Friday, July 7, 2017

Deglobalizing or Reglobalizing?

Are Global Banks Pulling Back or Expanding Their Cross-border Connections?

Author: David Schwartz

On June 30, 2017, the Bank For International Settlements (BIS) published the results of a study examining trends in bank deglobalization since the financial crisis. Prompted by data indicating a decline in cross-border activity by banks, the BIS launched a study to determine whether the data support the hypothesis that the largest global banks have truly scaled back their cross-border activity since 2007, or whether it might be an indicator of some other trend.

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Wednesday, July 5, 2017

Clock Runs Out on CALPERS' Lehman Claims

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

Author: David Schwartz

On June 26, 2017, the Supreme Court handed down a 5-4 decision which ended California Public Employees' Retirement System’s (“CALPERS”) efforts to spin off its own Lehman-related claims from a larger class action because the claims were filed late.  The Court held that the three-year time limit in Section 13 of the Securities Act of 1933 is a statute of repose. Consequently, the Court held that the filing of a class action suit under Section 13 does not stop the clock on the statute of limitations for plaintiffs who subsequently opt-out of the class to pursue individual lawsuits.

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Thursday, June 29, 2017

Fed urges Recalibration, Not Repeal, of Dodd-Frank Reforms

Outlines Fed's Guiding Principles for Recalibration

Author: David Schwartz

In Congressional testimony on June 22, 2017, Federal Reserve Governor Jerome H. Powell highlighted the progress that has been made since the financial crisis in improving the resiliency and resolvability of the U.S. banking industry. Having achieved the primary goals of re-regulation, however, Powell believes that the time is ripe "for us to look for ways to reduce unnecessary burden." In his statement, Governor Powell urged the lawmakers on the Senate Committee on Banking, Housing, and Urban Affairs not to roll back Dodd-Frank reforms, but to recalibrate them.

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Wednesday, June 21, 2017

Does LIBOR Have a Future?

Committee Meets this Week to Discuss Alternative Benchmark Rates

Author: David Schwartz
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Number of views (2509)

Tuesday, June 20, 2017

Beefing Up Public Company Audit Reports

New Standards for Public Company Audit Disclosure

Author: David Schwartz

On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) voted to adopt new standards for public company audit reports. The new auditing standard, AS 3101, is the result of nearly eight years of work by the PCAOB with members of the public accounting profession, regulators, academics, and investor groups. If approved by the Securities and Exchange Commission, this new standard will change the scope of the current auditor’s report. AS 3101 retains the unqualified versus qualified (pass versus fail) opinion of the existing auditor's report, but makes significant changes to the auditor's report by adding a new section highlighting what the PCAOB calls “critical audit matters” (CAM). Adding CAM to audit opinions is intended to better highlight key areas of risk information to reduce the information asymmetry between users of a company’s financial statement and the company's management.

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