“Lawyers are not really accepting enough of changes. Often this is a genuine reaction to unworkable regulation, but it is something we should be aware of.”
A warning not to be too resistant to change
“We’ve gone from a regulatory kiss on the cheek to a regulatory bear hug.”
Lawyers are feeling the squeeze of more intrusive regulation
“It’s not a slam dunk that we continue with numerical capital adequacy at all.”
A reminder that Basel is just a framework
“The broad regulation agenda has been dropped very quickly. The idea was that there would be an initial consultation, then a consultation on how best to proceed and then legislation. The middle section has disappeared; it happened with ratings agencies and now it is happening with hedge funds.”
Lawyers bemoan the growing trend of Europe ignoring proper consultation
“Islamic finance is unique. It suffered two crunches last year; the credit crunch and the compliance crunch.”
A panellist explains how scholars have affected the market too
“Credit Ratings Agencies failed to structure into their models remote events which, while remote, would be extremely adverse should they occur.”
And then they did
“I wouldn’t underestimate the complete ignorance of investment managers when it comes to why there is clear labelling in the FSA’s listing review. Perhaps we should have new labels for the managers too – premium and standard.”
A gentle dig at the thoroughness of an investment manager’s market knowledge
“We’re not allowed to do the type of balance-sheet management we spend our lives advising clients on anymore – it’s a right-now issue.”
In-house counsel on why the restrictions on buying your own shares are the worst part of Tarp
“Cash boxes are legal, effective and QCs are comforting people with opinion. But don’t be cavalier and rest on your laurels. Check the potential risks every time and test the need.”
Cash boxes shouldn’t automatically be a default option
“The sins of the SEC are almost beyond counting, but it takes more than that to kill a regulatory authority in the US these days.”
It looks like the regulator will outlast us all
“It is extraordinary for us to see US colleagues wanting to import a rights issue structure that we are trying to dismantle.”
US lawyers must really be desperate
“For some reason, it is taboo to be naked.”
Thankfully, the panellist was referring to naked short selling
“It is a myth that short sellers want markets to do poorly. They prefer bull markets.”
National media coverage of short sellers was biased last summer
“It seems to all come down to the reasonable investor on the Clapham omnibus. If anyone knows who that is, I’m sure they would be an expert witness in any of these proceedings.”
Continuous disclosure is all about keeping that commuter happy. But who is he?
“The bankruptcy of New Century Financial in April 2007 was the first bell to ring in the credit crisis. I don’t know about you, but I wasn’t listening.”
An in-house counsel identifies the moment it all began
“Clearing systems’ requirements are underestimated at one’s peril.”
Exchange offers require a lot of due diligence
“The classic is back in style when it come to short-selling regulation.”
A US lawyer welcomes the potential return of the up-tick rule