| Acknowledgments |
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xxxi | |
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1 Introduction and Overview |
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1 | (62) |
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A What Banks Are, What Banks Do |
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2 | (2) |
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B Basic Economic Concepts |
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4 | (13) |
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4 | (1) |
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2 Balance Sheets, Liquidity, and Leverage |
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5 | (5) |
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10 | (1) |
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3 Direct Versus Intermediated Finance |
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10 | (4) |
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4 Transaction Costs and Externalities |
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14 | (2) |
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16 | (1) |
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C Financial Regulation: An American History |
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17 | (41) |
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18 | (2) |
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20 | (1) |
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2 Second Bank of the United States: 1816-1836 |
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20 | (2) |
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22 | (1) |
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3 Free Banking Era: 1836-1863 |
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23 | (1) |
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24 | (1) |
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4 National Bank Act: 1863-1864 |
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24 | (1) |
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5 From the Civil War to the Panic of 1907: 1865-1906 |
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25 | (1) |
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25 | (1) |
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26 | (2) |
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28 | (1) |
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28 | (1) |
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29 | (1) |
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6 Federal Reserve Act: 1907-1913 |
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30 | (2) |
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32 | (1) |
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7 Industry Consolidation: 1914-1928 |
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33 | (1) |
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34 | (1) |
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35 | (1) |
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35 | (1) |
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36 | (2) |
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38 | (1) |
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9 Years of Stability: 1935-1979 |
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39 | (1) |
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40 | (2) |
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b Growth of Thrift Institutions |
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42 | (1) |
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c Securities Markets and Regulation |
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42 | (1) |
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43 | (1) |
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10 Years of Stress: 1980-2006 |
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43 | (1) |
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a Savings and Loan Debacle |
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44 | (1) |
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b Deregulating Deposit Interest Rates |
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45 | (1) |
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c Dismantling Geographic Restrictions |
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46 | (1) |
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d Breaking Down the Glass-Steagall Wall |
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47 | (1) |
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48 | (1) |
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f Strengthening Capital Requirements |
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48 | (1) |
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49 | (1) |
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50 | (1) |
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11 Financial Crisis and Its Aftermath: 2007-Present |
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51 | (1) |
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51 | (2) |
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b Strengthening Capital Regulation |
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53 | (1) |
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c Risk Management and Compliance |
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53 | (1) |
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54 | (2) |
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56 | (1) |
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56 | (2) |
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D One Legal Doctrine for the Road Ahead: Preemption |
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58 | (5) |
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2 Banks: Fundamental Concepts |
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63 | (40) |
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63 | (10) |
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1 Model Bank Balance Sheet |
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63 | (2) |
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2 Demand Deposits and Banks' Payment Function |
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65 | (7) |
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3 Demand Deposits and Financial Intermediation |
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72 | (1) |
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72 | (1) |
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B The Federal Reserve and the Money Supply |
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73 | (8) |
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1 Adjusting Reserve Requirements |
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77 | (1) |
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78 | (1) |
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79 | (1) |
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4 Interest on Excess Reserves |
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80 | (1) |
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80 | (1) |
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81 | (4) |
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81 | (2) |
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83 | (1) |
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83 | (1) |
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84 | (1) |
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85 | (1) |
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85 | (5) |
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86 | (1) |
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a Comptroller of the Currency |
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86 | (1) |
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86 | (1) |
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c Federal Deposit Insurance Corporation |
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87 | (1) |
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d National Credit Union Administration |
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87 | (1) |
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88 | (1) |
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2 Other U.S. Government Agencies |
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88 | (1) |
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a Financial Stability Oversight Council |
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88 | (1) |
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b Consumer Financial Protection Bureau |
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88 | (1) |
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88 | (1) |
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d Securities and Exchange Commission |
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89 | (1) |
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e Federal Housing Finance Agency |
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89 | (1) |
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3 Basel Committee on Banking Supervision |
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89 | (1) |
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E Structure of American Bank Regulation |
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90 | (10) |
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1 Dividing Regulatory Jurisdiction |
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90 | (2) |
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2 Pros and Cons of the American Regulatory System |
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92 | (1) |
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93 | (1) |
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94 | (2) |
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96 | (1) |
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96 | (1) |
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c Duplication and Inefficiency |
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96 | (2) |
