Views on improving the integrity of global capital markets

One Money, Many Rails: Keeping Digital Money Fungible

Fragmented digital-money systems threaten monetary fungibility. Regulators, issuers, market infrastructures, and investors can preserve it through stronger interoperability, disclosure, redemption safeguards, and clear settlement rules.

Opening Public Markets Without Lowering the Bar

This blog explains why CFA Institute opposes broadly weakening public-market safeguards, examines the risks of easing Form S-3 requirements, and recommends a separate US venture market that expands access while protecting investors.

Investors Should Be Watching More Than Just the SEC’s Proposal on Semiannual Reporting:  Filer Status Reform May Further Reduce Disclosures

The SEC’s filer-status proposal would expand reporting exemptions to many more public companies, including large IPOs. This blog explains how investors should assess whether lower costs justify reduced disclosure, auditor assurance, and shareholder accountability for investors.

India’s Finfluencer Challenge: From Influence to Accountability

India’s finfluencer market is growing rapidly. CFA Institute research highlights regulatory gaps and recommends stronger disclosures, oversight, and investor protections.

EU Financial Sector Rules: from Simplification to Agility

A new report calls for simpler, more agile EU financial sector regulation to strengthen capital markets, reduce fragmentation, support innovation, and improve investor protection.

The DOL Pathway for Private Assets in 401(k)s  — Are the Guardrails Strong Enough?

A proposed US Department of Labor rule could expand private market access in 401(k)s, but stronger safeguards are needed to address valuation, liquidity, fee transparency, fiduciary oversight, and investor protection risks.

Europe Has Startups—But Lacks the Growth Capital to Scale Them

Europe’s startups thrive, but their subsequent scaleups do not. The lack of late-stage venture capital alongside regulatory barriers and fragmented markets push firms abroad. Targeted reforms could unlock funding and keep innovation growing at home.

European Equity Markets: A Crisis in Listings and a New Scheme for Private Capital Exchanges

European public equity markets are struggling with weak IPOs and listings. The EU is exploring private capital exchanges, inspired by the UK’s PISCES model, to improve access to growth capital and investor exits.

A Global Deregulation Agenda: Part III

The US SEC’s withdrawal of proposed amendments to Rule 14a-8 halts efforts to strengthen shareholder proposal rights. The move reflects broader deregulation trends, raising questions about investor voice, corporate accountability, and governance balance.

A Global Deregulation Agenda: Part II

The US SEC’s pause on key rules for cyber governance, swaps transparency, and Reg SCI marks a shift toward lighter oversight. The retreat reduces compliance burdens but heightens investor risk and uncertainty around market transparency and resilience.

A Global Deregulation Agenda: Part I

Global deregulation is reshaping financial markets as the US, UK, and EU pursue lighter regulation to boost growth. CFA Institute warns that efficiency gains must not come at the expense of investor protection and market stability.

India’s Derivatives Market and Retail Investors

Retail investors in India’s derivatives market face heavy losses amid rising speculation, finfluencer advice risks, and increased regulatory scrutiny. CFA Institute urges stronger oversight, education, and focus on market integrity.

GenAI’s Promise and Pitfalls for Sustainability

Generative AI offers powerful tools for sustainability—enhancing data, energy efficiency, and resilience—yet poses serious environmental, social, and governance risks that demand responsible oversight and transparency.

Earnings Releases Are No Substitute for 10-Qs

Earnings releases may look like 10-Qs, but they’re not. Without mandated quarterly filings, investors lose key protections—independent review, management certification, and full financial disclosure—that safeguard market integrity and transparency.

Governing the Capital of Europe’s Insurers: Resilience versus Capital Mobilization

How Solvency II reforms may reshape EU insurers’ capital use, freeing funds for long-term investment while testing supervisory resilience.