The 2007-2009 financial crisis focused attention on weaknesses in the U.S. regulatory structure, including the lack of an agency or mechanism responsible for monitoring and addressing risks across the financial system and a shortage of timely information to facilitate that oversight. In response to the crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in July 2010, which provided a broad range of regulatory reforms. Among many other things, the act established the Financial Stability Oversight Council (FSOC) to monitor the stability of the U.S. financial system and take actions to mitigate risks that might destabilise the system. This book provides an overview of elements and assessments of the Financial Stability Oversight Council and Office of Financial Research with a focus on Frequently Asked Questions.

On 31 October 2011, MF Global, a large brokerage firm registered with the Securities and Exchange Commission (SEC) as a broker-dealer and with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant (FCM), filed for bankruptcy. It appears that the firm failed as a result of losses from investments related to European sovereign debt. Normally, brokerage customers are protected from brokerage failure. On the securities side, investors may receive up to $500,000 from the Securities Investor Protection Corporation (SIPC) if the failed brokerage's assets are insufficient to meet customer claims. In futures markets, there is no insurance scheme comparable to SIPC, but customers are supposed to be protected by strict segregation rules. In the MF Global case, however, more than $900 million in customer funds were reported missing. This book provides information about MF Global, the rules for handling of customer funds, the enforcement of those rules, and the bankruptcy proceeding.

Are you fully prepared for the implementation of the Senior Managers and Certification Regime across financial services firms and the related regulatory scrutiny on conduct and accountability? The 2008 financial crisis sparked major changes in global financial services regulation with attention and resources focused on the behaviour of firms and senior individuals and how they conduct their business. Regulatory reforms have been designed and implemented globally to address accountability and conduct in financial services. In the UK this has resulted in the Senior Managers and Certification Regime (SM&CR) being implemented across all FSMA-regulated firms. Conduct and Accountability in Financial Services: A Practical Guide provides comprehensive and expert guidance on how best to implement and comply with the SM&CR. In addition to acting as a guide to rule book requirements and regulatory expectations, it provides an in-depth look at the implications of the global focus on culture and conduct risk. A must-read text for all staff in UK financial services firms, professional associations, industry bodies, regulators, academics and advisers to financial services organisations, it covers: The context and regulatory basis for SM&CR including an overview of the development and roll-out of the regime Analysis of key changes from the previous 'approved person' approach Practical considerations for HR, internal audit and non-executive directors The increasing role of culture and conduct risk A practical overview of enforcement, penalties and learning lessons from enforcement actions Overarching principles of how to manage personal regulatory risk Regulatory relationship management The impact of technology An overview of related global developments Appendices with timeline, bibliography and a selection of other useful sources for senior managers Conduct and Accountability in Financial Services: A Practical Guide is on the syllabus reading list for the Regulation and Compliance exam offered by the Chartered Institute of Securities and Investments.

This new volume presents leading international analyses of some of the most dynamic issues in the financial sector. Venture capital in the Singapore as well as the evolution of family firms are examined. The potential conflict of banks as shareholders is scrutinised as well. Other topics here include: interest rates and their predictability and smoothing, e-banking services, ownership of financial institutions and its potential impact on profitability. In addition, the predominance or lack thereof of foreign banks and the effect of them is viewed from an economic perspective.

Systemic Risk: History, Measurement and Regulation presents an overview of this emerging form of risk from a global perspective. Systemic risks endanger entire financial systems, not just individual financial institutions. In this volume, the authors review how systemic risk has evolved over the last 40 years across continents to come to the forefront of regulatory attention. They then discuss transmissions channels, provide a review of systemic risk measures, and describe new regulations that have been introduced, as well as the theory and practice of financial stability committees that have been set up internationally. Overall, the book provides a practical guide to understand, identify, assess and control systemic risk.While the financial research on systemic risk has strongly increased since the events of 2008, this book is a first in providing a detailed yet concise overview of the topic, covering the history of systemic risk, its measurement, and its regulation. The authors provide both academic and practitioner-oriented insights, and draw on their different regions of expertise to provide a global perspective on systemic risk.

