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financial services roundtable blueprint November 7, 2007

Posted by Bradley in : Uncategorized , trackback

The Financial Services Roundtable has published its Blueprint for US Financial Competitiveness which argues for a version of principles-based financial regulation. The principles it advocates are: fair treatment for consumers, competitive and innovative financial markets, proportionate, risk-based regulation, prudential supervision and enforcement, a choice of options for serving customers, and management responsibilities. The Blueprint suggests that The President’s Working Group on Financial Markets should oversee implementation of the principles, and (with input from the private sector) individual regulators’ regulatory action plans. The Blueprint also seeks to limit regulators’ enforcement activities and to impose limits on litigation of securities claims, in particular advocating the establishment of a “shareholder litigation review process” under which:

shareholders present potential Section 10b-5 cases to the SEC prior to filing. Such cases would not be filed and would have no standing if the SEC determines to pursue an investigation and review of the matter.


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