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98 | (2) |
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100 | (3) |
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101 | (2) |
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103 | (74) |
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103 | (9) |
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103 | (3) |
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106 | (1) |
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2 Judicial Review of Chartering Decisions |
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107 | (1) |
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108 | (1) |
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109 | (1) |
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110 | (1) |
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111 | (1) |
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112 | (53) |
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112 | (1) |
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113 | (1) |
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114 | (1) |
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b Facilitating Supervision |
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114 | (1) |
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c Avoiding Conflicts of Interest |
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115 | (1) |
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d Preventing Unfair Competition and the Spread of Government Subsidies |
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115 | (1) |
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116 | (1) |
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116 | (1) |
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117 | (1) |
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118 | (1) |
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NationsBank of North Carolina v. Variable Annuity Life Insurance Co. |
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119 | (1) |
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120 | (1) |
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121 | (1) |
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Arnold Tours, Inc. v. Camp |
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122 | (3) |
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125 | (1) |
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Office of the Comptroller of the Currency |
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126 | (3) |
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129 | (1) |
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6 Powers over Real Property |
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129 | (2) |
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131 | (1) |
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131 | (1) |
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7 Powers over Personal Property |
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132 | (1) |
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132 | (2) |
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134 | (1) |
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134 | (1) |
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135 | (1) |
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135 | (2) |
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137 | (1) |
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138 | (1) |
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Securities Industry Association v. Comptroller of the Currency |
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138 | (1) |
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139 | (1) |
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e Securities Underwriting and Dealing |
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140 | (1) |
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Investment Company Institute v. Camp |
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141 | (1) |
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142 | (1) |
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Securities Industry Association v. Board of Governors of the Federal Reserve System |
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143 | (2) |
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145 | (1) |
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Securities Industry Association v. Board of Governors of the Federal Reserve System |
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146 | (2) |
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148 | (1) |
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148 | (1) |
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148 | (2) |
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NationsBank of North Carolina v. Variable Annuity Life Insurance Co. |
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150 | (1) |
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151 | (2) |
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More Questions and Comments |
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153 | (1) |
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Independent Insurance Agents of America v. Hawke |
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154 | (2) |
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156 | (1) |
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157 | (1) |
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Blackfeet National Bank v. Nelson |
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157 | (3) |
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160 | (1) |
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American Insurance Association v. Clarke |
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161 | (3) |
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164 | (1) |
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165 | (9) |
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1 Rationale for Geographic Restrictions |
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166 | (1) |
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166 | (1) |
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167 | (1) |
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167 | (1) |
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4 Interstate Expansion by Bank Holding Companies |
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168 | (1) |
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a Acquisitions of Nonbank Firms |
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168 | (1) |
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Lewis v. BT Investment Managers, Inc. |
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168 | (3) |
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171 | (1) |
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171 | (1) |
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171 | (1) |
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172 | (1) |
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173 | (1) |
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173 | (1) |
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174 | (3) |
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174 | (1) |
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175 | (1) |
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175 | (2) |
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177 | (80) |
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177 | (1) |
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177 | (1) |
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178 | (3) |
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180 | (1) |
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C Liquidity Risk Management |
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181 | (2) |
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182 | (1) |
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183 | (8) |
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1 Traditional Reserve Requirement |
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183 | (1) |
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183 | (1) |
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2 Basel III Liquidity Rules |
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183 | (1) |
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a Liquidity Coverage Ratio |
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184 | (4) |
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b Net Stable Funding Ratio |
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188 | (2) |
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190 | (1) |
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191 | (5) |
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191 | (1) |
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192 | (1) |
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2 Emergency Lending to Nonbanks: The Notorious § 13(3) |
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193 | (1) |
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Starr International Corporation v. United States |
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194 | (2) |
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196 | (1) |
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196 | (7) |
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197 | (1) |
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2 Deposit Insurance Basics |
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198 | (1) |
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198 | (3) |
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201 | (1) |
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3 Deposit Insurance Pricing |
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201 | (1) |
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202 | (1) |
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203 | (28) |
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1 Meaning and Importance of Capital |
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203 | (3) |