Until about twenty years ago, the consensus view on the cause of financial-system distress was fairly simple: a run on one bank could easily turn to a panic involving runs on all banks, destroying some and disrupting the financial system. Since then, however, a series of events--such as emerging-market debt crises, bond-market meltdowns, and the Long-Term Capital Management episode--has forced a rethinking of the risks facing financial institutions and the tools available to measure and manage these risks."The Risks of Financial Institutions" examines the various risks affecting financial institutions and explores a variety of methods to help institutions and regulators more accurately measure and forecast risk. While new financial instruments, new participants, and new technologies typically have improved the informational efficiency of markets and have facilitated the matching of savings with investment opportunities, they have also changed the speed with which new information is incorporated in prices, often giving institutions little time to adjust before they see their financial soundness imperiled by new balance sheet weaknesses or by liquidity problems. The contributors--from academic institutions, regulatory organizations, and banking--bring a wide range of perspectives and experience to the issue. The result is a volume that points a way forward to greater financial stability and better risk management of financial institutions.

Financial Services Canada is the only master file of current contacts and information that serves the needs of the entire financial services industry in Canada. With over 18,000 organizations and hard-to-find business information, Financial Services Canada is the most up-to-date source for names and contact information of industry professionals, senior executives, portfolio managers, financial advisors, agency bureaucrats and elected representatives.

Internal investigations can be undertaken by a company or firm as a precursor to anticipated regulatory action, or for many other reasons. This title explains what a good regulatory investigation looks like whilst guiding investigators through the myriad of issues that can arise. It also dismantles many of the preconceptions and myths which have grown up around investigations in the post-financial crisis environment. Investigations are part of the 'business as usual' lifecycle for regulated firms. But there is no regulatory blueprint for what is accepted practice or accepted standards. This puts firms at a disadvantage with their regulators. Providing expert guidance on every step of a regulatory investigation including who should carry out the investigation, the scoping and planning, the interviewing and witness handling, how best to cooperate with the authorities, employee conduct and performance investigations, investigating senior staff, press, PR and Corporate Comms and litigation risks A Guide to Conducting Internal Investigations redresses the balance and provides a much needed blueprint for firms who find themselves in this position. This is a new practical resource for all firms and individuals that may find themselves the subject of, or be asked to assist in, a regulatory investigation or enforcement action.

This book provides unique information to prepare graduates and newly hired corporate and investment banking professionals for a career in the global markets environment of large universal and international investment banks. It shows the interrelationship between the three specific business functions of sales, trading, and research, as well as the interaction with corporate and institutional clients. The book fills a gap in the available literature by linking financial market theory to the practical aspects of day-to-day operations on a trading floor and offers a taxonomy of the current banking business, providing an in-depth analysis of the main market participants in the global markets ecosystem. Engaging the reader with case studies, anecdotes, and industry color, the book addresses the risks and opportunities of the global markets business in today's global financial markets both from a theoretical and from a practitioner's perspective and focuses on the most important fixed-income financial instruments from a pricing, risk-management, and client-marketing perspective.

The Operational Risk Handbook for Financial Companies is a groundbreaking new book. It seeks to apply for the first time a range of proven operational risk techniques from other industries and disciplines to the troubled territory of financial services. Operational risk expert Brian Barnier introduces a range of sophisticated, dependable and - crucially - approachable tools for risk evaluation, risk response and risk governance. He provides a more robust way of gaining a better picture of risks, shows how to build risk-return awareness into decision making, and how to fix (and not just report) risks. The practical importance of fully understanding and acting on risk to the business begins in the foreword on plan-B thinking, penned by Marshall Carter, chairman of the NYSE and deputy chairman of NYSE Euronext. The book is unique because: - It is not just about modeling and a few basic tools derived from regulatory requirements. Instead, it looks at management of risk to operations across industries, professional disciplines and history to help ops risk leaders become aware of the entire landscape of proven experience, not just their own conference room. - It is not just about compliance. Instead, it looks to operations as part of performance - managing risk to return for shareholders and other interests (e.g. guarantee funds). - It is not content to look at risk in stand-alone segments or silos; instead it takes a systems approach. - It is not just about ops risk leaders sharing war stories at a conference. Instead, it introduces a panel of six financial institution board members who get risk management and provide their perspectives throughout the book to encourage/demand more from ops risk to meet the needs of the institution in the world. - It is not a semi-random collection of tips and tricks. Instead, it is grounded in a risk-management process flow tailored to financial companies from a range of proven experience, providing tools to help at each step. Suitable for companies of all sizes, this book is of direct relevance and use to all business managers, practitioners, boards and senior executives. Key insights from and for each are built into every chapter, including unique contributions from board members of a range of companies. The Operational Risk Handbook for Financial Companies is an essential book for making better decisions at every level of a financial company; ones that measurably improve outcomes for boards, managers, employees and shareholders alike.

