Conflicts Of Interest In Self Regulation

The author examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers' ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest. Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.

Carson examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers' ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest.Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study the development of securities markets in emerging markets.

This book examines the moral role of news media practitioners and organizations, and applies a modified philosophical account of Virtue Ethics as a framework for the role of journalists—and journalism organizations—in public life. It shows how journalists and news organizations that adopt an aim towards professional excellence (virtue) by putting a premium on investigative journalism—with both large and small measures depending on the nature of the reporting—can achieve lofty professional goals under modern deadlines. The news media, both electronic and traditional, are imperative to an informed public, and an informed public is critical to a properly functioning cross-section of social, government and corporate domains. The book emphasizes the virtues of justice and integrity as foundational to professional practice. It examines the modern ethical challenges presented by organizations ranging from online upstarts to massive media conglomerates, each that have economic challenges that can inhibit professional excellence through corruption or corrosion. The author applies his account of virtue—bolstered by suggestions for complementary reforms in education and regulation—to improve an ethically challenged industry as it undergoes significant technological change.

Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations (SROs) (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition) The Law Library presents the complete text of the Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations (SROs) (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition). Updated as of May 29, 2018 This book contains: - The complete text of the Conflicts of Interest in Self-Regulation and Self-Regulatory Organizations (SROs) (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition) - A table of contents with the page number of each section

for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new information technology are necessary in order to preserve competitiveness in agIobaI financial market. The implementation of the ISD has accelerated cross-border transaction activity of member firms and investors and strengthened the pressure for convergence of national stock exchange laws in the EU. In their paper, Francesco Giavazzi and Marco Battaglini look at the role played by banks in privatization processes. Banks can be involved in such processes in several ways. They may themselves be the objects of privatization since in many countries a significant fraction of the banking industry is publicly owned. This is the case in France, Spain and Italy. But banks can also be important buyers of the equity of industrial firms sold by the government if they are allowed to do so. The authors characterize privatizations as a very good opportunity to set up the right environment for the development of new financial intermediaries and in general for asound corporate governance system.

Conflicts of interest arise naturally in all walks of life, particularly in business life. As general and indeed inevitable phenomena, conflicts of interest should not be prohibited but properly managed. This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management. ""Conflicts of Interest"" presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the.

One of the central questions in social science is ‘Why do people behave as they do?’ A common social scientific answer is, ‘because of their interests’. Despite the importance of the concept of interest for the social sciences, it has been surprisingly little discussed, and many aspects of its general history and many uses are largely unknown. In this book, Richard Swedberg attempts to remedy this situation through an easily accessible introduction to the topic, starting with a history of the concept that covers the origin of the word and its early use in philosophy, political science, literature and everyday language. He then pioneers an analysis of the emergence of interest as a sociological concept during the 19th century. Arguing that economists have reduced the concept of interest to that of economic interest, he emphasizes that sociologists, in contrast, have attempted to develop a flexible and social concept of interest. Moving on to a discussion of the contemporary use of the concept of interest in economics, sociology and political science, the book concludes with a discussion of the potential of the concept of interest as a policy tool.