The document outlines Treasury Secretary Geithner's testimony on regulatory reform which focuses on addressing systemic risk. It discusses establishing a single regulator for systemically important firms, higher capital and risk management standards for such firms, requiring registration of large hedge funds, regulating over-the-counter derivatives, strengthening money market funds, and creating a resolution authority for failing complex institutions. The goal is to modernize financial regulation to prevent future crises and ensure stability.
Orderly Liquidation Authority under Dodd-FrankSimon Lacey
This is a presentation I prepared while at Georgetown University Law Center in 2001 on Orderly Liquidation Authority under the then newly enacted Dodd-Frank Act.
Lessons of the Financial Crisis for Future Regulation of Financial InstitutionsPeter Ho
The document summarizes lessons learned from the ongoing financial crisis for future regulation of financial institutions and markets. Key points include:
- The crisis exposed inadequacies in regulation, supervision, and risk management that failed to prevent excessive risk-taking. Reform is needed to address these issues.
- Priorities for reform include expanding regulation to new entities, addressing procyclicality of capital requirements, improving information sharing, resolving cross-border regulatory issues, and strengthening central bank liquidity management.
- International bodies like the FSF and G20 working groups are examining these issues and developing policy recommendations, but more work is still needed to implement reforms.
Dodd frank wall_street_reform_comprehensive_summary_finalmberre
The Dodd-Frank Act created new regulations and agencies to reform the financial system after the 2008 crisis. It established the Consumer Financial Protection Bureau to regulate consumer financial products and the Financial Stability Oversight Council to monitor systemic risk. It also aimed to end "too big to fail" by giving regulators authority to liquidate large failing firms and limiting high-risk activities like derivatives trading and proprietary trading at banks.
This document summarizes initial lessons from the financial crisis in three areas: regulation, macroeconomic policy, and the global financial system. Key failures included fragmented regulation that allowed regulatory arbitrage, a lack of coordination between macro and financial stability policies, and an inability within the global system to identify vulnerabilities. Lessons indicate regulation needs broader oversight of all systemically important financial activities, macro policies should consider financial stability risks, and greater international cooperation is required.
CAPITAL MARKETS ALERT: How Dodd-Frank and Other New U.S. Laws May Affect Non-...Patton Boggs LLP
The document discusses how new U.S. laws like the Dodd-Frank Act may affect non-U.S. financial institutions. Key points include:
1) The Dodd-Frank Act allows the U.S. to more aggressively assert jurisdiction over foreign financial firms' activities outside the U.S. if they impact the U.S. financial system.
2) Foreign firms deemed "systemically significant" by a new council could be placed under Federal Reserve supervision and new capital rules.
3) The act expands the SEC's authority over foreign firms in fraud cases involving significant U.S. conduct or effects.
4) Foreign subsidiaries of financial firms may be subject to the act
The document summarizes key aspects of the Dodd-Frank Act, the most comprehensive financial regulatory reform legislation since the Great Depression. It overhauls the system of financial institution oversight and establishes new regulatory bodies like the Financial Stability Oversight Council to identify risks across the financial system. The Act also creates an independent Consumer Financial Protection Bureau, reforms derivatives regulation, imposes new restrictions on large banks, and gives the government new powers to wind down large failing financial firms.
The Dodd-Frank Wall Street Reform and Consumer
Protection Act was signed into law in 2010 and ushered
in an overhaul of the US financial regulatory system so
sweeping that many of the regulations needed to fully
implement the law are still evolving in 2012. Enacted in
response to a financial crisis described as the “worst since
the Great Depression,” this massive piece of legislation
contains 16 titles, comprises 2,319 pages in its original
form, and calls for regulators from 22 separate federal
agencies to conduct dozens of new studies and create
hundreds of new rules.
This Substance of the Standard was prepared by MHM’s
Professional Standards Group to provide a timely update
of the regulations issued through March 31, 2012 — and
those that are expected in the months to come — so you
can prepare for the challenges that lie ahead.
The document discusses the challenges of capital market regulation in Nigeria. It describes events like the 2007 bank consolidation policy, Nigeria's capital market crisis in 2008, and the global financial crisis that impacted the Nigerian market. Some key challenges discussed include companies failing to comply with financial disclosure requirements, weaknesses in the regulatory framework being exposed, and a lack of collaboration between regulators. Effective regulation is presented as important for capital markets to function in a transparent, fair and risk-reduced manner.
Orderly Liquidation Authority under Dodd-FrankSimon Lacey
This is a presentation I prepared while at Georgetown University Law Center in 2001 on Orderly Liquidation Authority under the then newly enacted Dodd-Frank Act.
Lessons of the Financial Crisis for Future Regulation of Financial InstitutionsPeter Ho
The document summarizes lessons learned from the ongoing financial crisis for future regulation of financial institutions and markets. Key points include:
- The crisis exposed inadequacies in regulation, supervision, and risk management that failed to prevent excessive risk-taking. Reform is needed to address these issues.
- Priorities for reform include expanding regulation to new entities, addressing procyclicality of capital requirements, improving information sharing, resolving cross-border regulatory issues, and strengthening central bank liquidity management.
- International bodies like the FSF and G20 working groups are examining these issues and developing policy recommendations, but more work is still needed to implement reforms.
Dodd frank wall_street_reform_comprehensive_summary_finalmberre
The Dodd-Frank Act created new regulations and agencies to reform the financial system after the 2008 crisis. It established the Consumer Financial Protection Bureau to regulate consumer financial products and the Financial Stability Oversight Council to monitor systemic risk. It also aimed to end "too big to fail" by giving regulators authority to liquidate large failing firms and limiting high-risk activities like derivatives trading and proprietary trading at banks.
This document summarizes initial lessons from the financial crisis in three areas: regulation, macroeconomic policy, and the global financial system. Key failures included fragmented regulation that allowed regulatory arbitrage, a lack of coordination between macro and financial stability policies, and an inability within the global system to identify vulnerabilities. Lessons indicate regulation needs broader oversight of all systemically important financial activities, macro policies should consider financial stability risks, and greater international cooperation is required.
CAPITAL MARKETS ALERT: How Dodd-Frank and Other New U.S. Laws May Affect Non-...Patton Boggs LLP
The document discusses how new U.S. laws like the Dodd-Frank Act may affect non-U.S. financial institutions. Key points include:
1) The Dodd-Frank Act allows the U.S. to more aggressively assert jurisdiction over foreign financial firms' activities outside the U.S. if they impact the U.S. financial system.
2) Foreign firms deemed "systemically significant" by a new council could be placed under Federal Reserve supervision and new capital rules.
3) The act expands the SEC's authority over foreign firms in fraud cases involving significant U.S. conduct or effects.
4) Foreign subsidiaries of financial firms may be subject to the act
The document summarizes key aspects of the Dodd-Frank Act, the most comprehensive financial regulatory reform legislation since the Great Depression. It overhauls the system of financial institution oversight and establishes new regulatory bodies like the Financial Stability Oversight Council to identify risks across the financial system. The Act also creates an independent Consumer Financial Protection Bureau, reforms derivatives regulation, imposes new restrictions on large banks, and gives the government new powers to wind down large failing financial firms.
The Dodd-Frank Wall Street Reform and Consumer
Protection Act was signed into law in 2010 and ushered
in an overhaul of the US financial regulatory system so
sweeping that many of the regulations needed to fully
implement the law are still evolving in 2012. Enacted in
response to a financial crisis described as the “worst since
the Great Depression,” this massive piece of legislation
contains 16 titles, comprises 2,319 pages in its original
form, and calls for regulators from 22 separate federal
agencies to conduct dozens of new studies and create
hundreds of new rules.
