Wednesday, September 30, 2020

Alarm Raised on Stock Loans for "Withholding Tax Schemes”

Findings Point to a New Role for Emerging Fintech

Author: David Schwartz

European commissioners are reviewing a study from their securities and market authority (ESMA) that includes a recommendation for new laws to combat unfair trading practices and an extended remit for National Competent Authorities (NCAs) to conduct snap audits of securities loans and transactors. Loans deemed to be suspicious would prompt an inquiry to determine penalties for unfair strategies and inappropriate beneficiaries. However, useful audit results may be doubtful based on our preliminary review that uncovered shortcomings in the proposed SFTR surveillance datasets, as well as possible flaws in the study’s basic methodology. 

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Saturday, August 11, 2012

Should We Be Alarmed About Empty Voting?

Author: CSFME

Should we be alarmed about empty voting? According to a recent article, "A Call to Arms on Empty Voting!" by Andrew MacDougall, Robert M. Yalden and Jeremy Fraiberg, yes, we should indeed.  Using a proxy battle over a proposal by Canadian company, TELUS to eliminate its dual class share structure earlier this year  as an example, MacGougall, Yalden, and Fraiberg assert that as "the number of public M&A transactions increases, and if U.S. hedge funds continue to look for opportunities in Canada to engage in strategic gamesmanship, concerns about empty voting will also increase."

 
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