Views on improving the integrity of global capital markets
Modern Portfolio Theory Revisited in the Age of Environmental, Social, and Governance Investing

The following post summarizes some key ideas from a recent edition of the CFA Institute podcast The Sustainability Story. Matt Orsagh, CFA, CIPM, senior director of capital markets policy at CFA Institute, spoke with former hedge… READ MORE ›

The Impact of Covid-19 on Board Accountability, Flexible Work, Stakeholder Engagement, and Financial Markets

New episodes from podcast series A Guide to EU Financial Politics and Policy Development.

Franklin Templeton Case Highlights the Need to Improve Industry Risk Management Practices

The closure of the six Franklin Templeton (FT) schemes last year is, at its core, a failure of risk management, as amply illustrated in the Securities and Exchange Board of India’s (SEBI) recent order. But were these deficiencies specific to one firm, or can we take broader lessons for the Indian fund industry?

Two Sides of the ESG Debate Are Closer Than They Think

We support the formation of an ISSB because its “first principles” are important to the investment community and would address the full range of sustainability factors (i.e., beyond climate change alone) through which investors assess business performance. Crucially, the ISSB also would establish a global sustainability disclosure baseline, bringing coherence to a fragmented ecosystem in which investors have been forced to be multilingual.

Towards Better Fund Liquidity Management During a Crisis

Assets under management with credit funds grew in India as long as their inflows exceeded outflows. It was only when the trend reversed that those funds had to face up to the task of selling in an illiquid market.

SEC Should Lead in Requiring Climate Disclosures

A transition to a lower-carbon economy will have a significant impact on the global economy, with the US economy being no exception. It is time for the SEC to take the lead.

As the SEC Turns Its Attention to Human Capital, Investors and Accountants Need to Pay Attention

Perhaps most interesting about human capital relative to climate risk is that the financial statements are already supposed to provide some degree of information on human capital, such as compensation expense, but financial statements do not always do this. But now with the SEC involved, things may change.

Securities and Exchange Board of India Raises the Bar for Ethical Conduct for the Indian Fund Industry

SEBI tackles novel and nuanced ethical issue by raising the threshold of what it considers acceptable executive behavior.

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).

The Impact of the GIPS Standards on Regulations Around the Globe

We hope to see more regulators look to the GIPS standards as a set of best practices they can rely on, which will continue to help CFA Institute meet our goal of protecting investors.

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 ›

Towards a deep review of the role of the European Financial SupervisoryAuthorities?

Now is the time to review the structure of the financial supervision in the EU. Empowering the ESAs with greater direct supervisory powers and resources and turning these authorities into more independent bodies are essential steps to achieve a genuine CMU, with a truly European single supervision.



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