The Bench explained, “If the entire scheme of the I&B Code is seen, it will be evident that the Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of ‘corporate persons’, ‘partnership firms’ and ‘individual’ in a time-bound manner. It is a self-contained Code which is exhaustive in nature when it comes to reorganisation and insolvency resolution. … [Read more...] about Financial Service Providers Outside The Purview Of Insolvency And Bankruptcy Code: NCLAT [Read Judgment]
"Having members who refuse to take corporate PAC money on a committee that has historically pandered for Wall Street dollars could be a game changer for policy outcomes," Lisa Gilbert, vice president of legislative affairs at Public Citizen, told the news outlet last week. "It could impact how Congress deals with CEO pay structures, systemically risky big banks, corporate crime and more." … [Read more...] about Report: Ocasio-Cortez to Join House Financial Services Comm.
The Core PrinciplesThe Core Principles include empowering Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth. This statement appears to favor a more hands-off approach to individual investment decisions. The Core Principles also require regulations that foster economic growth through more rigorous regulatory impact analysis addressing “systemic risk and market failures, such as moral hazard and information asymmetry.” This would presumably require a more extensive review of the regulatory cost of compliance favoring deregulation. However, the focus on systemic risk arising from moral hazard and information asymmetry could impact executive compensation to the extent compensation practices are seen to further individual conduct that could lead to systemic risk. The Core Principles further require regulations to enable American companies to be competitive with foreign firms in domestic and … [Read more...] about Looking Ahead: Executive Compensation for Financial Services in a Trump Administration
Second, if you have interests at stake, you need boots on the ground in the capital. When uncertainty is the norm and change is inevitable, information confers enormous advantages. And obtaining information in time to lend an influential voice in the policy process requires a physical presence in Washington. Those organizations and companies that are represented on the Hill will be in the best position to influence discussions around the following key issues as well as others that arise in the years ahead. … [Read more...] about Trump Transition: What Lies Ahead For Tax, Health Care, Environment And Financial Services
Rather than have separate investigatory units, the law creates a single Financial Frauds and Consumer Protection Unit (FFCPU) which has all of the investigatory and prosecutorial powers of the previous Banking and Insurance Departments, and is empowered to prosecute frauds involving financial products. Although at first blush this would appear to be a large expansion of power, it is tempered by the very limited definition of what constitutes a financial product. Under the law, the term “financial product or service” encompasses any financial product or service “offered or provided by any person regulated or required to be regulated” under the Insurance Law or the Banking Law, as well as any financial product or service otherwise offered or sold to consumers. Excluded from this term, however, are financial products or services that are (i) regulated “under the exclusive jurisdiction of a federal agency or authority;” (ii) subject to state regulation … [Read more...] about Recently Passed New York State Budget Consolidates Banking and Insurance Departments into Department of Financial Services