Regulation and Compliance - Articles & White Papers
Reports and white papers on investment regulation and compliance issues. Amongst the research in this investment compliance and regulation section are white papers on AIFMD (Alternative Investment Fund Managers Directive) and Solvency II - particularly the practical implications for fund managers and insurers. Reports discussing the impact of regulation on fund management... companies, and the operational challenges this presents, have been particularly well received, whilst regulatory primers (for instance providing an overview of who regulates whom and how) have also been well read. Other surveys and articles cover financial regulatory policy, hedge funds regulation, investment regulation, risk management, IFRS financial statements, GIPS performance reporting and the future of investment compliance for asset owners.
New European Commission regulations have amended Solvency II in some areas. Most notably, a new category of equity investments has been introduced: Long-Term Equity investments.
It should come as no surprise to anyone that Tesla is back in the news, says Aswath Damodaran of NYU. From Musk's Twitter escapades with the SEC, to talk about electric lawn blowers to concerns about a debt death spiral, the company has managed, yet again, to get in its own way, and this time, it has paid a price in the…
This 93-page quarterly report by ICMA(the International Capital Markets Association) contains insight on a wide variety of topics affecting capital markets as well as capital markets regulation.
Large privately held startups valued at $1 billion or more (“unicorns”) are grappling with how to deal with employees’ expectations caused by the illiquidity of the shares of stock acquired upon exercise of their options. Until about eight years ago, many talented workers chose to work for a startup company for a lower cash…
The US bond market had over $42.39 trillion of outstanding debt at the end of the third quarter of 2018, eclipsing the US stock market’s approximately $30 trillion in market capitalization. The sheer size of the bond market provides ample opportunities, as well as risks, for institutional investors. Some of these risks…
The environment for private equity is particularly dynamic at the moment. This report by Debevoise & Plimpton explores several recent industry developments, changes and opportunities relevant to private equity sponsors, investors, partners and managers.
This report presents the Federal Reserve Board’s current assessment of the resilience of the U.S. financial system. By publishing this report, the Board intends to promote public under-standing and increase transparency and accountability for the Federal Reserve’s views on this topic.
This 29th edition of Deloitte's Performance Magazine continues its journey of crisscrossing the asset management industry, from a geographical, segment, and client perspective.
Based on the technical advice of EIOPA, the European Commission (EC) delegated regulation of 8.3.2019 amends the Solvency II regulation in different areas. Most notably, from an investment management perspective, the capital charges for qualifying investments in long-term equities, unlisted equity and unrated debt have been…
Since its effective date on 01 January 2018, IFRS 9 has changed the way in which institutional investors have to classify and measure their financial assets. For insurers, the IASB has proposed to postpone the effective date of IFRS 9 to 2022, so that it will become effective together with IFRS 17, the new insurance contract…
Tech stocks have significantly outperformed the broader equity market in recent years, reflecting the rise of the digital economy. Although some of the digital giants have clocked staggering growth, they generate meagre profits, choosing to price below-cost and expand widely instead. Thanks to such strategies, tech companies…
The revelations from the Hayne Royal Commission (HRC, 2019), limited though they were by the terms of reference, have come as a shock to most people, including Australian politicians, officials, academics and the media. Their expressed shock indicates a high degree of ignorance about the Australian financial system. For…
The exponential rise and volatility in the price of Bitcoin has heightened investor interest in cryptocurrencies and crypto assets. These assets have attracted a growing number of investors but also have been used to facilitate a wide range of illicit activities. In some cases, legitimate participants in crypto asset markets…
European securitization volume fell by 63% in the first quarter of 2019 from the previous quarter. This drop-off occurred as investors are adjusting to regulatory uncertainty over new EU guidelines on simple, transparent and standardized securitizations and not-yet-final technical standards.
The asset management industry has become increasingly concentrated in recent decades. Regulators are concerned about the systemic risks this may pose. Using data from the US, this column suggests that the increased concentration has led to more volatile prices of stocks held by large institutional investors. This poses…
Brazil’s government is taking encouraging steps to overhaul the country’s increasingly unsustainable social security system, whose costs are close to 40% of government spending. The pension reform plan now before the Lower House of Brazil’s Congress, forms a crucial part of that overhaul, and passage of the sweeping…
This whitepaper highlights Moody's Analytics view on the latest industry and regulatory technology trends that banks could use to get ready for quantitative impact studies and the final implementation of the Basel III supervisory framework.
This document provides a 2018 update to the 2011 study on “Delivering ERISA Disclosure for Defined Contribution Plans: Why the Time Has Come to Prefer Electronic Delivery.”By 2011, there were compelling reasons to shift the default method to electronic delivery for holders of defined contribution (DC) plan accounts, rather…