Loan sharks may conjure up an image of tough guys in fedoras looking to make a profit off of desperate people in dire financial straits, but in reality, lenders who advance small sums of cash at high interest rates until payday existed long before organized crime entered the trade. Today the businesses that fill this niche in the credit market prefer the name 'payday lenders' rather than loan sharks, but most large cities are still a hotbed of usurious lending, and the landscapes are dotted with their inviting and brightly colored storefronts. Despite their more respectable name, these predatory lenders have endured through regulation, prohibition, and the rise and fall of the mob since the late 1800s. In this intriguing and accessible book, Mayer aptly assesses the consequences of high-interest lending--both for the people who borrow at such steep prices and for society as a whole. He argues that although some consumers gain from borrowing at high rates, payday lending in its modern form consistently traps many of the wage earners who pawn their postdated checks, leaving them worse off than they were before. Because payday lending regulations vary widely throughout the country, Mayer chose to focus his story on Chicago, a city that serves as a fine representative of the legacy of loan sharking. "Quick Cash "will engage policy analysts, economists, and regional historians, as wells as general readers interested in the fascinating story behind these unscrupulous lending operations that feed off America's current tough economic times.

The shocking fall of Bear Stearns in March 2008 set off a wave of global financial turmoil that continues to ripple. How could one of the oldest, most resilient firms on Wall Street go so far astray that it had to be sold at a fire sale price? How could the guys who ran Bear so aggressively miscalculate so completely?
In this vivid and dramatic narrative, Kate Kelly takes us inside Bearas walls during its final, frenzied 72 hours as an independent firm. Expanding with fresh detail from her acclaimed front- page series in "The Wall Street Journal," she captures every sight, sound, and smell of those three unbelievable days.
For decades, Bear had proudly recruited aP.S.Dsaa employees who were poor, smart, and had a deep desire to become rich. An elite family or Ivy League diploma didnat matter. Were you willing to do almost anything to make money for the firm? Were you tough enough to be a street fighter?
Bearas leaders were arrogant and didnat play nice. But their style had made them a fortune, and had helped Bear survive every crisis from the Great Depression to the dotcom bubble.
Yet as the subprime mortgage crisis began to brew, the firmas key executives descended into civil war. Kelly reveals fresh, never-before-told details about the moves that led to that brutal final weekend.
With a style as riveting as it is enlightening, "Street Fighters" is the definitive account of a once-great firmas demise, and the human folly that led to the worst financial crisis since the 1930s.

Federal financial regulation in the United States has evolved through a series of piecemeal responses to developments and crises in financial markets. This book provides an overview of current U.S. financial regulation: which agencies are responsible for which institutions and markets, and what kinds of authority they have. Banking regulation is largely based on a quid pro quo that was adopted in response to widespread bank failures. Federal securities regulation is based on the principle of disclosure, rather than direct regulation. Derivatives trading is supervised by the Commodity Futures Trading Commission (CFTC), which oversees trading on the futures exchanges, which have self-regulatory responsibilities as well. There is also a large over-the-counter (off-exchange) derivatives market that is largely unregulated. The Federal Housing Finance Agency (FHFA) oversees a group of government-sponsored enterprises (GSEs) -- public/private hybrid firms that seek both to earn profits and to further the policy objectives set out in their statutory charters. No federal agency has jurisdiction over trading in foreign exchange or U.S. Treasury securities; non-bank lenders fall outside the regulatory umbrella; and hedge funds, private equity firms, and venture capital investors are largely unregulated (although their transactions in securities and derivatives markets may be).

Today, the financial services sector is facing a period of rapid disruption and innovation, and artificial intelligence (AI) is at the heart of these changes. Artificial intelligence can be used to gather enormous amounts of data, detect abnormalities, and solve complex problems. Financial institutions are already experimenting extensively with AI strategies to enhance and streamline financial institutions, BSA and AML compliance, CRA requirements, fraud detection, and real estate valuations, all while reducing cost levels. This book looks at how artificial intelligence is affecting the financial services industry.

Across the European Union, common problems and challenges have arisen related to the accessibility, quality, and financial sustainability of long-term healthcare services, which represent a new social and medical risk. This book compares national policies in Norway, Germany, and the Netherlands and how these countries approach issues such as old-age insurance, home-help programs,and mental healthcare. The contributors look at different paths of policy development, identify problems faced by public and private parties, and ultimately discuss possible solutions.

As chief of SEBI, Upendra Kumar Sinha guided the regulatory body through some of its most crucial years. Successive governments appointed him on this crucial post-making him one of the longest-serving heads of the organization. Under his leadership, SEBI successfully fought a long legal battle with Sahara, and led the crackdown on institutions such as PACL, Rose Valley, Saradha and the MPS groups which conducted unauthorized deposit collections. Upendra Kumar Sinha has contributed significantly to shaping India's capital markets in multiple roles, including as chairman of UTI Mutual Fund and head of the Capital Markets division in the Ministry of Finance. He's been the guiding force behind reforms to protect the rights of investors, make stock exchanges more secure, and introduce alternate investment funds (AIFs), real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). He is credited with the current revival and growth of the mutual funds industry in the country. This candid and historically important memoir reminisces on his journey through India's changing financial landscape.