This Substance of the Standard was prepared by MHM’s
Professional Standards Group to provide a timely update
of the regulations issued through March 31, 2012 — and
those that are expected in the months to come — so you
can prepare for the challenges that lie ahead.
The document discusses the challenges of capital market regulation in Nigeria. It describes events like the 2007 bank consolidation policy, Nigeria's capital market crisis in 2008, and the global financial crisis that impacted the Nigerian market. Some key challenges discussed include companies failing to comply with financial disclosure requirements, weaknesses in the regulatory framework being exposed, and a lack of collaboration between regulators. Effective regulation is presented as important for capital markets to function in a transparent, fair and risk-reduced manner.
The document discusses financial regulation and why it is important, focusing on regulations for banks. It addresses eight categories of banking regulations: (1) government safety nets like FDIC insurance that aim to protect depositors but can encourage moral hazard; (2) restrictions on asset holdings and capital requirements to reduce risk; (3) bank supervision through chartering and examinations; (4) assessing risk management; (5) disclosure requirements to provide transparency; (6) consumer protections; (7) restrictions on competition (now eliminated); and (8) lessons from the 1980s financial crisis when deregulation increased risks. While regulations aim to promote stability, they also sometimes introduce new problems or are insufficient to prevent crises.
This document discusses financial regulation and outlines eight categories of banking regulations. It notes that regulations aim to maintain market confidence, financial stability, and consumer protection. Regulations also seek to reduce financial crime and regulate foreign participation in financial markets. The document provides examples of regulations like government safety nets, capital requirements, bank supervision, and consumer protections. However, it acknowledges that regulations can sometimes create new problems like moral hazard and reduced efficiency and competition.
The Volcker Rule places limits on proprietary trading and investments in hedge funds and private equity funds by banking entities. It was approved in December 2013 and takes full effect in July 2015, though entities face various compliance requirements based on their size and activities. Larger entities must implement enhanced compliance programs involving metrics reporting, while smaller entities may only need to update existing policies. The rule presents a significant compliance challenge for banking entities as they prepare their implementation strategies.
The document discusses the key components and participants in a financial system. It describes how a financial system bridges the gap between those who demand capital (borrowers) and those who have surplus capital (savers). The main participants are identified as households, non-financial corporations, governments, and financial corporations. Households and financial corporations are typically net savers, while non-financial corporations and governments are usually net borrowers. The financial system facilitates capital transfers between these groups through various financial institutions, services, instruments and markets. It also discusses the importance of safety, security and transparency in a financial system.
Caruana discusses Basel II and its goals of introducing a more forward-looking, risk-sensitive approach to capital requirements that incentivizes banks to improve risk management. He outlines how Basel II incorporates lessons learned about financial stability, trends in financial innovation and risk management, and aims to promote stability through more risk-sensitive capital rules, incentives for better internal risk management, and enhanced market discipline and supervision cooperation across jurisdictions. While Basel II may not address all areas,
odd-Frank and Basel III Post-Financial Crisis Developments and New Expectations in Regulatory Capital. Following the recent global financial crisis of 2009, financial regulators have responded with arrays of proposals to revise existing risk frameworks for financial institutions with the objective to further strengthen and improve upon bank models. In this meeting, Dr. Michael Jacobs will discuss new developments and expectations in regulatory capital with particular reference to the definition of the capital base, counterparty credit risk, procyclicality of capital, liquidity risk management, and sound compensation practices. He will also explain the implications of the Frank-Dodd rule for financial institutions and will conclude by presenting the implementation schedule for Basel III.
Finance involves the management of money and the process of acquiring funds. It includes activities related to banking, leverage, credit, capital markets, and investments. There are three main types of finance: personal finance which plans individuals' financial needs, corporate finance which deals with running business financial activities, and public finance which involves government taxation, spending, and debt. A financial system allows the exchange of funds between borrowers, lenders, and investors through institutions like banks and stock exchanges. The Islamic financial system operates based on similar principles but prohibits interest and advocates risk-sharing and equitable distribution of wealth in accordance with Islamic teachings.
Finance involves the management of money and the process of acquiring funds. It includes activities related to banking, leverage, credit, capital markets, and investments. There are three main types of finance: personal finance which plans individuals' financial needs, corporate finance which deals with running business financial activities, and public finance which involves government taxation, spending, and debt. A financial system allows the exchange of funds between borrowers, lenders, and investors through institutions like banks and stock exchanges. The Islamic financial system operates based on moral and ethical principles rather than interest, advocating risk-sharing and fulfillment of obligations.
This document discusses the development of enterprise risk management (ERM) in the insurance industry. It provides context on how the Global Financial Crisis highlighted weaknesses in risk management and increased regulatory focus on ERM. It outlines how ERM frameworks assess different types of risk, establish risk appetites and tolerances, and integrate risk considerations into strategic decision making. The role of actuaries in leading ERM implementation for insurers is also discussed.
An Actuarial View Of Financial Reforms And 2010 Dodd Frank Actmfrings
The document summarizes a presentation given by Michael Frings on the Dodd-Frank Act and its impact on the financial industry and insurance companies. It provides an overview of the events leading to the Dodd-Frank Act, key provisions and new regulatory bodies it establishes such as the Financial Stability Oversight Council and the Bureau of Consumer Financial Protection. It also discusses the Act's effects on derivatives markets and potential implications for insurance companies' hedging activities and product offerings.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Dodd Frank and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/dodd-frank
Patni wp data management implications of forthcoming systemic risk regulationsPhilip Filleul
Important new agencies established under the Dodd-Frank Act are Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR). FSOC will be responsible for identifying risks to financial stability and has authority to designate systemically important financial institutions for heightened regulation. OFR will collect and analyze data to monitor systemic risk and support FSOC and other regulators. The document discusses how OFR may approach its responsibilities to analyze and report on systemic risk, and provides suggestions for how financial firms can prepare for new data reporting requirements.
Basel iii Compliance Professionals Association (BiiiCPA)
http://www.basel-iii-association.com
The Basel iii Compliance Professionals Association (BiiiCPA) is the largest association of Basel iii Professionals in the world. It is a business unit of the Basel ii Compliance Professionals Association (BCPA), which is also the largest association of Basel ii Professionals in the world.
Receive (at no cost) the New Member Orientation newsletters:
http://www.basel-iii-association.com/New_Member_Orientation_Newsletters.html
Subscribe to Receive (at no cost) Basel II / Basel III Related News, Alerts, Opportunities, Updates, our Monthly Newsletter and Limited Time Offers for our Basel II / Basel III Training and Certification Programs:
http://forms.aweber.com/form/42/1586130642.htm
White Paper: "How central counterparties strengthen the safety and integrity ...Eurex
The new White Paper “How CCPs strengthen the safety and integrity of financial markets” - provides an overview on how CCPs reduce systemic risk in over-the-counter (OTC) derivatives markets.
► Visit our website: http://www.eurexclearing.com
► Twitter: http://twitter.com/eurexgroup
► LinkedIn: http://www.linkedin.com/company/eurex
► YouTube: http://www.youtube.com/eurexgroup
Law and Regulations for Private and Retail Banking (Asia-Pacific, Hong Kong),...Raul A. Lujan Anaya
Notes on Certificate Course (Postgrad.) in Banking, Corporate and Finance Law: Law and Regulations for Private and Retail Banking (Hong Kong, Asia-Pacific), in the University of Hong Kong, First Semester of 2014.
