Commentary

Tuesday, August 20, 2013

Mutual Funds Get Guidance and Relief for Commodity Investments

Author: David Schwartz J.D. CPA
Given their strict regulatory regime, the use of commodities has long been a sticky subject for mutual funds. At the same time, however, the competitive environment for returns amongst mutual funds has made use of derivatives and commodity interests by registered investment companies much more common, with even funds that previously eschewed these instruments finding them useful and necessary. Over the past five or so years, and particularly so since the financial crisis, regulators have...
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Categories: All, Disclosure Regimes, Formal Regulatory Remedies

Tags: commodities, Mutual Funds

Wednesday, August 14, 2013

August 2013 Financial Services Legislative Update

Author: David Schwartz J.D. CPA
As they depart for the August recess, Congress has left some financial regulatory issues open to occupy their time upon their return next month.  Bills addressing high frequency trading, exempting banks as municipal advisers, and relief for brokers engaging in private mergers and acquisition transactions remain open items for the new session.  In addition, Congress is still waiting for answers from the SEC and CFTC regarding new cross-border derivatives regulations.
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Categories: All, Change Overview and Rationale, Disclosure Regimes, Formal Regulatory Remedies

Tags: OTC Derivatives, legislation, brokers, High Frequency Trading

Thursday, April 18, 2013

Can the Right Statistics Help Us Avoid the Next Titanic Disaster?

Author: David Schwartz J.D. CPA
The latest financial crisis was marked by a spectacular lack of understanding about the astounding levels of risk that had been allowed to build up throughout the system. Regulators and risk managers realized after the fact that the data they needed to understand the scale, let alone the nuances, of what went wrong just had not been collected, or was obscured or insufficient. With the benefit of hindsight, and as we move into recovery, it is time to think about what role could new...
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Categories: All, Change Overview and Rationale, Disclosure Regimes

Tags: BIS, datasets

Monday, February 4, 2013

FASB Tries to Eliminate Shenanigans When Accounting for Repos

Author: David Schwartz J.D. CPA
At this point, we're basically saying all repos should be accounted for as borrowings. FASB Chairman Leslie Seidman On January 15, 2013, the Financial Accounting Standards Board (FASB) proposed changes to accounting standards for repos intended to improve financial reporting disclosures and more properly reflect a company's obligations and risks. They also will clarify guidance for distinguishing between transactions that are essentially sales that can be moved off the balance sheet and...
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Categories: All, Disclosure Regimes, Formal Regulatory Remedies

Tags: Repo

Wednesday, January 16, 2013

EC Crosses the Rubicon into Regulation of OTC Derivatives and Investment Advisers

Author: David Schwartz J.D. CPA
On December 19, 2012, the European Commission adopted technical standards on the European Markets Infrastructure Regulation (EMIR) as well as a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD) (called "Level 2 measures").  These two measures have been under formulation and consideration since 2010, and the technical standards adopted on December 19 meet important preconditions to implementing EMIR and AIFMD throughout all EU...
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Categories: All, Change Overview and Rationale, Disclosure Regimes, Formal Regulatory Remedies, Procedural Changes

Tags: OTC Derivatives, EMIR, AIFMD

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Journal Commentaries

 

Keep Regulation Functional (October 2008)

CSFME’s Executive Director Ed Blount interviews SEC Chairman Chris Cox.
American Banking Association Banking Journal
https://www.questia.com/library/journal/1G1-187494664/keep-functional-regulation-how-financial-regulation

 

The Bear Market Posse, or Counterparty Risk Management during the Recent Turmoil (Sept.  2008)

by Ed Blount
The RMA Journal, v91n1, 28-32, 5 pages Sep 2008.

 

Searching for New Paradigms at BIS (July 2008)

by Ed Blount
Unexpected deficiencies in bank capital after recent market turmoil has regulators rethinking aspects of Basel II and “value at risk.”  
American Banking Association Banking Journal  
https://www.questia.com/library/journal/1G1-181991450/searching-for-new-paradigms-at-bis-market-turmoil

 

Will Basel II Affect The Competitive Landscape? (September 2003)

By Ed Blount
Newly elected Basel Committee Chairman Caruana, Governor of the Bank of Spain, gives his views on the revised Basel capital accord, relative to its potential effects on competition and risk management in banking markets.
American Banking Association Banking Journal
https://www.questia.com/read/1G1-108008773/will-basel-ii-affect-the-competitive-landscape-the​