Securities And Financial Services Law 10th Edition

[Emmaline]

Authoritativecoverage provides a foundation for understanding core concepts and recent developments in banking and financial institutions law. This Nutshell title covers subjects such as the history and structure of the financial services industry and its regulators, the interrelationship between banking law and monetary and economic policy, the regulation of banking itself (including market regulation, international banking, and thrift institutions), securities regulation, insurance regulation, and pension funds, retirement accounts and social security. The book concludes with an analysis of emerging issues in the law of financial intermediaries, including the need for harmonized rules in an increasingly transnational market, the impact of digital currencies and transactions on regulatory policy, and the threat that international crises pose for stable banking and financial markets.

Law School Faculty - Sign in or Create an Account to access this content. Law faculty who have created an account can sign in after receiving email notification that registration has been approved. Email account...@westacademic.com or call 800-313-9378 for assistance.

Other Higher Education Faculty who wish to access digital review copies or teaching resources should contact their West Academic Account Manager at col...@westacademic.com or 800-360-9378.

This content is intended for adopters only. Sign in or Create an Account to access this content. Law faculty who have created an account can sign in after receiving email notification that registration has been approved. If you are an adopter who is unable to access this content after signing in, contact your account manager for assistance at account...@westacademic.com or call 800-313-9378 for assistance.

Sign in or Create an Account to access this content. Faculty who have created an account can sign in after receiving email notification that registration has been approved. Contact us for assistance.

Securities and Financial Services Law is an authoritative text on the regulation of Australian securities markets and of the various entities involved in those markets. This 10th edition provides updated commentary on how various legislative amendments resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and recent case law affect issuers, intermediaries, market operators, traders and investors.

The Hon Justice Ashley Black was appointed a Judge of the Supreme Court of New South Wales on 4 July 2011. He was previously a dispute resolution partner at Mallesons Stephen Jaques where he practised primarily in commercial litigation and financial services regulation. He was admitted as a solicitor in 1987 and was a Judge's Associate in the Federal Court of Australia in 1988. He is an Adjunct Professor at the University of Sydney Law School.

Learning about investing starts with the CORE FOUR: Making Investments, Investing for Retirement, Choosing a Financial Professional, and Scams & Unsuitable Investments. All are available in Spanish.

Order the 10th anniversary edition of the Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud. For free copies, provide a mailing address to tx...@ssb.texas.gov. The Investor Guide is also in Spanish.

Securities Commissioner Travis J. Iles issued an Emergency Cease and Desist Order to halt a fraudulent MLM scheme that purportedly offered investments in cloud mining cryptocurrency. The order outlines the use of deceptive image and video manipulation techniques and the...

The Texas State Securities Board on May 9 approved the appointment of Cristi Ramn Ochoa as Deputy Securities Commissioner. Ramn Ochoa joined the State Securities Board in 2016 where she served as a staff attorney in the Inspections and Compliance...

The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.

Looking to stay on top of the latest news and trends? With MyDeloitte you'll never miss out on the information you need to lead. Simply link your email or social profile and select the newsletters and alerts that matter most to you.

The continual increase in regulatory requirements may abate or even be reversed in 2017 as President Trump and others have questioned whether regulatory oversight has gone too far. Strategic risk is increasing as entrepreneurial fintech players are competing with traditional firms in many sectors. The rapidly changing environment suggests that risk management programs may need to increase their ability to anticipate and respond flexibly to new regulatory and business developments and to emerging risks, for example, by employing predictive analytics tools.

Cybersecurity. Only 42 percent of respondents considered their institution to be extremely or very effective in managing cybersecurity risk. Yet, cybersecurity is the risk type that respondents most often ranked among the top three that would increase in importance for their institution over the next two years (41 percent). In recognition of the broad senior management and board awareness of cybersecurity risks, most respondents did not report challenges in securing funding or in communicating with senior management or the board. However, many boards of directors face the challenge of securing sufficient technical expertise to oversee the management of cybersecurity risk. The issues cited most often as extremely or very challenging were hiring or acquiring skilled cybersecurity talent (58 percent) and getting actionable, near-real-time threat intelligence (57 percent).

Institutions less effective at managing newer risk types. Roughly 80 percent or more of respondents said their institution is extremely or very effective at managing traditional risk types such as liquidity (84 percent), underwriting/reserving (83 percent), credit (83 percent), asset and liability (82 percent), investment (80 percent), and market (79 percent). Newer risk types present more challenges, and fewer respondents rated their institution highly at managing model (40 percent), third party (37 percent), and data integrity (32 percent). Given the heightened geopolitical uncertainty and change during the period when the survey was conducted, as evidenced by the UK Brexit referendum and the discussion of US trade policies during the US presidential campaign, it is notable that the percentage of respondents who considered their institution to be extremely or very effective at managing geopolitical risk was only 28 percent, a sharp drop from 47 percent in 2014.

Battle for risk management talent. With the increase in regulatory requirements, there has been greater competition for professionals with risk management skills and experience. Seventy percent of respondents said attracting and retaining risk management professionals with required skills would be an extremely or very high priority for their institution over the next two years, while 54 percent said the same about attracting and retaining business unit professionals with required risk management skills. Since cybersecurity is a growing concern across all industries, the competition is especially intense for professionals with expertise in this area. As noted above, when asked how challenging various issues in managing cybersecurity risk were, the item cited third most often as extremely or very challenging was hiring or acquiring skilled cybersecurity talent (58 percent).

Greater use of stress testing. Regulators are increasingly using stress tests as a tool to assess capital adequacy and liquidity, and 83 percent of institutions reported using capital stress testing and the same percentage reported using liquidity stress testing. For both types of stress tests, more than 90 percent of institutions reported using it for reporting to the board, reporting to senior management, and for meeting regulatory requirements and expectations. For both capital and liquidity stress tests, the two issues most often rated as extremely or very challenging concern IT systems and data: stress testing IT platform (66 percent for capital stress testing and 45 percent for liquidity stress testing) and data quality and management for stress testing calculations (52 percent for capital stress testing and 33 percent for liquidity stress testing).

Increased importance and cost of compliance. Thirty-six percent of respondents cited regulatory/compliance risk as among the three risk types that will increase the most in importance for their business over the next two years, the risk named second most often. Seventy-nine percent of respondents said that regulatory reform had resulted in an increased cost of compliance in the jurisdictions where it operates, and more than half the respondents said they were extremely or very concerned about tighter standards or regulations that will raise the cost of doing existing business (59 percent) and the growing cost of required documentation and evidence of program compliance (56 percent).

Increasing oversight by boards of directors. Eighty-six percent of respondents said their board of directors is devoting more time to the oversight of risk management than it did two years ago, including 44 percent who said it is devoting considerably more time. The most common risk management responsibilities of boards of directors are review and approve overall risk management policy and/or ERM framework (93 percent), monitor risk appetite utilization including financial and nonfinancial risk (89 percent), assess capital adequacy (89 percent), and monitor new and emerging risks (81 percent). However, there is more work to do in instilling a risk culture, where no more than roughly two-thirds of respondents cited as board responsibilities help establish and embed the risk culture of the enterprise (67 percent) or review incentive compensation plans to consider alignment of risks with rewards (55 percent).

3a8082e126