Perception matters as regulators regroup
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Perception matters as regulators regroupPerception matters as regulators regroupAs investigators ramp up efforts to root out wrongdoing on Wall Street,#x the perception of how complex financial transactions might be perceived under a regulatory microscope is playing a greater role in how lawyers and clients structure products.Negative Plate"Perception is incredibly important," Scott Resnik, a litigation partner at Katten Muchin Rosenman LLP in New York and a former federalprosecutor, said at the Reuters Global Financial Regulation Summit. "We're in the full breadth of a cycle of a regulatory system that is trying to really reestablish its street credibility."The government's more aggressive enforcement push actually predated this month's U.S. Securities and Exchange Commission civil fraud lawsuit against Goldman Sachs Group Inc (GS.N).It stemmed in part from the sense or reality that standards and oversight were lax in the years leading up to the 2008 financial crisis, and made the fallout worse.Last August, SEC enforcement chief Robert Khuzami announced a reorganization of that agency, creating several specialized units and enhancing the use of subpoenas.On Tuesday,DVD Ripper, SEC Chairman Mary Schapiro at the Reuters summit said:Negative Plate"We really need to re-examine the construct around fiduciary duty with respect to at least public institutions.#xMeanwhile, federal prosecutors in New York are now pursuing the largest hedge fund insider trading case ever, focused on Galleon Group and its founder Raj Rajaratnam.For clients, big changes include greater emphasis on full disclosure and "a greater appreciation of risk," said Henry Bregstein, who chairs Katten's financial services practice and advises banks, hedge funds and broker-dealers, among others.
As economies and investor tolerance for risk improve, greater demand may result for complex investment products -- though not necessarily the types of highly-leveraged products found not to have served their purpose in the recent cycle.SAFE AT HOMEBregstein said lawyers and clients must ensure continual review of new products to ensure that they are marketed properly, to investors who understand what they are getting."You can't cure a defective product by disclosure,#x" he said. "It is prudent that people who review the products now go back to the starting point. You want to start at home plate,Negative Platein a baseball analogy, or in the on-deck circle. You don't want to start analyzing when someone's on second base."Doing so could keep newly aggressive regulators at bay.相关的主题文章：
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