KPMG-NYBA US Basel III Capital Requirement for Community Banks Presentation D...sarojkdas
The document summarizes key aspects of the US Basel III regulatory capital requirements for small cap banks, specifically those with less than $15 billion in assets. It outlines the higher minimum capital ratio requirements being implemented, including a new common equity tier 1 ratio of 4.5% and a capital conservation buffer of 2.5% of risk-weighted assets. It also discusses changes to risk weights for various asset classes and the phase-in periods for the requirements.
The document discusses the Sarbanes-Oxley Act (SOX) passed in 2002 in response to several major corporate accounting scandals. SOX aimed to restore confidence by requiring stricter financial disclosures, independent audits of internal controls, corporate fraud accountability, and protections for whistleblowers. Key aspects of SOX include CEO/CFO certification of financial reports, management assessment of internal controls, auditor oversight, and analysis of potential conflicts of interest for securities analysts.
The article discusses the global impact of the Dodd-Frank Act on non-US financial and other companies. Key points include:
1) Portions of the Act may be limited to US financial institutions or activities, but much of the Act is expected to impact entities outside the US.
2) A non-US financial company with US operations, regardless of size, may be designated as "systemically important" and subject to US supervision.
3) The legislation departs from the principle of national treatment by requiring application of US capital standards for intermediate US bank holding company subsidiaries of non-US banks.
This article considers how provisions of the Dodd-Frank Act relating to increased regulation of financial companies
Financial Regulatory Reform: A New FoundationColumbia
This document proposes reforms to the US financial regulatory system in response to the financial crisis. It recommends (1) subjecting all financial firms that could pose systemic risks to strong oversight by the Federal Reserve and new standards, (2) establishing comprehensive regulation of markets for securities, derivatives, and payment systems, (3) creating a new Consumer Financial Protection Agency to regulate consumer financial products and services, (4) giving the government new powers to resolve failing non-bank financial institutions in a crisis, and (5) promoting higher international regulatory standards and cooperation. It also proposes restructuring financial regulation by creating new oversight bodies and agencies.
Financial Regulatory Reform: A New Foundation (1) Promote robust supervision and regulation of financial firms. Financial institutions that are critical to market functioning should be subject to strong oversight. No financial firm that poses a significant risk to the financial system should be unregulated or weakly regulated. We need clear accountability in financial oversight and supervision. We propose: • A new Financial Services Oversight Council of financial regulators to identify emerging systemic risks and improve interagency cooperation. • New authority for the Federal Reserve to supervise all firms that could pose a threat to financial stability, even those that do not own banks. • Stronger capital and other prudential standards for all financial firms, and even higher standards for large, interconnected firms. • A new National Bank Supervisor to supervise all federally chartered banks. • Elimination of the federal thrift charter and other loopholes that allowed some depository institutions to avoid bank holding company regulation by the Federal Reserve. • The registration of advisers of hedge funds and other private pools of capital with the SEC. (2) Establish comprehensive supervision of financial markets. Our major financial markets must be strong enough to withstand both system-wide stress and the failure of one or more large institutions. We propose: • Enhanced regulation of securitization markets, including new requirements for market transparency, stronger regulation of credit rating agencies, and a requirement that issuers and originators retain a financial interest in securitized loans. • Comprehensive regulation of all over-the-counter derivatives.
In 1984, in 1990 and in 2005 Congress passed laws exempting certain financial contracts from the standard provisions of the bankruptcy code. In each case, the effect of the law was to protect collateral securing the contract from those provisions of the bankruptcy code that allow a judge to review the claims of secured creditors and to protect the interests of other creditors whenever necessary.
The introduction of inequitable treatment into the bankruptcy code would be acceptable, if in fact the financial contract exemptions worked to protect the stability of the financial system. Recent experience indicates, however, that the special treatment granted to repurchase agreements and over the counter derivatives tends to reduce the stability of the financial system by encouraging collateralized interbank lending and discouraging careful analysis of the credit risk of counterparties. The bankruptcy exemptions also increase the risk that creditors will run on a financial firm and bankrupt it. Thus, the bankruptcy code has been rewritten to favor financial firms and this revision of the law has had a profoundly destabilizing effect on the financial system.
Six Principles for True Systemic Risk Reformcoryhelene
Ten years after the capstone of financial industry deregulation--the Financial Modernization, or Gramm-Leach-Bliley, Act--the United States is facing the worst economic crisis since the Great Depression. The following policy brief outlines six key principles for comprehensive and meaningful systemic risk reform, which are neccessary to undo many of the ill-advised deregulatory measures of the past 20 years, including the four key changes wrought by the Gramm-Leach-Bliley Act.
The document discusses financial regulation and why it is important, focusing on regulations for banks. It addresses eight categories of banking regulations: (1) government safety nets like FDIC insurance that aim to protect depositors but can encourage moral hazard; (2) restrictions on asset holdings and capital requirements to reduce risk; (3) bank supervision through chartering and examinations; (4) assessing risk management; (5) disclosure requirements to provide transparency; (6) consumer protections; (7) restrictions on competition (now eliminated); and (8) lessons from the 1980s financial crisis when deregulation increased risks. While regulations aim to promote stability, they also sometimes introduce new problems or are insufficient to prevent crises.
This document discusses financial regulation and outlines eight categories of banking regulations. It notes that regulations aim to maintain market confidence, financial stability, and consumer protection. Regulations also seek to reduce financial crime and regulate foreign participation in financial markets. The document provides examples of regulations like government safety nets, capital requirements, bank supervision, and consumer protections. However, it acknowledges that regulations can sometimes create new problems like moral hazard and reduced efficiency and competition.
The Volcker Rule places limits on proprietary trading and investments in hedge funds and private equity funds by banking entities. It was approved in December 2013 and takes full effect in July 2015, though entities face various compliance requirements based on their size and activities. Larger entities must implement enhanced compliance programs involving metrics reporting, while smaller entities may only need to update existing policies. The rule presents a significant compliance challenge for banking entities as they prepare their implementation strategies.
The document discusses the key components and participants in a financial system. It describes how a financial system bridges the gap between those who demand capital (borrowers) and those who have surplus capital (savers). The main participants are identified as households, non-financial corporations, governments, and financial corporations. Households and financial corporations are typically net savers, while non-financial corporations and governments are usually net borrowers. The financial system facilitates capital transfers between these groups through various financial institutions, services, instruments and markets. It also discusses the importance of safety, security and transparency in a financial system.
Caruana discusses Basel II and its goals of introducing a more forward-looking, risk-sensitive approach to capital requirements that incentivizes banks to improve risk management. He outlines how Basel II incorporates lessons learned about financial stability, trends in financial innovation and risk management, and aims to promote stability through more risk-sensitive capital rules, incentives for better internal risk management, and enhanced market discipline and supervision cooperation across jurisdictions. While Basel II may not address all areas,
odd-Frank and Basel III Post-Financial Crisis Developments and New Expectations in Regulatory Capital. Following the recent global financial crisis of 2009, financial regulators have responded with arrays of proposals to revise existing risk frameworks for financial institutions with the objective to further strengthen and improve upon bank models. In this meeting, Dr. Michael Jacobs will discuss new developments and expectations in regulatory capital with particular reference to the definition of the capital base, counterparty credit risk, procyclicality of capital, liquidity risk management, and sound compensation practices. He will also explain the implications of the Frank-Dodd rule for financial institutions and will conclude by presenting the implementation schedule for Basel III.
