tag:blogger.com,1999:blog-30660176.post2448833504690143511..comments2021-02-16T00:42:28.629-06:00Comments on My Daily Fatwa: An SEC blueprint for mutual recognition?M.D. Fatwahttp://www.blogger.com/profile/00111923702768768345noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-30660176.post-68272177823659485312007-01-31T13:00:00.000-06:002007-01-31T13:00:00.000-06:00This is such a Chris Cox cat's-paw move. And I lik...This is such a Chris Cox cat's-paw move. And I like it. It's hardly unprecedented -- the AML regime applicable to broker-dealers and mutual funds, for example, allows you to take into account the quality of the functional regulator of your would-be customer. They stopped short of saying that you can rely solely on that entity's supervision to absolve you of your own responsibility, but the theory has long been that the SEC was not going to require that you do a full-fledged investigation of, for example, an FSA regulated money manager opening an account. <br /><br />Plus, given the cross-border nature of a lot of regulated entities these days, wouldn't it be nice to be able to make more effective use of your limited personnel and other resources by not sticking your nose in FSA's business? <br /><br />I like it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30660176.post-45690602722637004142007-01-05T13:23:00.000-06:002007-01-05T13:23:00.000-06:00Plus, notwithstanding all that "these views don't ...Plus, notwithstanding all that "these views don't represent the SEC" disclaimer stuff, it seems very unlikely that a paper like this got published without at least the SEC chairman's tacit blessing. "Rogue agent" is just a description an institutionalist uses when he or she can't figure out what's going on. Like "outlier." As in, "If we factor out these 15 million outliers here, the results correspond exactly with my predictions."M.D. Fatwahttps://www.blogger.com/profile/00111923702768768345noreply@blogger.comtag:blogger.com,1999:blog-30660176.post-67987725463063254632007-01-04T14:56:00.000-06:002007-01-04T14:56:00.000-06:00You institutionalists are so annoying. Personally...You institutionalists are so annoying. Personally, I think it's a way to formalize "regulatory creep." Hold out the promise of access to the enormous U.S. investor base, and the price you pay is adopting the same costly regulation we impose on ourselves. Level playing field and all that. Besides, all you need is a few smaller markets to defect from the EU position on this, and suddenly they have a big advantage over everyone else. Then the pressure mounts on the UK and EU, and suddenly the SEC is back in the regulatory driver's seat.<br /><br />On the other hand, who knows what they are thinking? You could be right.M.D. Fatwahttps://www.blogger.com/profile/00111923702768768345noreply@blogger.comtag:blogger.com,1999:blog-30660176.post-65931058593647285862007-01-04T12:24:00.000-06:002007-01-04T12:24:00.000-06:00I think SmoothB has something with the "rogue agen...I think SmoothB has something with the "rogue agent" theory.<br />Mary-N-TexasAnonymousnoreply@blogger.com