Category Archives: Regulations

Rolling Back Dodd-Frank: One Bite at a Time

By | March 11, 2020

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) ushered in the most substantial changes to the U.S. financial system since the Great Depression. The statute was 848 pages long and imposed an estimated 27,278 new restrictions—equal to 74 percent of the restrictions created by all other laws passed during the Obama administration combined!… Read More »

XY Planning Network, LLC v. SEC: Broker Conflicts of Interest, Regulation “Best Interest,” and Investors’ False Sense of Security

By | March 5, 2020

Courtesy of Micah Hauptman and Stephen Hall Introduction In June 2019, the Securities and Exchange Commission (“SEC”) finalized Regulation Best Interest (“Reg. BI”) on a 3-1 vote, with strong support from the broker-dealer industry and equally strong opposition from investor advocates. The SEC heralded the rule as a pragmatic and effective solution to the longstanding… Read More »

Measuring Regulatory Complexity

By | February 26, 2020

Courtesy of Jean-Edouard Colliard and Co-Pierre Georg Since the global financial crisis of 2007–08, regulators around the world have been busy overhauling global financial regulation. The culmination of these efforts, the Basel III accords on capital regulation and their national implementations, have the financial services industry up in arms. They argue that regulation has become… Read More »

The New EU Prudential Regime for Investment Firms and What It Means for Firms

By | February 24, 2020

Courtesy of Mete Feridun  Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official views and opinions of PwC.  The Official Journal of the European Union published the prudential framework for investment firms (Investment Firms Review – IFR) on 5 December 2019. Applying to all MiFID… Read More »

The Virtual Commodity Association and the Uphill Battle for Cryptocurrency Self-Regulation

By | February 20, 2020

Courtesy of Katarina Weessies In March of 2018, Cameron and Tyler Winklevoss proposed the Virtual Commodity Association (VCA), a self-regulatory organization, or SRO, meant to make the cryptocurrency industry more “safe and secure.” An SRO is “a nongovernmental organization that is statutorily empowered to regulate its members by adopting and enforcing rules of conduct.” The… Read More »

Restructuring the Personal-Public Gain Relationship: A Solution to the Battle Between Personal and Societal Interests

By | January 17, 2020

Courtesy of Kanksha Mahadevia Ghimire The United Nations Environment Programme issued a bulletin in 2013 highlighting the prevalent existence of corruption (fraud, bribery, abuses of power, etc.) in emissions trading, specifically the European Union’s Emissions Trading Scheme (EU ETS). Corruption undermines the emissions trading mechanism and weakens its chances to act as an effective incentive… Read More »

Summarization in Financial Disclosures: Determinants and Effects of Prospectus Summaries

By | January 14, 2020

Courtesy of Daniel Blaseg and Christina Bannier Issuers of financial securities must disclose vast amounts of information to capital markets. The increasing length and complexity of security prospectuses is an unambiguous sign of this development. To raise the comprehensibility of these documents, financial regulators around the world have started to require that issuers release an… Read More »

The Unintended Consequences of Deregulation: Equity Markets under the JOBS Act

By | January 2, 2020

Courtesy of Anantha Divakaruni and Howard Jones Eugene Schieffelin was a Shakespeare fan determined to introduce to the New World every species of bird appearing in the works of The Bard. In 1890 he released 100 of the European starlings mentioned in Henry VI in New York’s Central Park. Schieffelin’s starlings multiplied quickly and spread across… Read More »

Financial Stability Needs Macro-Financial Regulation of Banking M&A

By | November 8, 2019

Courtesy of Eduard Dzhagityan Guided by the objectives of international banking regulation reform in the post-crisis period (Basel III), I explore the idea of risk-centered regulation of mergers and acquisitions (M&A) deals. This idea introduces a new set of microprudential standards aimed at improving both the integrity of M&A and the stress resilience of the… Read More »

Building Fintech Ecosystems: Why Regulatory Sandboxes Tend to Get the Plaudits and Innovation Hubs Do the Work of Promoting Development, Innovation and Competition in Financial Services

By | October 8, 2019

Courtesy of Ross Buckley, Douglas Arner, Robin Veidt, and Dirk Zetzsche Regulatory sandboxes are the flavor of the month. Over 50 countries have now established or announced a “financial regulatory sandbox” since the UK Financial Conduct Authority established the first one in 2016. Sandboxes are safe spaces in which FinTech start-ups and other innovative enterprises… Read More »