Finance involves the management of money and the process of acquiring funds. It includes activities related to banking, leverage, credit, capital markets, and investments. There are three main types of finance: personal finance which plans individuals' financial needs, corporate finance which deals with running business financial activities, and public finance which involves government taxation, spending, and debt. A financial system allows the exchange of funds between borrowers, lenders, and investors through institutions like banks and stock exchanges. The Islamic financial system operates based on similar principles but prohibits interest and advocates risk-sharing and equitable distribution of wealth in accordance with Islamic teachings.
Finance involves the management of money and the process of acquiring funds. It includes activities related to banking, leverage, credit, capital markets, and investments. There are three main types of finance: personal finance which plans individuals' financial needs, corporate finance which deals with running business financial activities, and public finance which involves government taxation, spending, and debt. A financial system allows the exchange of funds between borrowers, lenders, and investors through institutions like banks and stock exchanges. The Islamic financial system operates based on moral and ethical principles rather than interest, advocating risk-sharing and fulfillment of obligations.
This document discusses the development of enterprise risk management (ERM) in the insurance industry. It provides context on how the Global Financial Crisis highlighted weaknesses in risk management and increased regulatory focus on ERM. It outlines how ERM frameworks assess different types of risk, establish risk appetites and tolerances, and integrate risk considerations into strategic decision making. The role of actuaries in leading ERM implementation for insurers is also discussed.
An Actuarial View Of Financial Reforms And 2010 Dodd Frank Actmfrings
The document summarizes a presentation given by Michael Frings on the Dodd-Frank Act and its impact on the financial industry and insurance companies. It provides an overview of the events leading to the Dodd-Frank Act, key provisions and new regulatory bodies it establishes such as the Financial Stability Oversight Council and the Bureau of Consumer Financial Protection. It also discusses the Act's effects on derivatives markets and potential implications for insurance companies' hedging activities and product offerings.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Dodd Frank and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/dodd-frank
Patni wp data management implications of forthcoming systemic risk regulationsPhilip Filleul
Important new agencies established under the Dodd-Frank Act are Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR). FSOC will be responsible for identifying risks to financial stability and has authority to designate systemically important financial institutions for heightened regulation. OFR will collect and analyze data to monitor systemic risk and support FSOC and other regulators. The document discusses how OFR may approach its responsibilities to analyze and report on systemic risk, and provides suggestions for how financial firms can prepare for new data reporting requirements.
Basel iii Compliance Professionals Association (BiiiCPA)
http://www.basel-iii-association.com
The Basel iii Compliance Professionals Association (BiiiCPA) is the largest association of Basel iii Professionals in the world. It is a business unit of the Basel ii Compliance Professionals Association (BCPA), which is also the largest association of Basel ii Professionals in the world.
Receive (at no cost) the New Member Orientation newsletters:
http://www.basel-iii-association.com/New_Member_Orientation_Newsletters.html
Subscribe to Receive (at no cost) Basel II / Basel III Related News, Alerts, Opportunities, Updates, our Monthly Newsletter and Limited Time Offers for our Basel II / Basel III Training and Certification Programs:
http://forms.aweber.com/form/42/1586130642.htm
White Paper: "How central counterparties strengthen the safety and integrity ...Eurex
The new White Paper “How CCPs strengthen the safety and integrity of financial markets” - provides an overview on how CCPs reduce systemic risk in over-the-counter (OTC) derivatives markets.
► Visit our website: http://www.eurexclearing.com
► Twitter: http://twitter.com/eurexgroup
► LinkedIn: http://www.linkedin.com/company/eurex
► YouTube: http://www.youtube.com/eurexgroup
Law and Regulations for Private and Retail Banking (Asia-Pacific, Hong Kong),...Raul A. Lujan Anaya
Notes on Certificate Course (Postgrad.) in Banking, Corporate and Finance Law: Law and Regulations for Private and Retail Banking (Hong Kong, Asia-Pacific), in the University of Hong Kong, First Semester of 2014.
KPMG-NYBA US Basel III Capital Requirement for Community Banks Presentation D...sarojkdas
The document summarizes key aspects of the US Basel III regulatory capital requirements for small cap banks, specifically those with less than $15 billion in assets. It outlines the higher minimum capital ratio requirements being implemented, including a new common equity tier 1 ratio of 4.5% and a capital conservation buffer of 2.5% of risk-weighted assets. It also discusses changes to risk weights for various asset classes and the phase-in periods for the requirements.
The document discusses the Sarbanes-Oxley Act (SOX) passed in 2002 in response to several major corporate accounting scandals. SOX aimed to restore confidence by requiring stricter financial disclosures, independent audits of internal controls, corporate fraud accountability, and protections for whistleblowers. Key aspects of SOX include CEO/CFO certification of financial reports, management assessment of internal controls, auditor oversight, and analysis of potential conflicts of interest for securities analysts.
The article discusses the global impact of the Dodd-Frank Act on non-US financial and other companies. Key points include:
1) Portions of the Act may be limited to US financial institutions or activities, but much of the Act is expected to impact entities outside the US.
2) A non-US financial company with US operations, regardless of size, may be designated as "systemically important" and subject to US supervision.
3) The legislation departs from the principle of national treatment by requiring application of US capital standards for intermediate US bank holding company subsidiaries of non-US banks.
This article considers how provisions of the Dodd-Frank Act relating to increased regulation of financial companies
Financial Regulatory Reform: A New FoundationColumbia
This document proposes reforms to the US financial regulatory system in response to the financial crisis. It recommends (1) subjecting all financial firms that could pose systemic risks to strong oversight by the Federal Reserve and new standards, (2) establishing comprehensive regulation of markets for securities, derivatives, and payment systems, (3) creating a new Consumer Financial Protection Agency to regulate consumer financial products and services, (4) giving the government new powers to resolve failing non-bank financial institutions in a crisis, and (5) promoting higher international regulatory standards and cooperation. It also proposes restructuring financial regulation by creating new oversight bodies and agencies.
Financial Regulatory Reform: A New Foundation (1) Promote robust supervision and regulation of financial firms. Financial institutions that are critical to market functioning should be subject to strong oversight. No financial firm that poses a significant risk to the financial system should be unregulated or weakly regulated. We need clear accountability in financial oversight and supervision. We propose: • A new Financial Services Oversight Council of financial regulators to identify emerging systemic risks and improve interagency cooperation. • New authority for the Federal Reserve to supervise all firms that could pose a threat to financial stability, even those that do not own banks. • Stronger capital and other prudential standards for all financial firms, and even higher standards for large, interconnected firms. • A new National Bank Supervisor to supervise all federally chartered banks. • Elimination of the federal thrift charter and other loopholes that allowed some depository institutions to avoid bank holding company regulation by the Federal Reserve. • The registration of advisers of hedge funds and other private pools of capital with the SEC. (2) Establish comprehensive supervision of financial markets. Our major financial markets must be strong enough to withstand both system-wide stress and the failure of one or more large institutions. We propose: • Enhanced regulation of securitization markets, including new requirements for market transparency, stronger regulation of credit rating agencies, and a requirement that issuers and originators retain a financial interest in securitized loans. • Comprehensive regulation of all over-the-counter derivatives.
In 1984, in 1990 and in 2005 Congress passed laws exempting certain financial contracts from the standard provisions of the bankruptcy code. In each case, the effect of the law was to protect collateral securing the contract from those provisions of the bankruptcy code that allow a judge to review the claims of secured creditors and to protect the interests of other creditors whenever necessary.
