Views on improving the integrity of global capital markets

Investor protections


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.

Improving Investor Protection and Business Conduct in Covid Times: Can Industry and Regulators Work Together to Enhance Trust in Capital Markets?

Day two of the CFA Institute Financial Regulatory Symposium 2021 featured an in-depth discussion on these themes, and the measures that regulators can put in place to encourage ethical behavior.

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).

Sustainability Disclosures: Are We on the Right Path toward a Global Approach?

Regulators’ push for the development of sustainable investments, however, is challenged by the lack of reliable, consistent, and verifiable ESG data.

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 ›

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 ›

June 29, 30: Global Financial Regulatory Symposium

Register now for CFA Institute Global Financial Regulatory Symposium.

Shareholder Proposal Rule: Will Proponents Have the Votes in Time to Beat the CRA Clock?

The investor community overwhelmingly opposed the changes and more than 200 organizations have written to Congress in support of the CRA resolution. The window to act is short as the clock runs out in early May,

The Biden SEC – Time to Restore an Investor Protection Vibe

With a new Administration comes fresh leadership at the Securities and Exchange Commission (SEC), the most important securities regulator on the world stage. We have a simple request, get us back on track for investor protection.

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.

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.

A crisis of trust

Korea’s wealth management industry is in a crisis of trust. To restore investor confidence, regulators, industry organizations, and financial institutions must work together to address the underlying causes of the problems.

The SEC’s Proposal on Private Markets: Don’t Tip the Balance Further

The SEC is proposing major changes to the rules governing private markets to help young companies raise capital and to expand retail investor access to private markets. CFA Institute argues that the proposal would weaken investor protections and tip the balance yet further against public markets.



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