Views on improving the integrity of global capital markets

COVID-19


Is Covid-19 Make or Break for the EU?

CFA Institute Systemic Risk Council members discuss the challenges facing the EU as it responds collectively to the crisis created by Covid-19.

Virus Fallout: Survey points to large-scale bankruptcies and growth of asset mispricing risks

Based on a global survey conducted in April, the report details CFA® charterholders’ observations on a wide range of issues. This article focuses on five key themes: market liquidity, asset price formation, government intervention, impact on the financial services industry, and risk of misconduct.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

A plethora of non-GAAP and alternative performance measures will arise throughout 2020 to explain the effects of the COVID-19 pandemic. Investors need to critically evaluate the nature of the adjustments, what the resulting measure is meant to communicate, why the new or revised measure is being presented by management, and why the measure is a better or more meaningful measure. This information should be used as a jumping-off point for a conversation with management.

Unlimited and Unchecked Stimulus: Are We Killing Capitalism?

Government must show courage and planning now to ensure that the stimulus lands where it is needed, that accountability is guaranteed, and that our experiment with whatever-it-takes intervention into free markets ends.

A closer look at the Commission-proposed quick fix of MiFID II within the EU capital market recovery package

Since CFA Institute has been focusing particularly on the impact of the MiFID II rules for the past two and half years (the directive entered into force on 3 January 2018), we will be looking only at the tweaks to this regulatory framework.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

We encourage investors to “look under the hood” at the results — not for their predictive ability this quarter per se but rather for the ability of a company’s forward-looking statements to be evaluated and to make their own assessments of future prospects. Until there is a vaccine, company results and outlook will likely be filled with uncertainty, and these interim results can provide insight into the impact of the pandemic and how the business may respond in the future as the pandemic ebbs and flows over the next few years.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

Due to the impact of COVID-19 on how companies are reporting during the second quarter/half year, investors likely need to perform their own going concern analysis.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations: Cash Is Not Just King, It Is Everything

As we noted in our introductory post on July 14, as the earnings season commences this week, we will undertake a series of posts over the next two weeks on issues we believe are important for… READ MORE ›

Notes on the German EU Presidency

A German EU presidency is no normal presidency. We hope the following thoughts on priorities are a useful contribution at a time when the EU’s economic and financial response to the COVID-19 crisis has been under intense scrutiny.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

The second quarter, ending June 30, will result in US companies providing investors with the first look at the actual impact of COVID-19 on US public companies; and globally, companies will release their half-yearly results for the first time since the global surge in the pandemic.

In Financial Services, We Don’t Trust

Congress, regulators, and enforcement officials at all levels must help ensure public confidence and trust in the financial industry. In short, prompt enforcement based on effective regulations that penalize and deter wrongdoing is critical.

Is the Coronavirus Rocking the Foundations of Capital Markets?

An exclusive CFA Institute global survey on the impact of Covid-19 on the financial markets examines the liquidity, volatility, and asset mispricing issues along with thoughts on appropriate regulatory response and the intervention of government and central banks.

Big Data: Ideal for Financial Reporting and for Tracking Covid-19 Impact

For regulators to efficiently handle extremely large data sets, it will be easier with the imminent release of xBRL-CSV. An example from Spanish bank BBVA shows the value of this approach.

Ethics in Practice: Company Transparency During a Global Pandemic. Case and Analysis–Week of 11 May

Test your knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct and practice your ethical decision making by working through the case below and supporting your answer choice in the conversation. Check back for the analysis posted later in the week.

Ethics in Practice: Investment Research During a Global Pandemic. Case and Analysis–Week of 4 May

Test your knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct and practice your ethical decision making by working through the case below and supporting your answer choice in the conversation. Check back for the analysis posted later in the week.



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