Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Banking and Finance Law (10)
- Business Organizations Law (4)
- Commercial Law (2)
- Consumer Protection Law (2)
- Insurance Law (2)
-
- Law and Economics (2)
- Secured Transactions (2)
- Administrative Law (1)
- American Politics (1)
- Antitrust and Trade Regulation (1)
- Bankruptcy Law (1)
- Business (1)
- Comparative and Foreign Law (1)
- Corporate Finance (1)
- Finance and Financial Management (1)
- Political Science (1)
- Social and Behavioral Sciences (1)
- Transnational Law (1)
- Institution
Articles 1 - 15 of 15
Full-Text Articles in Securities Law
Notes From The Border: Writing Across The Administrative Law/Financial Regulation Divide, Robert B. Ahdieh
Notes From The Border: Writing Across The Administrative Law/Financial Regulation Divide, Robert B. Ahdieh
Robert B. Ahdieh
A central feature – if not the central feature – of legal scholarship today is analysis across divides.
It is surprising, then, how little has been written across the divide that separates administrative law and financial regulation. That is perhaps especially so, given the modest nature of the relevant divide: one that is intra- rather than interdisciplinary, one that operates within rather than across geographic boundaries, and one that involves no temporal dimension but operates entirely within current-day law.
For all the proximity in their interests, targets of study, and even analytical tools, however, scholars of administrative law and of …
A Preliminary Look At State Structures For Regulating Financial Services, Elizabeth F. Brown
A Preliminary Look At State Structures For Regulating Financial Services, Elizabeth F. Brown
Elizabeth F Brown
Within the past thirty-five years approximately fifty nations have consolidated their financial regulatory agencies into either a single integrated agency or into two semi-integrated agencies. The United States has resisted this trend, due in part to a concern that the costs of such significant consolidation would exceed its benefits. The existing studies that compare the costs of the consolidated regulators around the world with the United States regime have often been discounted because they have been unable to control for differences in culture and regulatory intensity between those other countries and the United States. This article attempts to address this …
Running In The Shadows, Joshua A. Craven
Running In The Shadows, Joshua A. Craven
joshua a craven
The financial crisis of 2007-2008 can be characterized as a run on the shadow banking system. Over several decades, the United States slowly and quietly developed a massive shadow banking system—a complex chain of borrowers and investors entering into repo agreements financed by money-market mutual funds and primary dealers, collateralized with asset-backed securities derived from mortgages originated by lenders and securitized through special purpose vehicles, then purchased by banks with capital raised by entering into repo agreements. For years, this chain of transactions operated to meet banks’ short-term liquidity needs, until uncertainty in the value of the asset-backed securities used …
The Extraterritorial Provisions Of The Dodd-Frank Act Protects U.S. Taxpayers From Worldwide Bailouts, Michael Greenberger
The Extraterritorial Provisions Of The Dodd-Frank Act Protects U.S. Taxpayers From Worldwide Bailouts, Michael Greenberger
Michael Greenberger
The significant extraterritorial scope of the derivatives regulation within the Dodd-Frank Wall Street Reform and Consumer Protection Act promises to foster rigorous international standards for financial regulation that will restore transparency and stability to the global derivatives market. At present, that market exceeds $700 trillion notional value, or over ten times the world GDP. Despite opposition from Wall Street to the present extraterritorial application of almost all of Dodd-Frank’s derivatives regulation, the plain language of the statute requires implementing that regulation on an appropriate extraterritorial basis in order to protect U.S. taxpayers from bailing out financial institutions engaging in foreign …
Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger
Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger
Michael Greenberger
The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar …
Diversifying Clearinghouse Ownership In Order To Safeguard Free And Open Access To The Derivatives Clearing Market, Michael Greenberger
Diversifying Clearinghouse Ownership In Order To Safeguard Free And Open Access To The Derivatives Clearing Market, Michael Greenberger
Michael Greenberger
Implementing the rigorous governance and ownership standards established in the Dodd-Frank Wall Street Reform and Consumer Protection Act3 for derivatives clearing organizations (DCOs) will promote free and open access to clearing and reduce systemic risk within what is now the $700 trillion notional value derivatives market. Such standards are central to and advance the key regulatory tenants of Dodd-Frank: i.e., to restore transparency, capital adequacy, and accountability to what was the unregulated over-the-counter (OTC) derivatives market by ensuring that swaps are cleared through financially sound DCOs. Also, these rules will promote competition by curtailing large swap dealers‘ (SDs) control over …
Dodd-Frank, Securitization, And The Subprime Mortgage Crisis, Stephen P. Hoffman
Dodd-Frank, Securitization, And The Subprime Mortgage Crisis, Stephen P. Hoffman
Stephen P. Hoffman
There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the regulation of financial markets in order to not only prevent such disasters in the future, but to help restore financial stability more quickly if and when they do occur. In this Paper, I provide a background of the events leading up to the most devastating financial crisis since the Great Depression, focusing on …
