Good afternoon. Thank you, Paulita and Rajib, for your gracious invitation and kind welcome to this year’s program on current issues and trends in Investment Management. As I suspect many of you know – and as the spring regulatory agenda demonstrates – there is a significant list of current issues and trends in Investment Management under consideration at the Securities and Exchange Commission right now.
Before I turn to that list, please allow me to begin with the disclaimer that my comments today are my own and do not necessarily reflect the views of the Commission, the Commissioners, … Read more
A joint letter by 58 law firms is certainly a notable declaration, particularly when pulled together within a mere 10 days after litigation initiated by esteemed scholars. Observers might be tempted to wonder whether the motivation for such a quick and public press release is the signatories’ concern with analyzing a legal issue carefully, or with losing a large book of business and being called to account for legal advice that now stands in question. The New York Times quotes one attorney as saying, “We really needed something powerful to take away” the “P.R. narrative.”
Upon what, precisely, have all … Read more
Soon after the coronavirus pandemic erupted in the spring, Congress enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, pumping $2.2 trillion into the economy. Now, nine months later, many of that law’s critical elements have ended or will soon expire. Senate Majority Leader McConnell and Speaker of the House Pelosi are engaging in talks but have yet to agree on a new stimulus package. When they do, we believe they can learn several important lessons from the effects of the CARES Act. In our article, we conducted an empirical study of important elements of the CARES … Read more
The impact of technology on finance (FinTech) is one of the hottest topics in business, law, and regulation, with academics and practitioners considering a host of issues that include cryptocurrencies, robo-advice, initial coin offerings, and algorithmic analyses of big data. Yet very little analysis has been devoted to the world’s largest financial industry: asset management.
The Rise of Concentrations of Digital Technology: Financial Operating Systems
In a new paper, we identify and explore a topic of major significance in FinTech: the rise of financial operating systems (FOS) and their evolution in the global asset management industry. These digital technology ecosystems … Read more