The High Cost of Fewer Appraisal Claims in 2017: Premia Down, Agency Costs Up
Download PDF Matthew Schoenfeld† This Article considers the preliminary results of an ongoing effort to discourage appraisal litigation. Since the […]
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Derivatives Regulation, Featured, Home, U.S. Business Law, Volume 3
The Federal Reserve’s Supporting Role Behind Dodd-Frank’s Clearinghouse Reforms
Colleen Baker: Although largely overlooked, failures in PCS systems both domestically and internationally exacerbated the financial crisis of 2008. The Federal Reserve’s critical and significant role in responding to some of these disruptions has similarly been largely overlooked.
The Equity Façade of SEC Disgorgement
Russell G. Ryan: The SEC commonly describes disgorgement as an equitable remedy, and courts similarly begin their disgorgement analyses by assuming as axiomatic the equitable nature of disgorgement. But what if that premise is wrong? What if disgorgement is an equitable remedy only some of the time? What if in many cases it is actually a remedy at law, or even a punitive remedy? And what if in some cases the very label of disgorgement is a misnomer?
The Crystallization of Hedge-Fund Regulation
Jeff Schwartz: Eleven months after Dodd-Frank was signed into law, the SEC issued final rules pertaining to Title IV of the Act, which calls for the registration of advisers to hedge funds…
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The Coconundrum
Frederick Ryan Castillo
Digging deeper into their analytical toolbox, policymakers, academics, and regulators are increasingly exploring whether, and to what extent, a system of contingent capital can strengthen the resilience of the banking sector. The global financial crisis unearthed fragile and troubled banks, riddled with excessive leverage, poor quality capital buffers, and liquidity problems. Because these institutions were deemed “too big to fail,” governments were forced to intervene and prop them up by way of costly, taxpayer-funded bailouts. With the benefit of hindsight, regulators are now looking at contingent capital as a potentially speedy and less costly alternative for recapitalizing banks in periods of financial distress.
Derivatives Regulation, Featured, Home, Securities, U.S. Business Law, Volume 4
The CFTC’s Cross-Border Guidance for Swaps and Substituted Compliance Regime
James Schwartz: The regulation of the swaps market, in which transactions between counterparties in wide-ranging jurisdictions have long been routine, requires international coordination and cooperation. If this were lacking, the consequences could include regulatory arbitrage, outsized compliance costs for, or incomplete compliance by, market participants, the fracturing of liquidity among different jurisdictions, and perhaps even political tensions.
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