The Uncertainty Of “True Sale” Analysis In Originator Bankruptcy, Stephen P. Hoffman
The Uncertainty Of “True Sale” Analysis In Originator Bankruptcy, Stephen P. Hoffman
Stephen P. Hoffman
While much of law is complex or unclear, it is unusual for a judge to comment that a legal doctrine is so unsettled that courts “could flip a coin” to decide an issue. Unfortunately for practitioners, determining what constitutes a “true sale” for bankruptcy purposes is such an issue. Add to this the recent novel and innovative processes of structured finance and asset-backed securitization, and you have the stuff of law students’—and corporate counsels’—nightmares. As a result, courts and legislatures need to provide clarity in this area so that originators can safely structure investments and transactions, not only for the …
Will The Sec Survive Financial Regulatory Reform?, Renee M. Jones
Will The Sec Survive Financial Regulatory Reform?, Renee M. Jones
Renee Jones
The Securities and Exchange Commission’s (“SEC”) conspicuous failures during the financial crisis of 2008 have led many to question the agency’s relevance in the modern financial era. Some commentators have called for the creation of new super-agencies to assume a substantial portion of the SEC’s duties. Others highlight enforcement failures and question the agency’s commitment to its investor protection mission. Despite its recent missteps and persistent calls for regulatory overhaul, the SEC’s future seems secure for now as President Obama’s reform proposals (the “Obama Plan”) as currentlyconceived preserve the agency’s independence. Although thus far the Obama Plan protects the SEC’s …
Dynamic Federalism: Competition, Cooperation And Securities Enforcement, Renee M. Jones
Dynamic Federalism: Competition, Cooperation And Securities Enforcement, Renee M. Jones
Renee Jones
The concept of competition between the federal government and the states was central to the framers’ vision of our constitutional structure. In the framers’ view, federal-state regulatory competition ensured an alternative regime to citizens dissatisfied with the dominant regulator’s performance. Recently, the dynamics of federalism have shifted power in the securities enforcement field from the SEC to certain state securities regulators. The states, rather than the SEC, have led enforcement efforts in the Wall Street analyst conflicts and the mutual fund trading investigations. This shift in authority has prompted renewed debate over whether a uniform national system of securities regulation …
Overwhelming A Financial Regulatory Black Hole With Legislative Sunlight: Dodd-Frank’S Attack On Systemic Economic Destabilization Caused By An Unregulated Multi-Trillion Dollar Derivatives Market, Michael Greenberger
Michael Greenberger
It is now accepted wisdom that it was the non-transparent, poorly capitalized and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008.[1] Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized OTC derivative guarantees of the subprime housing market; and the guarantors’ multi-trillion dollar interconnectedness with thousands of other OTC derivatives’ counterparties within that OTC market (through interest rate, currency, foreign exchange, and …
Is Our Economy Safe? A Proposal For Assessing The Success Of Swaps Regulation Under The Dodd-Frank Act, Michael Greenberger
Is Our Economy Safe? A Proposal For Assessing The Success Of Swaps Regulation Under The Dodd-Frank Act, Michael Greenberger
Michael Greenberger
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The central goal of the Dodd-Frank Act is to ensure that all standardized derivates products are regulated. The Act requires these trades be fully transparent and backed by adequate capital. The central question for evaluating the success of the Dodd-Frank Act is simple but profound: Has the Dodd-Frank Act made the economy any safer from the threat of another economic meltdown? This paper introduces a number of metrics that can be used to assess the success of the Dodd-Frank Act.
The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger
The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger
Michael Greenberger
It is now almost universally accepted that the unregulated multi-trillion dollar OTC CDS market helped foment a mortgage crisis, then a credit crisis, and finally a ―once-in-a-century systemic financial crisis that, but for huge U.S. taxpayer interventions, would have in the fall of 2008 led the world economy into a devastating Depression. Before explaining below the manner in which credit default swaps fomented this crisis, it worth citing in the margin those many economists, regulators, market observers, and financial columnists who have described the central role unregulated CDS played in the crisis. Even those once skeptical of arguments about the …
Sarbanes-Oxley's Insight: The Role Of Distrust, Renee Jones
Sarbanes-Oxley's Insight: The Role Of Distrust, Renee Jones
Renee Jones
No abstract provided.
E Pluribus Unum -- Out Of Many, One: Why The United States Needs A Single Financial Services Agency, Elizabeth F. Brown
E Pluribus Unum -- Out Of Many, One: Why The United States Needs A Single Financial Services Agency, Elizabeth F. Brown
Elizabeth F Brown
The United States needs to consolidate the over 115 existing state and federal agencies that regulate banking, securities and insurance firms and their products and services into a single, federal financial services agency; a U.S. Financial Services Agency (“US FSA”). The US FSA would be able to more effectively regulate the U.S. financial services industry than the existing regulatory regime. The current U.S. financial regulatory regime suffers from a range of problems, including an inability to anticipate and plan for future financial crises, an inability by regulators to quickly adapt to market innovations and developments, inconsistent regulations for financial products …