FINRA – “This paper provides an overview of distributed ledger technology, highlights some key applications being explored in the securities industry and potential impact of the technology, and discusses key implementation and regulatory considerations for broker-dealers. FINRA welcomes an open dialogue with market participants to help proactively identify and address any potential risks or hurdles in… Continue Reading
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Category Archives: Securities Law
Paper – Regulating Information
Bird, Andrew and Karolyi, Stephen A. and Ruchti, Thomas G., Regulating Information (October 18, 2016). Available for download at SSRN: https://ssrn.com/abstract=2901650 “The SEC regulates and standardizes information production in financial markets through financial reporting standards. With a novel dataset exploiting institutional features of the standard setting process. On average, standards increase aggregate market value by… Continue Reading
Treepedia maps trees in cities throughout the world
Treepedia – Exploring the Green Canopy in cities around the world – Using the power of MIT digital research applications and Google Street view users may choose a city from the list included to date, and search by specific location(s) to identify the differences in green space within a city and in comparison to other… Continue Reading
Too Big to Disclose: Firm Size and Materiality Blindspots in Securities Regulation
Georgiev, George S., Too Big to Disclose: Firm Size and Materiality Blindspots in Securities Regulation (December 13, 2016). UCLA Law Review, Vol. 64, 2017. Available at SSRN: https://ssrn.com/abstract=2894538 “This Article argues that the securities disclosure regime contains previously unexamined structural deficiencies, which pertain to the information provided by the largest public companies. These deficiencies arise… Continue Reading
Disclosure 2.0: Can Technology Solve Overload, Complexity, and Other Information Failures?
Gerding, Erik F., Disclosure 2.0: Can Technology Solve Overload, Complexity, and Other Information Failures? (August 1, 2016). Tulane Law Review, Vol. 90, No. 5, 2016. Available for download at SSRN: https://ssrn.com/abstract=2889598 “In recent years, securities law scholars have either renewed an old attack on mandatory issuer disclosure or questioned the effectiveness of securities disclosure in… Continue Reading
GAO Reports – Air Traffic Control, Financial Audits of Federal Reserve, CFPB, FHFA, SEC, Preventing llicit Drug Use
Air Traffic Control: Experts’ and Stakeholders’ Views on Key Issues to Consider in a Potential Restructuring, GAO-17-131: Published: Oct 13, 2016. Publicly Released: Nov 15, 2016. Corporate Shareholder Meetings: Proxy Advisory Firms’ Role in Voting and Corporate Governance Practices, GAO-17-47: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016. Federal Reserve: Additional Actions Could Help… Continue Reading
GAO Reports – Patriot Modernization, SEC Conflict Minerals Rule
Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016. SEC Conflict Minerals Rule: Companies Face Continuing Challenges in Determining Whether Their Conflict Minerals Benefit Armed Groups, GAO-16-805: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016. Continue Reading
GAO Reports – Army Patriot Modernization, SEC Conflict Minerals Rule
Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016: “While the currently fielded version of the Army’s Patriot surface-to-air missile system is an improvement over prior versions, the Army currently plans to spend about $2.9 billion between fiscal years 2013 and 2021 on… Continue Reading
GAO Reports – Defense Health Care, Indian Health Service, SEC InfoSec, Missile Defense, Public Transit, Veterans Justice, F-35 Joint Strike Fighter
Defense Health Care: DOD Is Meeting Most Mental Health Care Access Standards, but It Needs a Standard for Follow-up Appointments, GAO-16-416: Published: Apr 28, 2016. Publicly Released: Apr 28, 2016. Indian Health Service: Actions Needed to Improve Oversight of Patient Wait Times, GAO-16-333: Published: Mar 29, 2016. Publicly Released: Apr 28, 2016. Information Security: Opportunities… Continue Reading
High Frequency Trading: Overview of Recent Developments
CRS report via FAS – High Frequency Trading: Overview of Recent Developments, Rena S. Miller, Specialist in Financial Economics; Gary Shorter, Specialist in Financial Economics, April 4, 2016. “High-frequency trading(HFT) generally refers to trading in financial instruments, such as securities and derivatives, transacted through supercomputers executing trades within microseconds or milliseconds (or, in the technical… Continue Reading
The Flash Crash: A New Deconstruction
Aldrich, Eric M. and Grundfest, Joseph and Laughlin, Gregory, The Flash Crash: A New Deconstruction (January 25, 2016). Available at SSRN: http://ssrn.com/abstract=2721922 or http://dx.doi.org/10.2139/ssrn.2721922 “On May 6, 2010, in the span of a mere four and half minutes, the Dow Jones Industrial Average lost approximately 1,000 points. In the following fifteen minutes it recovered essentially… Continue Reading
U.S. Uncleared Swap Margin, Capital and Segregation Rules
Presentation by Davis Polk & Wardwell LLC – snipped – Introduction – U.S. prudential regulators (the OCC , Federal Reserve, FDIC, FCA and FHFA) and the CFTC have finalized uncleared swap margin , capital and segregation requirements (the “PR rules,” and “ CFTC rules,” respectively, and the “final rules,” collectively [note – The CFTC has… Continue Reading
