This article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union. The ESRB is the reason for macroprudential oversight of financial systems. Macroprudential policy is used to identify and reduce financial risks and limit financial...

While public financial institutions (such as public development banks) are commonly associated with developing countries, in fact they are prevalent in the developed world as well. We study a sample of public financial institutions in industrialized countries and identify dominant trends in...

The global financial crisis has demonstrated weaknesses in resolution regimes for financial institutions around the globe, including in the European Union (EU). This paper considers the principles underlying resolution regimes for financial institutions, and draws out how a well-designed...

There are two views of the European Union which appear at initial reading to be different from each other. The first is a vision of a free‐trading group, a Europe of nations, and the second is a vision of a European nation‐state. In the calculations of gains and losses, the former is often...

Purpose – The purpose of this paper is to provide a detailed overview of the China Investment Corporation (CIC) and its structure, investment activities and possible future investments. Design/methodology/approach – This paper uses a case study approach and builds up a picture of sovereign...

Purpose – The purpose of this paper is to provide a detailed overview of the China Investment Corporation (CIC) and its structure, investment activities and possible future investments. Design/methodology/approach – This paper uses a case study approach and builds up a picture of sovereign...

Hedge funds increasingly are becoming a focus of investors and U.S. regulatory agencies including the U.S. Securities and Exchange Commission (the “SEC”), the U.S. Treasury Department, the National Association of Securities Dealers, and the Commodity Futures Trading Commission as enhanced...

On December 20, 2002, the Securities and Exchange Commission (“SEC”), the National Association of Securities Dealers (“NASD”), the New York Stock Exchange (“NYSE”), the New York Attorney General, and the North American Securities Administrators Association (“NASAA”) announced...

The USA Patriot Act, Sarbanes‐Oxley, proxy voting disclosure, privacy regulations under Gramm‐Leach‐Bliley, fair valuation, hedge fund scrutiny, and the list goes on and on. Over the past two years, we have seen the Securities and Exchange Commission launch the most aggressive and...

In late January 2003, the Securities and Exchange Commission (SEC) adopted new rules for investment advisers under the Investment Advisers Act of 1940 (Advisers Act) requiring them to adopt and disclose to clients proxy voting policies and procedures. Concurrently, the SEC adopted new rules for...