Formal Regulatory Remedies - Center for the Study of Financial Market Evolution (CSFME)

What’s in a Name? Would a Derivative by Any Other Name Smell As Sweet?

by David Schwartz J.D. CPA | Tuesday, August 19, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies

“The different approaches to the interpretation of MiFID I across Member States mean that there is no commonly-adopted application of the definition of derivative or derivative contract in the EU for some asset classes. Whilst this issue has in the past been noted as a concern since the implementation of MiFID, the practical consequences have come to the forefront with the implementation of the European Markets Infrastructure Regulation (EMIR).”

Senate Democrats Call for Executive Action to Stop Corporate Inversions

by David Schwartz J.D. CPA | Wednesday, August 13, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies

In a letter to President Obama, three Senate Democrats have urged the President to use executive action to end a growing trend in corporate inversions motivated by tax considerations. Senate Assistant Majority Leader Dick Durban (D-IL), Senate Assistant Majority Leader, and Senate Banking Committee members, Jack Reed (D-RI) and Elizabeth Warren (D-MA), called him to use necessary executive authority to end tax breaks for companies that enter into mergers that move their headquarters overseas to avoid paying U.S. taxes.

Fed Attention Turns to Wholesale Financing Activities

by David Schwartz J.D. CPA | Thursday, June 19, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies

In a November 22, 2013 address before the Americans for Financial Reform and Economic Policy Institute Conference, Federal Reserve Board Governor Daniel K. Tarullo outlined a potential regulatory initiative to limit short-term wholesale funding risks.

Blackrock Pushes Back on FSOC Concerns About Securities Lending

by David Schwartz J.D. CPA | Friday, June 06, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies

In a May 29, 2014 white paper, Blackrock responded strongly to the Financial Stability Oversight Council’s (FSOC) 2014 Annual Report which raised concerns about asset managers and securities lending. In particular, Blackrock’s paper takes issue with FSOC’s assertion that indemnity provided to lending clients by asset managers acting as securities lending agents created extra risk because asset managers do not face the same capital and liquidity requirements as their bank counterparts.

New York Fed Publishes A Primer on the GCF Repo® Service

by David Schwartz J.D. CPA | Monday, June 02, 2014 | All, Formal Regulatory Remedies

The Staff of the Federal Reserve Bank of New York has published a “A Primer on the GCF Repo® Service,” the overall goal of which is to to quantify to what extent dealers pursue various strategies trading GCF Repo.

ICGN Proposes Revised Corporate Governance Principles

by David Schwartz J.D. CPA | Wednesday, May 28, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies, Lender Directed Voting

On March 28, 2014, the International Corporate Governance Network (ICGN), an investor-led organization of governance professionals interested in international corporate governance practices, published its a proposed draft revision to its Global Governance Principles.

FCA Fines Five Banks $1.7 Billion for FX Failings

by David Schwartz J.D. CPA | Saturday, April 19, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies

On November 12 2014, the UK’s Financial Conduct Authority issued Final Notices collectively imposing record fines totaling $1.7 billion on five global banking firms for alleged rigging of the FX market. The FCA found that the banks engaged in widespread conduct that put the banks’ interests ahead of those of their clients and other market participants.

Controversial OFR Report Yields Some Valuable Findings

by David Schwartz J.D. CPA | Tuesday, April 15, 2014 | All, Change Overview and Rationale, Commentary, Formal Regulatory Remedies

The September 2013 Office of Financial Research (OFR) report entitled “Asset Management and Financial Stability” attempts to present a critical analysis of how asset management firms and the activities in which they engage can introduce vulnerabilities that could pose, amplify, or transmit threats to financial stability.

ICI President Resolute that Asset Management is Not a Source of Financial Instability

by David Schwartz J.D. CPA | Tuesday, March 25, 2014 | All, Formal Regulatory Remedies

In a strong defense of the stability and safety of the asset management industry, Investment Company Institute President and CEO Paul Schott Stevens told the Mutual Fund and Investment Management Conference that not only are asset managers and the funds that they offer not sources of risk to the overall financial system, but some misguided efforts to regulate them as such may do vastly more harm than good.

SEC Proposes Rules for Systemically Important and Security-Based Swap Clearing Agencies

by David Schwartz J.D. CPA | Wednesday, March 19, 2014 | All, Formal Regulatory Remedies

The Securities and Exchange Commission voted on March 12 to propose new rules to enhance the oversight of clearing agencies that are deemed to be systemically important or that are involved in complex transactions like security-based swaps. The Dodd-Frank Act calls for a new framework of regulation for certain clearing agencies, and these rules, if adopted, would apply to SEC-registered clearing agencies that have been designated as systemically important by the FSOC. The rules would also sweep into their regulatory ambit clearing agencies not deemed systemically important, but that take part in highly complex transactions, such as clearing security-based swaps.

Category:
Formal Regulatory Remedies