The introduction of inequitable treatment into the bankruptcy code would be acceptable, if in fact the financial contract exemptions worked to protect the stability of the financial system. Recent experience indicates, however, that the special treatment granted to repurchase agreements and over the counter derivatives tends to reduce the stability of the financial system by encouraging collateralized interbank lending and discouraging careful analysis of the credit risk of counterparties. The bankruptcy exemptions also increase the risk that creditors will run on a financial firm and bankrupt it. Thus, the bankruptcy code has been rewritten to favor financial firms and this revision of the law has had a profoundly destabilizing effect on the financial system.
Six Principles for True Systemic Risk Reformcoryhelene
Ten years after the capstone of financial industry deregulation--the Financial Modernization, or Gramm-Leach-Bliley, Act--the United States is facing the worst economic crisis since the Great Depression. The following policy brief outlines six key principles for comprehensive and meaningful systemic risk reform, which are neccessary to undo many of the ill-advised deregulatory measures of the past 20 years, including the four key changes wrought by the Gramm-Leach-Bliley Act.
In the last few years, the financial markets have undergone dramatic change. While some of this is down to natural evolution, much of the change can be directly attributed to new rules introduced in the wake of the 2007 crisis. Regulators, legislators and central bank governors have been determined to avert another bubble bursting or an unexpected event that could threaten markets. Lawmakers have targeted key financial practices for reform, radically altering the expectations and behavior of industry participants. The combination of the Dodd-Frank Act, European Markets Infrastructure Regulation (EMIR), MiFID ll and Basel lll signify the biggest regulatory change in decades. These reforms have resulted in major change to how financial products are traded, settled, collateralized and reported, resulting in deep and ongoing structural changes to the markets.
There is no doubt that these new rules are directly impacting buy-side firms — be they asset managers, hedge funds, insurance companies or pension funds. But while the changes have certainly brought challenges, they have also brought opportunities. Firms that can proactively evaluate structural and operational dislocations in the marketplace and tailor business models to leverage the opportunities while addressing the challenges will be in the best position to stand apart from their competitors. Revised business models call for revisions to supporting processes and systems. Buy-side firms should look to re-architect their processes and technology infrastructure, with a goal to strengthen risk control and oversight, enhance transparency and improve efficiency of front-to-back office control functions.
The credit crisis, and the regulatory response it spawned have fundamentally reshaped financial markets for buy-side firms. But while the changes have brought about challenges, they have also ushered in opportunities. The key to success will be the speed with which firms are able to understand the changing marketplace and adapt their business models to align with the changes.
Raising the Bar -Key Considerations on SEC rules for Data Reporting and Liqui...Brett Andrew Janis, CFA
The SEC has finalized new rules around fund data reporting, liquidity risk management, and governance that will require significant changes at many asset managers. The rules introduce comprehensive monthly reporting, more granular portfolio and risk data collection, and require formal liquidity risk programs and stress testing at each fund. To comply, asset managers will need to strengthen data infrastructure, improve risk analytics, enhance board oversight capabilities, and potentially re-evaluate some fund strategies like fixed income and alternative assets that may be more impacted. Compliance deadlines are June 2018 for large managers and June 2019 for others. Overall, the rules raise the bar for operational capabilities, risk management practices, and strategic considerations across the industry.
Risk Trends - Parkview Newsletter September 2010ugulvadi
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") was signed into law on July 21, 2010 to address the causes of the financial crisis. The Act introduces increased regulation of banks and other financial institutions to prevent future crises and ensure taxpayers are not forced to bail out firms that are "too big to fail". It also aims to protect consumers, reform executive compensation, and bring transparency and accountability to the financial system. However, some question if the Act will truly prevent future crises or simply react to the most recent one.
The document discusses financial regulation and why it is important, focusing on regulations for banks. It addresses eight categories of banking regulations: (1) government safety nets like FDIC insurance that aim to protect depositors but can encourage moral hazard; (2) restrictions on asset holdings and capital requirements to reduce risk; (3) bank supervision through chartering and examinations; (4) assessing risk management; (5) disclosure requirements to provide transparency; (6) consumer protections; (7) restrictions on competition (now eliminated); and (8) lessons from the 1980s financial crisis when deregulation increased risks. While regulations aim to promote stability, they also sometimes introduce new problems or are insufficient to prevent crises.
The document discusses financial regulation and why it is important, focusing on regulations for banks. It addresses eight categories of banking regulations: (1) government safety nets like FDIC insurance that aim to protect depositors but can encourage moral hazard; (2) restrictions on asset holdings and capital requirements to reduce risk; (3) bank supervision through chartering and examinations; (4) assessing risk management; (5) disclosure requirements to provide transparency; (6) consumer protections; (7) restrictions on competition (now eliminated); and (8) lessons from the 1980s financial crisis when deregulation increased risks. While regulations aim to promote stability, they also sometimes introduce new problems or are insufficient to prevent crises.
The document discusses financial regulation and its purposes. It addresses why the financial system and banks specifically are highly regulated sectors. Regulations aim to maintain market confidence, financial stability, and consumer protection. However, regulations can also create unintended problems like moral hazard. The document outlines eight categories of banking regulations and analyzes examples like government safety nets and capital requirements, discussing their goals and potential issues. Overall, financial regulation pursues important objectives but also presents challenges in policymaking and supervision.
Vskills basel iii professional sample materialVskills
Bank regulations are needed to reduce risk in the banking system and promote stability. The Basel Accords established international capital standards to strengthen banks against losses and reduce competitive imbalances. Basel III further advanced these standards to be more risk-sensitive in response to financial innovation and globalization multiplying banking risks. Bank regulations aim to reduce risk exposure for bank creditors, systemic risk from multiple bank failures, criminal misuse of banks, and ensure fair treatment of customers.
Collateral Management and Market Developments - WhitepaperNIIT Technologies
1) Collateral management has become increasingly important for financial institutions due to market developments like increased collateral circulation and new regulations requiring more collateral. It is no longer a back office function but a major challenge.
should build or buy systems that can integrate with existing
2) Key features of collateral management include bi-party agreements between two parties, tri-party agreements involving a third party custodian, collateral trading and re-hypothecation, and repurchase (repo) agreements.
infrastructure and provide a centralized view of collateral across
3) Best practices for financial institutions include regularly revaluing collateral, maintaining relationships with key clients, performing regular portfolio reconciliations, considering outsourcing collateral
Facing increased regulatory oversight, more banks are opting for an integrated collateral management system that facilitates collateral optimization in coordination with central clearing counterparties (CCPs).
James Okarimia - The New Margin Requirements For Non Centrally Cleared Deriv...JAMES OKARIMIA
1. New regulations have established margin requirements for non-centrally cleared derivatives to minimize risks. Initial margin protects against future exposure, while variation margin accounts for current exposure.
2. Requirements apply to swap dealers, major swap participants, and financial end users above an $8B threshold. Eligible collateral includes cash, government bonds, corporate bonds, equities, and gold.
3. Compliance is phased in starting September 2016 for the largest entities and completes by March 2017 based on an entity's average monthly derivatives exposure.
James Okarimia - The New Margin Requirements For Non Centrally Cleared Deriva...JAMES OKARIMIA
1. New regulations establish margin requirements for non-centrally cleared derivatives to minimize risks. Initial margin protects against future exposure, variation margin against current exposure.
2. Requirements apply to swap dealers, major swap participants, and financial end users over certain thresholds. Eligible collateral and custodial treatment are defined.
3. Phase-in periods start with the largest entities in September 2016 and gradually include others, with all entities subject by March 2017.