Community banks ... generally small and locally focused institutions ... are important sources of credit to small businesses. Since the 2007 ... 2009 financial crisis, regulators have made significant changes to the regulatory environment. Chapter 1 examines the data regulators use to measure small business lending, as well as the extent of any regulatory effects on the amount of community banks' small business lending and their lending processes, changes in bank populations, and financial performance. Chapter 2 examines (1) the regulations community banks and credit unions viewed as most burdensome and why, and (2) efforts by depository institution regulators to reduce any regulatory burden. GAO analyzed regulations and interviewed more than 60 community banks and credit unions (selected based on asset size and financial activities), regulators, and industry associations and consumer groups.

The dramatic story of the last fifty years of the Speyer banking dynasty, a Jewish family of German descent, is surprisingly little known today, yet at the turn of the 20th century, Speyer was the third largest investment banking firm in the United States, behind only Morgan and Kuhn, Loeb. It had branches in London, Frankfurt and New York, and the projects it financed included the Southern Pacific Railroad, the London Underground and the infrastructure of the new Cuban republic. Later, it was the first major banking firm to finance Germany's Weimar Republic, as well as providing League of Nations loans to Hungary, Greece and Bulgaria. Yet, the firm was doomed by the nationalist passions aroused by World War I. Its English partner was denaturalised and exiled; its American partner enjoyed reduced standing because of his connection to Germany; and the Frankfurt branch closed with the coming of the Third Reich, its German partner fleeing into exile. The firm was dissolved in 1939, a surprisingly anticlimactic end to one of the great international banking companies of modern times. George W. Liebmann here tells the story of the firm and the family - shedding new light on the protagonists of a remarkable dynasty, who came undone in the dramatic years of the early 20th century.

The U.S. life and property/casualty (P/C) insurance industries wrote over $1 trillion in total premiums in 2011 and play an important role in ensuring the smooth functioning of the economy. Concerns about the oversight of the insurance industry arose during the 2007-2009 financial crisis, when one of the largest U.S. holding companies that had substantial insurance operations, American International Group, Inc. (AIG), suffered large losses. These losses were driven in large part by activities conducted by a non-insurance affiliate, AIG Financial Products, but also included securities lending activity undertaken by some of its life insurance companies which created liquidity issues for some insurers. The losses threatened to bankrupt the company, and AIG was one of the largest recipients of assistance by the Federal Reserve Bank of New York and the federal government under the Troubled Asset Relief Program (TARP) set up during the crisis. This book examines any effects of the financial crisis on the insurance industry and policyholders, and addresses what is known about how the financial crisis affected the insurance industry and policyholders, and the types of actions that have been taken since the crisis to help prevent or mitigate potential negative effects of future economic downturns on insurance companies and their policyholders.

The objective of Research in Accounting in Emerging Economies is to raise the level of interest in the specific problems of accounting in emerging economies; and increase awareness of real issues, so that accounting in these countries will not just be seen as a matter of copying what is done in the industrialized countries. RAEE is intended to provide an authoritative overview of accounting research and progress in emerging economies.

Too many financial advisors simply close shop when they decide to exitthe business--squandering untold goodwill and legacy business.

Why waste a great opportunity?

By applying the advice of Al Depman, a.k.a. "The Practice Doctor," you can transform your financial services practice into a legacy-focused business that will add substantial wealth to your retirement nest egg.

"How to Build Your Financial Advisory Business and Sell It at a Profit" walks you through the steps of developing, managing, and growing a profitable practice you can sell for enhanced value or bequeath to family members.

Depman guides you through the process of forming a sound plan for your financial services business, including how to: Create a team of advocates in marketing and administration Build a sophisticated referral process Develop sales and casedevelopment systems Write a best-practices operations manual Maximize new technology to streamline operations Put a succession plan in place

Building a long-term business model is not just good for your future. It will also make you happier and more profitable today. You'll be able to spend more time with clients. You'llput more energy into finding new ones. You'll focus more on referral sources. And someone else will do the grunt work.

Use "How to Build Your Financial Advisory Business and Sell It at a Profit" to build your business into more than a simple means to a paycheck--and reap the rewards of your hard work long after you choose to leave the firm.