order in connection with the proposed acquisition of RBC Bank (USA), a North Carolina based unit of Royal Bank of Canada, by The PNC Financial Services Group, Inc. includes the FRB's first ever Dodd-Frank financial stability analysis.  This analysis may serve as a model for how the FRB will determine going forward “the extent to which a proposed acquisition, merger, or consolidation would result in greater or more concentrated risks to the stability of the United States banking or financial system” now required under Dodd-Frank.    

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Categories: All, Formal Regulatory Remedies, Procedural Changes

Tags: FRB, Financial Stability Analysis

Thursday, January 5, 2012

Breaking the Law of Unintended Consequences

Author: David Schwartz J.D. CPA

The rush to reregulate the financial markets after the financial crisis understandably has many concerned about unintended consequences. Regardless of good intentions, the fixes put in place by legislators, central bankers, and regulators no matter how well thought out are bound to affect the complex and constantly evolving global financial markets in unanticipated ways.  Professor Roberta Romano of the Yale Law School shares these worries and proposes in her latest paper, "Regulating in the Dark," a mechanism for addressing and remediating the inevitable unintended consequences of hasty financial regulation.

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Categories: All, Formal Regulatory Remedies, Procedural Changes

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Tuesday, December 27, 2011

Basel Committee Issues New Core Principles for Effective Banking Supervision

Author: David Schwartz J.D. CPA
The Basel Committee on Banking Supervision has issued for consultation its revised Core Principles for Effective Banking Supervision. The consultative paper updates the Committee's 2006 Core Principles document as well as the associated Core Principles Methodology, merging the two into a single comprehensive document. The revised set of twenty-nine Core Principles have also been reorganized to foster their implementation through a more logical structure, highlighting the difference between what supervisors do themselves and what they expect banks to do.
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Categories: All, Formal Regulatory Remedies, Procedural Changes

Tags: Basel Committee, banking supervision

Wednesday, December 21, 2011

ISS Issues Whitepaper on Pay for Performance Methodology

Author: David Schwartz J.D. CPA
On December 20, ISS published its white paper laying out in detail the pay for performance methodology it will implement under its 2012 policy updates. The goal of the white paper is to help both institutional clients and the companies in which they invest more fully understand ISS’ pay-for-performance methodology in advance of the 2012 proxy season.
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Categories: All, Procedural Changes

Tags: Proxy Voting, Corporate Governance, Pay for Performance

Tuesday, December 20, 2011

Schapiro: SEC to Focus on Proxy Advisory Firms and Beneficial Ownership Rules

Author: David Schwartz J.D. CPA
In her December 15, 2011 address before the Transatlantic Corporate Governance Dialogue, SEC Chairman, Mary L. Schapiro, stated that in response to comments received on the Commission's Proxy Plumbing concept release, the Commission is seriously considering providing guidance on how the federal securities laws should regulate the activities of proxy advisory firms, in addition to other key areas of proxy reform.
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Categories: All, Formal Regulatory Remedies, Procedural Changes

Tags: Proxy Voting, Corporate Governance

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