Moderninizing bank supervision and regulationcatelong
This is the testimony of Chris Whalen to the Senate Banking Committee on March 24, 2009 about bank and financial institution regulation and supervision.
Treasury Strategies Testimony to U.S. House of Representatives on the Volcker...Tony Carfang
The document discusses concerns about the potential negative impacts of the Volcker Rule on non-financial businesses. It summarizes that the Volcker Rule may: reduce banks' ability to provide important services like underwriting bonds that businesses rely on to raise capital; increase costs for businesses and reduce their access to credit; and cause some financial risks to shift from banks to other parts of the economy rather than being eliminated. It argues the lack of clarity and complexity of the Volcker Rule could have significant unintended consequences for both businesses and the broader economy.
The Dodd-Frank Act aims to create a more stable financial system through increased regulations and consumer protections. It establishes new regulatory agencies, restrictions on large banks, and hundreds of new rules. The act aims to end taxpayer bailouts of financial institutions, increase transparency, and protect investors. One key change was removing Regulation Q which prohibited paying interest on business checking accounts, potentially impacting banks' revenues and customers' cash management strategies.
The Capital Assistance Program (CAP) aims to ensure that major US financial institutions can continue lending to creditworthy borrowers during the economic downturn. The program involves two parts: 1) a forward-looking supervisory capital assessment of the 19 largest bank holding companies to determine if additional capital buffers are needed; and 2) contingent capital from the US Treasury that institutions can access if needed to maintain market confidence. The capital will take the form of preferred shares convertible to common equity. The goal is for institutions to replace government capital with private funds over time, while supporting lending in the interim.
Functional regulation refers to oversight of industries to ensure they operate fairly and in the public's interest by focusing on functions and operations rather than specific rules. It aims to promote competition, protect consumers, and maintain stability. Institutional regulation sets rules for banks regarding capital requirements, liquidity, risk management, anti-money laundering, consumer protection, and supervision to protect customers and stability. While both ensure stability, financial stability focuses on the resilience of the financial system during shocks, while asset price stability aims for consistent, predictable asset values.
- Bank of America reported $4.2 billion in net income for Q1 2009, down from the previous quarter but up from the same period last year. Revenue was $36.1 billion, a record high.
- Results included Merrill Lynch revenues and expenses following the acquisition. Global Markets reported record results despite $1.7 billion in capital markets disruption charges.
- Mortgage banking income was $3.3 billion, up significantly year-over-year, driven by higher home loan production volumes from Countrywide and low interest rates.
GE reported preliminary results for its first quarter of 2009. The global economic downturn continued, but GE is navigating through the recession by aggressively cutting costs, driving orders where possible, and maintaining a solid industrial cash flow. Earnings were consistent with previous guidance, with the infrastructure and media businesses flat and the Capital Finance segment reporting a profit of $1.1 billion. GE remains focused on running the company for the long term through investing in growth areas.
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
This document is an early 20th century U.S. federal income tax form (Form 1040) from 1913. It contains instructions for reporting various types of individual income, deductions, exemptions, and calculating the tax owed. Key details include reporting gross income, dividends, deductions for expenses, taxes paid, losses, and worthless debts. The form must be filed by March 1st to avoid penalties and includes an affidavit certifying the accuracy of the reported information.
This document discusses several issues that arise in mortgage foreclosure cases when the original promissory note has been sold and transferred multiple times during the securitization process.
It notes that a high percentage of notes have been "lost or destroyed" during securitization. While UCC §3-309 provides a process for enforcing lost notes, the foreclosing party must prove they are the holder of the note. However, in many cases the chain of assignments is broken and it is impossible to prove who the real holder is.
The document examines issues of standing, pleading requirements that the real party in interest be named, and evidentiary problems when witnesses cannot directly testify to facts of the default but only what is stated in computer
This document provides an overview and assessment of the U.S. Treasury's strategy for addressing the financial crisis through the Troubled Asset Relief Program (TARP). It discusses Treasury's stated goals of addressing bank solvency, increasing credit availability, and assessing financial institution health. The report also evaluates Treasury's current programs and initiatives in light of these goals. Additionally, it examines historical examples of approaches to financial crises to provide context and alternatives if Treasury's strategy requires modification.
Timothy Geithner is poised to become the largest shareholder of US bank stocks in 2009 as his plan to deal with bank losses requires injecting hundreds of billions of additional capital into the largest banks. The document estimates total remaining losses for US banks to be between $650-1000 billion, exceeding banks' current capital levels. For the largest banks to avoid nationalization, Geithner will need to raise $500-750 billion in additional common equity, surpassing the total market capitalization of financial stocks. This suggests US bank stock prices, particularly those with low capital levels, will continue declining significantly.
The document outlines the Treasury's framework for regulatory reform, focusing first on containing systemic risk. It discusses establishing a single independent regulator to oversee systemically important firms and critical infrastructure. It also calls for higher capital and risk management standards for large, interconnected firms. Additionally, it proposes requiring hedge funds above a certain size to register with regulators to increase transparency and oversight of these investment vehicles.
The document outlines the Treasury's framework for regulatory reform, focusing first on containing systemic risk. It discusses establishing a single regulator for systemically important firms, higher capital and risk management standards for such firms, requiring registration of large hedge funds, regulating over-the-counter derivatives markets, strengthening money market fund regulation, and creating stronger resolution authority for failing complex institutions. The framework aims to modernize financial oversight and prevent future crises.
The document is an application for private asset managers to apply to become pre-qualified fund managers for the Treasury's Legacy Securities Public-Private Investment Fund program. It outlines the criteria for being pre-qualified, including a minimum of $10 billion in eligible assets under management and a demonstrated capacity to raise at least $500 million in private capital. It provides details on the information required to be submitted in the application, including organizational qualifications and performance history, the proposed fund structure and terms, investment strategy, governance, and confirmation of tax and legal compliance. Applications must be submitted by April 10, 2009.
GE Capital held an investor meeting on March 19, 2009 to discuss its funding and liquidity position, portfolio risk management, business reviews and stress testing results, and financial outlook. Key messages included that GE Capital's 2009 long-term funding needs were 93% complete, it had $60 billion in liquidity, and stress testing indicated it was well capitalized and expected to remain profitable even in a severe economic downturn. The presentation addressed questions about GE Capital's commercial real estate, mortgage, consumer credit and other investment exposures.
AIG was contractually obligated to pay about $165 million in retention pay to AIGFP employees according to a 2008 retention plan. About $55 million had already been paid in December 2008. AIG was also obligated to pay $6 million in guaranteed pay outside the plan. Failing to make the legally required retention payments could result in AIG owing double damages plus penalties, and risked significant business and legal issues due to the complexity of AIGFP's derivatives portfolio.
The Stanford Financial Group broke ground on a new global management complex in St. Croix, US Virgin Islands. The 105,000 square foot complex will house Stanford's worldwide management functions and incorporate local architecture. It is planned to be LEED certified and will create over 500 construction jobs and numerous permanent positions. The facility is scheduled for completion in July 2009 and will serve as the headquarters for several of Stanford's business departments and initiatives.
This document is a complaint filed by the Securities and Exchange Commission against Stanford International Bank and others alleging an ongoing fraud. The SEC seeks emergency relief to halt a scheme where Stanford International Bank sold $8 billion in fraudulent certificates of deposit by falsely claiming high, stable annual returns between 15-16% despite 90% of its portfolio being undisclosed. The complaint outlines how the bank, its affiliates, and executives misrepresented the safety, liquidity, and auditing of the investment portfolio to mislead investors and continue the alleged fraudulent scheme.
