Views on improving the integrity of global capital markets
08 November 2010

FINREG meets NASCAR

Posted In: Uncategorized

In case you have not been watching, something has happened to FinReg. It is on a fast track. It took legislators in the U.S. over two years to move on fixing our financial system laws to prevent another meltdown, and the commission overseeing diagnosis of the causes of the crisis has yet to make its report. But now that Dodd-Frank, as the reg-reform bill also is known, has been enacted, the starting gate has flung wide open as regulators and standard setters rush to develop and implement the rules necessary to carry out Dodd-Frank under timelines prescribed by the legislation. What is the old saying … “haste makes waste”? One of the biggest dangers to our system is shoddy rules in complex areas of finance; witness 2008. Our global economy and markets cannot afford another rushed or flimsy effort, nor should those with access to the most powerful megaphones have the only say. In the U.S., the SEC has modified its process to encourage comments before, during, and after rulemaking. Don’t be a spectator: weigh in, and let your policymakers know where you stand on the multitude of issues before them.

About the Author(s)
Kurt Schacht, JD, CFA

Kurt Schacht, JD, CFA, is managing director of the Standards and Financial Market Integrity division at CFA Institute, where he oversees all advocacy efforts and the development, maintenance, and promotion of the highest ethical standards of practice for the global investment management industry.

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