[{"@context":"http:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/wiki.edu.vn\/en\/wiki12\/committee-on-capital-markets-regulation\/#BlogPosting","mainEntityOfPage":"https:\/\/wiki.edu.vn\/en\/wiki12\/committee-on-capital-markets-regulation\/","headline":"Committee on Capital Markets Regulation","name":"Committee on Capital Markets Regulation","description":"before-content-x4 From Wikipedia, the free encyclopedia after-content-x4 The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research","datePublished":"2014-05-03","dateModified":"2014-05-03","author":{"@type":"Person","@id":"https:\/\/wiki.edu.vn\/en\/wiki12\/author\/lordneo\/#Person","name":"lordneo","url":"https:\/\/wiki.edu.vn\/en\/wiki12\/author\/lordneo\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/c9645c498c9701c88b89b8537773dd7c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c9645c498c9701c88b89b8537773dd7c?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Enzyklop\u00e4die","logo":{"@type":"ImageObject","@id":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/08\/download.jpg","url":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/08\/download.jpg","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/en.wikipedia.org\/wiki\/Special:CentralAutoLogin\/start?type=1x1","url":"https:\/\/en.wikipedia.org\/wiki\/Special:CentralAutoLogin\/start?type=1x1","height":"1","width":"1"},"url":"https:\/\/wiki.edu.vn\/en\/wiki12\/committee-on-capital-markets-regulation\/","about":["Wiki"],"wordCount":2045,"articleBody":"     (adsbygoogle = window.adsbygoogle || []).push({});before-content-x4From Wikipedia, the free encyclopedia       (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals, foundations, and corporations.       (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4Table of ContentsBackground[edit]History[edit]Past recommendations[edit]The global Financial Crisis: A Plan for Regulatory Reform[edit]A Blueprint for Financial Reform[edit]A Balanced Approach to Cost-Benefit Analysis Reform[edit]The U.S. Equity Markets: A Plan for Regulatory Reform[edit]Recent proposals[edit]Roadmap for Regulatory Reform[edit]Rationalizing Enforcement in the U.S. Financial System[edit]Expanding Opportunities for Investors and Retirees: Private Equity[edit]Committee members[edit]External links[edit]References[edit]Background[edit]Thirty-six leaders from the financial sector, including banks, broker-dealers, asset managers, private funds, insurance companies, and academia comprise the committee’s membership. The committee co-chairs are Glenn Hubbard, dean of Columbia Business School, and John L. Thornton, chairman of the Brookings Institution.  The committee’s director is Professor Hal S. Scott, Emeritus Nomura Professor and director of the Program on International Financial Systems at Harvard Law School. The committee’s research regarding the regulation of U.S. capital markets provides policymakers with a nonpartisan, empirical foundation for public policy.[1]History[edit]The committee was founded in 2006 by then-Secretary of the Treasury, Henry Paulson.[2]Past recommendations[edit]The global Financial Crisis: A Plan for Regulatory Reform[edit]In 2009, the Committee determined four critical objectives based upon a year of observation and research into the financial crisis that are further broken down into 57 specific recommendations.[3]  These four objectives are:       (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4Reduced systemic risk through more sensible and effective regulation.Increased disclosure to protect investors and stabilize the market.A unified regulatory system where lines of accountability are clear and transparency in improved.International regulatory harmonization and cooperation.A Blueprint for Financial Reform[edit]In 2010, within a 37-page letter to Chairman Dodd, Ranking Member Shelby, Chairman Lincoln and Ranking Member Chambliss, the CCMR evaluated all major elements in the financial reform proposals that have emerged from Senate committees, but focused especially on four as areas for compromise:[4]Federal regulators must have the ability to use tax dollars (and recoup them later) to pay for the orderly resolution of failing institutions in cases where they judge the alternative would be national and\/or international financial catastrophe.No banks or non-banks should be labeled \u201csystemically important.\u201dClarity about jurisdiction over the clearing and settlement of derivatives is crucial to reducing systemic risk, as is increasing these activities.The proposed independent and transparently funded Consumer Financial Protection Bureau (CFPB) should be free of overriding authority except that of the Financial Stability Oversight Council (as provided in the Dodd Bill) and the Treasury Secretary (only when he or she is acting on matters of the \u201csafety and soundness\u201d of the financial system, as in matters of systemic risk).A Balanced Approach to Cost-Benefit Analysis Reform[edit]Released in October 2013, the committee’s position paper set forth a balanced approach to strengthening cost-benefit analysis requirements applicable to the independent agencies tasked with implementing regulatory reform in the U.S. financial system. The Committee outlined an approach it believed would maximize the economic efficiency of the U.S. regulatory system, minimize procedural burdens on regulators, and help insulate new rulemakings from judicial challenge.[5]The U.S. Equity Markets: A Plan for Regulatory Reform[edit]In July 2016, the committee’s \u201cThe U.S. Equity Markets: A Plan for Regulatory Reform\u201d sought to inform the public and policymakers about the U.S. equity market structure and evaluate its performance for U.S. investors and public companies.