1) The document discusses concerns about the safety of investing money in offshore banks due to the potential for fraud.
2) It outlines some red flags or "duck traits" that could indicate a financial institution is actually a fraud, including returns that seem too good to be true, inconsistent with market performance, or executed with very few people overseeing everything.
3) It analyzes the returns and operations of one particular offshore bank that a friend invested in, finding patterns of consistency in returns that seem unusually high and executed with few employees, raising suspicions it could be fraudulent.
The document contains monthly housing price index data from 1987 to 1997 for 5 major US cities: Phoenix, Los Angeles, San Diego, San Francisco, and Denver. It shows that housing prices generally increased over the decade for all cities, with Los Angeles and San Francisco seeing the largest gains and Phoenix having more moderate growth. The West Coast cities of Los Angeles, San Diego, and San Francisco tended to move in tandem with each other in terms of price changes.
- Existing home sales decreased in 2008 compared to 2007, with 4.912 million homes sold nationwide. Sales were down across all regions of the country.
- The median sales price of existing homes declined 15.3% nationally from 2006 to 2008, with prices falling over 7% in the Northeast, 11.4% in the Midwest, 8% in the South, and 31.5% in the West.
- Inventory levels and months of supply remained high in 2008, indicating a slow market with more homes on the market than buyers.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. TREASURY OUTLINES FRAMEWORK FOR REGULATORY REFORM
PROVIDES NEW RULES OF THE ROAD, FOCUSES FIRST ON CONTAINING SYSTEMIC RISK
The crisis of the past 18 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks
built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical
behaviors until they had already resulted in catastrophic losses. These failures have caused a dramatic loss of confidence
in our financial institutions and have contributed to severe recession. Our financial system failed to serve its historical
purpose of helping families finance homes and college educations for their children or of providing affordable capital for
entrepreneurs and innovators – enabling them to turn new ideas into jobs and growth that raise our living standards. The
President’s comprehensive regulatory reform is aimed at reforming and modernizing our financial regulatory system for
the 21st century, providing stronger tools to prevent and manage future crises, and rebuilding confidence in the basic
integrity of our financial system – for sophisticated investors and working families with 401(k)s alike.
As Secretary Geithner stated in his testimony today, “To address these failures will require comprehensive reform -- not
modest repairs at the margin, but new rules of the road. The new rules must be simpler and more effectively enforced and
produce a more stable system, that protects consumers and investors, that rewards innovation and that is able to adapt and
evolve with changes in the financial market.”
Four Broad Components of Comprehensive Regulatory Reform:
1) Addressing Systemic Risk: This crisis – and the cases of firms like Lehman Brothers and AIG – has made clear
that certain large, interconnected firms and markets need to be under a more consistent and more conservative
regulatory regime. It is not enough to address the potential insolvency of individual institutions – we must also
ensure the stability of the system itself.
2) Protecting Consumers and Investors: It is crucial that when households make choices to invest their savings we
have clear rules of the road that prevent manipulation and abuse. While outright fraud like that perpetrated by
Bernie Madoff is already illegal, these cases highlight the need to strengthen enforcement and improve
transparency for all investors. Lax regulation also left too many households exposed to deception and abuse when
taking out home mortgage loans
3) Eliminating Gaps in Our Regulatory Structure: Our regulatory structure must assign clear authority, resources,
and accountability for each of its key functions. We must not let turf wars or concerns about the shape of
organizational charts prevent us from establishing a substantive system of regulation that meets the needs of the
American people.
4) Fostering International Coordination: To keep pace with increasingly global markets, we must ensure that
international rules for financial regulation are consistent with the high standards we will be implementing in the
United States. Additionally, we will launch a new, three-pronged initiative to address prudential supervision, tax
havens, and money laundering issues in weakly-regulated jurisdictions.
Today – A Focus on One of the Four Components of Regulatory Reform: Systemic Risk: In the coming weeks,
Secretary Geithner will present detailed frameworks for each of these areas. Today, his testimony focused on systemic
risk – both because financial stability is critical to economic recovery and growth, and because systemic risk is expected
to be a primary focus for discussions at the G20 Leaders’ Meeting in London on April 2.
ADDRESSING THE FIRST COMPONENT OF REGULATORY REFORM: SYSTEMIC RISK
1) A Single Independent Regulator With Responsibility Over Systemically Important Firms
and Critical Payment and Settlement Systems
2) Higher Standards on Capital and Risk Management for Systemically Important Firms
3) Registration of All Hedge Fund Advisers With Assets Under Management Above a
Moderate Threshold
4) A Comprehensive Framework of Oversight, Protections and Disclosure for the OTC
Derivatives Market
5) New Requirements for Money Market Funds to Reduce the Risk of Rapid Withdrawals
6) A Stronger Resolution Authority to Protect Against the Failure of Complex Institutions
2. I. A Single Independent Regulator with responsibility over Systemically Important Firms and Critical Payment
and Settlement Systems: While we strengthen prudential oversight for all firms, we must also create higher
standards for all systemically important financial firms – regardless of whether they own a depository
institution – to account for the risk that the distress or failure of such a firm could impose on the financial
system and the economy. We will work with Congress to enact legislation that defines the characteristics of
covered firms; sets objectives and principles for their oversight; and assigns responsibility for regulating these
firms.
1) Defining a Systemically Important Firm: In identifying systemically important firms, we believe that the
characteristics should include:
! the financial system’s interdependence with the firm;
! the firm’s size, leverage (including off-balance sheet exposures), and degree of reliance on short-
term funding;
! the firm’s importance as a source of credit for households, businesses, and governments and as a
source of liquidity for the financial system.
2) Focusing On What Companies Do, Not the Form They Take: These institutions would not be limited to
banks or bank holding companies, but could include any financial institution that was deemed to be
systemically important in accordance with legislative requirements. These provisions will focus on what
companies do and their potential for systemic risk – and no longer on the form they take – to determine
who will regulate them.
3) Clarifying Regulatory Authority Over Payment and Settlement Activities: Federal authority for payment
and settlement systems is incomplete and fragmented. Weaknesses in key funding and risk transfer
markets, notably over-night and short term lending markets and OTC derivatives, increased uncertainty as
major institutions such as Bear Stearns neared failure. This created a pathway for large financial
institutions to spread financial distress between institutions and across borders.
! While some progress was made in the markets for CDS and other OTC derivatives under
Secretary Geithner’s leadership at the New York Fed, regulators have been forced to rely
heavily on moral suasion to encourage market participants to strengthen these markets.
! We need to clarify and expand authority over these systems and activities, giving a single
entity the ability to supervise, examine, and set prudential requirements for these critical parts
of our financial system.
II. Higher Standards on Capital and Risk Management for Systemically Important Firms:
1) Setting More Robust Capital Requirements: Capital requirements for these firms must be more
conservative than for other institutions and be sufficiently robust to be effective in a wider range of
deeply adverse economic scenarios than is typically required.
2) Imposing Stricter Liquidity, Counterparty and Credit Risk Management Requirements: Supervisors will
also need to impose liquidity, counterparty, and credit risk management requirements that are more
stringent than for other financial firms. For instance, supervisors should apply more demanding liquidity
constraints; and require that these firms are able to aggregate counter-party risk exposures on an
enterprise-wide basis within a matter of hours.
3) Creating Prompt-Corrective Action Regime: The regulator of these entities will also need a prompt-
corrective action regime that would allow the regulator to force protective actions as regulatory capital
levels decline, similar to the powers of the FDIC with respect to its covered agencies.
