Views on improving the integrity of global capital markets

Investment Topics


UK Audit Reform: Audits of Internal Controls Over Financial Reporting

The narrative that management and auditor assessment of internal controls of financial reporting is too expensive is a very common, but undemonstrated, narrative regarding virtually every accounting, disclosure, and audit reform. Investors view the benefits of ICFR audits as exceeding the costs.

UK Audit Reform—Investors Attempt to Assess the Net Effect and Timing of the Proposed Reforms: Has the “Expectations Gap” Been Narrowed?

Our key takeaway from the Consultation is that the UK government’s most significant instrument of reform is an empowered audit regulator, replacing the Financial Reporting Council (FRC) with the new Audit Reporting and Governance Authority (ARGA).

IFRS Foundation Chair Speaks at CFA Institute Symposium on the Creation of Sustainability Standards Board

KEY MESSAGES

At a recent CFA Institute event, I hosted Erkki Liikanen, Chair of the IFRS Trustees, where he spoke about the efforts of the IFRS Foundation to establish a Sustainability Standards Board (the… READ MORE ›

Covid-19, One Year Later: Capital Markets Entering Uncharted Waters

Our research reviewed how such a transformational interpretation of the role of central banks and their independence in conducting monetary policy could have unintended consequences for financial markets and the economy. CFA Institute also wanted to draw the attention of policy makers to the socioeconomic aspects of this crisis.

The SPAC Boom – Our CFA Institute Advocacy Policy Engagement

Despite unprecedented
economic disruption, the US IPO market hit a record $170 billion in 2020, driven in large part by the unexpected surge in the use
of special purpose acquisition companies
(SPACs) to take private companies public. SPACs,
commonly referred to as blank-check… READ MORE ›

ESG Q&A: Moving Beyond Modern Portfolio Theory

Jon Lukomnik and James Hawley discuss their new book Moving Beyond Modern Portfolio Theory.

ESG Q&A: 21st Century Investing

A discussion with Steve Lydenberg and William Burckart about their new book 21st Century Investing: Redirecting Financial Strategies to Drive Systems Change.

SEC’s Proposed Exemption for Finders Would Short-Change Investor Protection and Market Transparency

Finders with the right contacts among investors can play useful roles in bridging funding gaps. Unfortunately, however, the world of finders also has a dark side of fraudsters, market manipulators, and bad actors. The SEC's proposed exemption fails to acknowledge this.

DOL Finalizes Rule on ESG Investing: Is “Nonpecuniary” a Synonym for “ESG”?

The final DOL rule is a substantive improvement over the widely opposed original proposal, but industry participants remain concerned about its chilling effect on ESG investing and factor integration, as well as about the integrity of the rulemaking process.

Proposed 13F Rule Change Reduces Transparency, May Lack Authority

SEC Rule 13F is seeking to raise the asset threshold for investment managers to report their holdings rom $100 million to $3.5 billion.

Poll Results from the 24th Annual GIPS® Standards Virtual Conference

We asked firms if they comply with the 2010 edition, the 2020 edition, or neither. The majority of firms (74%) still claim compliance with the 2010 new edition. Only 9% have adopted the 2020 edition.

Ten Takeaways from the GIPS® Standards Conference

Key takeaways from the conference that may assist you as your firm transitions to the 2020 edition of the GIPS standards.

SEC Proxy Rule Amendments: Are They Constitutional?

CFA Institute says new US SEC rules pose serious risks to timely, high-quality, and independent financial advice and analysis.

The Power of Nudges in Financial Advice

Beware the nudge: Many people do not realize this, but we often are swayed in our decision-making processes by our emotions, the methods by which products or services are marketed to us, and the context of our current situation or surroundings. Nudges strategically and effectively make use of biases and mental shortcuts to influence behaviour and decisions while preserving freedom of choice.

India’s Broking Scandal and Its Aftermath Has Implications for Market Integrity and Efficiency

A brokerage scandal in India led to an immediate reform which did not go through a consultation process. The resulting rules have had a significant unintended impact on client experience, which has varied across brokerages.



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