[6] The report set forth 24 recommendations that fell into three categories:Increasing the transparency of U.S. equity marketsStrengthening the resilience of U.S. equity marketsReducing transaction costs by enhancing competitionRecent proposals[edit]Roadmap for Regulatory Reform[edit]In May 2017, the committee’s \u201cRoadmap for Regulatory Reform\u201d set forth priority regulatory actions for the Trump administration that would promote U.S. economic growth and enhance the stability of the U.S. financial system. The Roadmap consisted of eleven recommendation areas:[7]Conducting a cumulative assessment of regulatory impactEnhancing the U.S. approach to international regulatory frameworksReexamining bank capital and liquidity requirementsReducing undue regulatory burdens on community banks and regional banksSimplifying and streamlining the Volcker RuleEnsuring that rulemakings are adopted through a transparent and public processEnhancing the process of identifying and addressing systemic riskEstablishing a rule of law framework for the Federal Reserve as a lender of last resortReinvigorating the stagnant U.S. IPO marketReforming trading rules for the U.S. stock marketReviewing the U.S. public enforcement regimeRationalizing Enforcement in the U.S. Financial System[edit]In June 2018, the staff of the Committee developed a comprehensive overview of the structure, operation, and transparency of the U.S. public enforcement system as it pertains to the financial system.[8] The staff set forth recommendations in four major areas:Improving coordination and cooperation between enforcement authoritiesRationalizing the setting of sanctions in enforcement actionsEnsuring the appropriate use of monetary sanctionsPromoting individual accountabilityExpanding Opportunities for Investors and Retirees: Private Equity[edit]In October 2018, the Committee found that private equity funds have a well-established performance history that justifies expanding access to them.[9] It recommends three ways to do so:Legislative reforms to expand access to direct investments in private equity fundsSEC reforms to expand access to public closed-end funds that invest in private equity fundsDepartment of Labor reforms to facilitate the ability of 401(k) plans to offer investment options that provide exposure to private equity funds.Committee members[edit]Gregory Babyak, global head of regulatory and policy group, BloombergKenneth Bentsen, Jr., president & CEO, Securities Industry and Financial Markets AssociationAndrew Berry, managing director, head of regulatory strategy and initiatives, Americas, UBSJeffrey Brown, senior vice president legislative and regulatory affairs, Charles SchwabRoel C. Campos, partner, Hughes, Hubbard & Reed; former commissioner, Securities and Exchange CommissionJason Carroll, managing director, Hudson River TradingDouglas Cifu, CEO, Virtu FinancialAllen Ferrell, Harvey Greenfield Professor of Securities Law, Harvard Law SchoolJohn Finley, senior managing director and chief legal officer, The Blackstone GroupBenjamin M. Friedman, William Joseph Maier Professor of Political Economy, Harvard UniversityKenneth A. Froot, Andr\u00e9 Jakurski Professor of Business Administration, Emeritus, Harvard University Graduate School of BusinessAdam Gilbert, PwC financial services advisory risk & regulatory co-leader, PricewaterhouseCoopersRobert R. Glauber, adjunct lecturer, Harvard Kennedy School of Government; visiting professor, Harvard Law School; former chairman & CEO, NASDKenneth C. Griffin, president & CEO, Citadel Investment Group LLCR. Glenn Hubbard, Dean & Russell L. Carson Professor of Finance and Economics, Columbia Business School; committee co-chairGreg Jensen, co-chief investment officer, Bridgewater AssociatesWei Jiang, Arthur F. Burns Professor of Free and Competitive Enterprise & vice dean for curriculum and instruction dean’s office, Columbia Business SchoolSteven A. Kandarian, chairman, president & CEO, MetLifeMichael Koh, head of regulatory strategy & policy, BNP ParibasAndrew Kurtizkes, executive vice president & chief risk officer, State Street CorporationCraig Lazzara, managing director and global head of index investment strategy, S&P Dow Jones IndicesTheo Lubke, chief regulatory reform officer, Securities Division, Goldman SachsAndrei Magasiner, corporate treasurer, Bank of AmericaMichael Mendelson, principal, AQRBarbara G. Novick, vice chairman, BlackRockSandra E. O’Connor, managing director, chief regulatory affairs officer, J.P. Morgan ChaseCraig Phillips, former counselor to the secretary, United States Department of the TreasuryRobert C. Pozen, senior lecturer, MIT Sloan School of ManagementNancy Prior, president, Fixed Income Division, Fidelity InvestmentsDavid Rubenstein, co-founder & co-executive chairman, The Carlyle GroupHal S. Scott, Nomura Professor and president of Program on International Financial Systems, Harvard Law School; Committee PresidentJohn Shrewsberry, CFO, Wells FargoLeslie N. Silverman, senior counsel, Cleary Gottlieb Steen & Hamilton LLP; committee legal advisorDebra Stone, managing director, head of corporate regulatory affairs J.P. Morgan ChaseMakoto Takashima, president and CEO, Sumitomo Mitsui Banking CorporationJohn L. Thornton, chairman, The Brookings Institution; committee co-chairJoseph Ucuzoglu, CEO, DeloitteYuqiang Xiao, chairman of ICBC US Management Committee, general manager of ICBC New York Branch, Industrial and Commercial Bank of ChinaMichael Zarcone, head of corporate affairs and chief of staff to the chairman and CEO, Metlife[10]External links[edit]References[edit]     (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4"},{"@context":"http:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https:\/\/wiki.edu.vn\/en\/wiki12\/#breadcrumbitem","name":"Enzyklop\u00e4die"}},{"@type":"ListItem","position":2,"item":{"@id":"https:\/\/wiki.edu.vn\/en\/wiki12\/committee-on-capital-markets-regulation\/#breadcrumbitem","name":"Committee on Capital Markets Regulation"}}]}]