III. Requiring All Hedge Funds Above A Certain Size to Register: U.S. law generally does not require hedge funds
or other private pools of capital to register with a federal financial regulator, although some funds that trade
commodity derivatives must register with the Commodity Futures Trading Commission and many funds
register voluntarily with the Securities and Exchange Commission. As a result, there are no reliable,
comprehensive data available to assess whether such funds individually or collectively pose a threat to
financial stability. The Madoff episode is just one more reminder that, in order to protect investors, we must
3. close gaps and weaknesses in the regulation and enforcement of broker-dealers, investment advisors and the
funds they manage.
1) Requiring Registration of All Hedge Funds: All advisers to hedge funds (and other private pools of
capital, including private equity funds and venture capital funds) whose assets under management exceed
a certain threshold should be required to register with the SEC.
2) Mandating Investor and Counterparty Disclosure: All such funds advised by an SEC-registered
investment adviser should be subject to investor and counterparty disclosure requirements and regulatory
reporting requirements.
3) Providing Information Necessary to Assess Threats to Financial Stability: The regulatory reporting
requirements for such funds should require reporting, on a confidential basis, information necessary to
assess whether the fund or fund family is so large or highly leveraged that it poses a threat to financial
stability.
4) Sharing Reports With Systemic Risk Regulator: The SEC should share the reports that it receives from the
funds with the systemic risk regulator, which would then determine whether any hedge funds could pose a
systemic threat and should be subjected to the prudential standards outlined above.
IV. A Comprehensive Framework of Oversight, Protection and Disclosure for the OTC Derivatives Market: The
current financial crisis has been amplified by excessive risk-taking by certain insurance companies and poor
counterparty credit risk management by many banks trading Credit Default Swaps on asset-backed securities.
Neither counterparties to these trades nor regulators identified the risk that these complex products could
threaten to bring down a company of the size and scope of AIG or the stability of the entire financial system,
in part because these markets lacked transparency.
1) Regulating Credit Default Swaps and Over-the-Counter Derivatives for the First Time: In our proposed
regulatory framework, the government will regulate the markets for credit default swaps and over-the-
counter derivatives for the first time.
2) Instituting a Strong Regulatory and Supervisory Regime: We will subject all dealers in OTC derivative
markets to a strong regulatory and supervisory regime as systemically important firms.
3) Clearing All Contracts Through Designated Central Counterparties: We will force all standardized OTC
derivative contracts to be cleared through appropriately designed central counterparties (CCPs) and
encourage greater use of exchange traded instruments. These CCPs will be subject to comprehensive
settlement systems supervision and oversight, consistent with the authority outlined above.
4) Requiring Non-Standardized Derivatives to Be Subject to Robust Standards: We will require that all non-
standardized derivatives contracts report to trade repositories and be subject to robust standards for
documentation and confirmation of trades; netting; collateral and margin practices; and close-out
practices.
5) Making Aggregate Data on Trading Volumes and Positions Available: Central counter-parties and trade
repositories will be required to make aggregate data on trading volumes and positions available to the
public and make individual counterparty trade and position data available on a confidential basis to
appropriate federal regulators.
6) Applying Robust Eligibility Requirements to All Market Participants: Finally, we will apply robust
eligibility requirements and, where appropriate, standards of care; and will require that they meet
recordkeeping and reporting requirements.
V. New Requirements for Money Market Funds to Reduce the Risk of Rapid Withdrawals: In the wake of Lehman
Brothers’ bankruptcy, we learned that even one of the most stable and least risky investment vehicles –
money market mutual funds – was not safe from the failure of a systemically important institution. These
funds are subject to strict regulation by the SEC and are billed as having a stable asset value – a dollar
invested will always return the same amount. But when a major prime MMF “broke the buck,” the event
sparked a run on the entire prime MMF industry. The run resulted in severe liquidity pressures, not only on
prime MMFs but also on financial and non-financial companies that relied significantly on MMFs for
funding. In response, we commit to:
4. 1) Strengthening the Regulatory Framework Around Money Market Funds: We believe that the SEC should
strengthen the regulatory framework around MMFs in order to reduce the credit and liquidity risk profile
of individual MMFs and to make the MMF industry as a whole less susceptible to runs.
VI. A Stronger Resolution Authority to Protect Against the Failure of Complex Institutions: We must create a
resolution regime that provides authority to avoid the disorderly liquidation of any nonbank financial firm
whose failure would have serious adverse effects on the financial system or the U.S. economy. This authority
should include:
1) Covering Financial Institutions That May Pose Systemic Risks: We must cover financial institutions that
have the potential to pose systemic risks to our economy but that are not currently subject to the
resolution authority of the FDIC. This would include bank and thrift holding companies and holding
companies that control broker-dealers, insurance companies, and futures commission merchants, or any
other financial firm that could pose substantial risk to our economy. This resolution authority would be
undertaken through the following process:
i. A Triggering Determination: Before any of the emergency measures specified could be taken, the
Secretary, upon the positive recommendations of both the Federal Reserve Board and the FDIC
and in consultation with the President, would have to make a triggering determination that (1) the
financial institution in question is in danger of becoming insolvent; (2) its insolvency would have
serious adverse effects on economic conditions or financial stability in the United States; and (3)
taking emergency action as provided for in the law would avoid or mitigate those adverse effects.
ii. Choice Between Financial Assistance or Conservatorship/Receivership: The Secretary and the
FDIC would decide whether to provide financial assistance to the institution or to put it into
conservatorship/receivership. This decision will be informed by the recommendations of the
Federal Reserve Board and the appropriate federal regulatory agency (if different from the FDIC).
! Options for Financial Assistance: The U.S. government would be permitted to utilize a
number of different forms of financial assistance in order to stabilize the institution in
question. These include making loans to the financial institution in question, purchasing
its obligations or assets, assuming or guaranteeing its liabilities, and purchasing an equity
interest in the institution.
! Options for Conservatorship/Receivership: Depending on the circumstances, the FDIC
and the Treasury would place the firm into conservatorship with the aim of returning it to
private hands or a receivership that would manage the process of winding down the firm.
The trustee of the conservatorship or receivership would have broad powers, including to
sell or transfer the assets or liabilities of the institution in question, to renegotiate or
repudiate the institution’s contracts (including with its employees), and to deal with a
derivatives book. A conservator would also have the power to restructure the institution
by, for example, replacing its board of directors and its senior officers. None of these
actions would be subject to the approval of the institution’s creditors or other
stakeholders.
iii. Taking Advantage of FDIC/FHFA Models: This authority is modeled on the resolution authority
that the FDIC has under current law with respect to banks and that the Federal Housing Finance
Agency has with regard to the GSEs. Here, conservatorships or receiverships aim to minimize
the impact of the potential failure of the financial institution on the financial system and
consumers as a whole, rather than simply addressing the rights of the institution’s creditors as in
bankruptcy.
2) Requiring Covered Institutions to Fund the Resolution Authority: The proposed legislation would create
an appropriate mechanism to fund the limited exercise of these resolution authorities. This could take the
form of a mandatory appropriation to the FDIC out of the general fund of the Treasury and/or through a
scheme of assessments, ex ante or ex post, on the financial institutions covered by the legislation. The
government would also receive repayment from the redemption of any loans made to the financial
institution in question, and from the ultimate sale of any equity interest taken by the government in the
institution. The Deposit Insurance Fund will not be used to fund such assistance.