Jeff Jinnett: Directors of Public Companies No Longer “Parsley on the Fish”

Irving Olds, Chairman of U.S. Steel from 1940-1952, once opened a speech by declaring, “Directors are like the parsley on fish – decorative but useless.” The perceived importance of directors has changed radically since the time of that speech as a result of the Sarbanes-Oxley Act and New York Stock Exchange listing requirements. The role…

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Jeff Jinnett: The Nimble Approach to Compliance: Multi-Purpose IT Solutions and “Nexialist” Compliance Attorneys

Regulatory compliance has become an increasingly costly burden. For example, SIFMA has estimated that the U.S. securities industry in 2004 spent $23.2 billion on compliance-related activities(1). In addition, regulatory mandates have become more intrusive in their application to how business is conducted. In response to corporate scandals such as Enron, the mandates have shifted from…

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Jeff Jinnett: The Catch-22 of Record Retention

At the heart of the record retention challenge is the difficult question as to what types of documents to maintain for compliance purposes and how long to maintain them. In certain cases, applicable laws and regulations specify the types of documents to retain and the length of time to retain them. For example, for purposes…

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Jeff Jinnett: Proposed Financial Services Regulatory Reforms (Part II): Possible Business and IT Impacts

In our last blog posting, we summarized the Obama administration’s proposed financial services industry regulatory reforms, as set forth in its “New Foundation” white paper[1]. The following are some of the possible business impacts of the changes, if enacted into law: For hedge funds and private equity funds (and their advisors) required to register with…

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Jeff Jinnett: Obama Administration Proposed Financial Services Regulatory Reforms (Part 1): An Overview

On June 17, 2009, the U.S. Department of the Treasury issued a white paper entitled “Financial Regulatory Reform – A New Foundation: Rebuilding Financial Supervision and Regulation” (the “New Foundation White Paper”).(1)  The New Foundation White Paper outlines the Obama administration’s proposals for significant changes in the framework under which financial institutions are regulated by…

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Sai Sireesh: Regulatory Oversight & Risk Management of the Future

Year 2008 was a humbling and significant event for the Investment Banking and Risk Management professions. Many epitaphs will be written for legendary institutions that disappeared overnight and will be spoken about for decades to come in terms of the crunching global impact and the associated learnings.  About $650bn of sub-prime bonds outstanding in March…

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