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206 | (1) |
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2 Capital Versus Liquidity |
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207 | (1) |
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208 | (1) |
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4 Regulatory Definitions of Capital |
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209 | (1) |
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210 | (1) |
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b Additional Tier 1 Capital |
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210 | (1) |
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211 | (1) |
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5 Risk-Based Capital Requirements |
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212 | (3) |
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215 | (1) |
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7 Applying Capital Requirements to a Hypothetical Bank |
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216 | (2) |
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218 | (3) |
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8 Capital Conservation Buffers |
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221 | (1) |
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222 | (1) |
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9 Community Bank Leverage Ratio |
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222 | (1) |
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10 Large Banks' Internal Models |
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223 | (1) |
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223 | (1) |
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224 | (1) |
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224 | (1) |
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c Supplementary U.S. Leverage Ratio |
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224 | (1) |
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d Total Loss-Absorbing Capacity |
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225 | (1) |
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226 | (1) |
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12 Regulatory Discretion to Require Additional Capital |
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226 | (1) |
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227 | (1) |
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a Simpler, Higher Leverage Ratio |
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227 | (1) |
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Anat Admati & Martin Hellwig, The Parade of the Bankers' New Clothes Continues: 31 Flawed Claims Debunked |
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227 | (1) |
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b Contingent Convertible Bonds |
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228 | (1) |
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229 | (1) |
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230 | (1) |
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231 | (1) |
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231 | (7) |
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1 Internal Strategies for Restoring Capital |
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231 | (2) |
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233 | (1) |
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233 | (1) |
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233 | (1) |
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233 | (1) |
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234 | (1) |
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234 | (1) |
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234 | (1) |
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2 Prompt Corrective Action |
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235 | (2) |
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237 | (1) |
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238 | (4) |
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Randal Quarles, Stress Testing: A Decade of Continuity and Change |
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239 | (3) |
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242 | (1) |
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242 | (15) |
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242 | (2) |
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244 | (3) |
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247 | (1) |
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248 | (2) |
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250 | (1) |
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251 | (1) |
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251 | (3) |
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254 | (1) |
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5 Other Insider Transactions |
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255 | (1) |
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255 | (2) |
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257 | (32) |
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257 | (2) |
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B Restrictions on Banks' Transactions with Affiliates |
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259 | (7) |
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259 | (1) |
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260 | (2) |
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262 | (1) |
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4 Perspective on Sections 23A and 23B |
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263 | (1) |
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264 | (1) |
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265 | (1) |
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C Bank Holding Company Basics |
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266 | (9) |
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267 | (1) |
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267 | (1) |
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267 | (1) |
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268 | (1) |
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268 | (2) |
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270 | (1) |
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270 | (1) |
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271 | (2) |
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273 | (1) |
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274 | (1) |
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4 Other Aspects of Regulation |
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275 | (1) |
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5 Powers of Holding Company Banks and Their Subsidiaries |
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275 | (1) |
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D Financial Holding Companies |
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275 | (6) |
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276 | (1) |
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277 | (2) |
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279 | (2) |
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281 | (1) |
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E Thrift Holding Companies |
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281 | (2) |
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283 | (1) |
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283 | (1) |
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H Financial Conglomerates |
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284 | (5) |
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1 Risk to Affiliated Banks |
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284 | (1) |
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Omarova, From Gramm-Leach-Bliley to Dodd-Frank: The Unfulfilled Promise of Section 23A of the Federal Reserve Act |
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285 | (1) |
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286 | (1) |
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2 Systemically Important Financial Institutions |
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286 | (1) |
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287 | (2) |
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289 | (24) |
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A Foreign Banks in the United States |
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290 | (5) |
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1 International Banking Act |
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290 | (1) |
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U.S. Department of the Treasury, Report to Congress on Foreign Government Treatment of U.S. Commercial Banking Organizations |
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290 | (2) |
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292 | (1) |
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293 | (1) |
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293 | (1) |
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293 | (1) |
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294 | (1) |
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6 Commercial Lending Company |
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294 | (1) |
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7 Nonbank Activities and Affiliations |
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294 | (1) |
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294 | (1) |
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295 | (2) |
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295 | (1) |
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295 | (1) |
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296 | (1) |
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4 Edge or Agreement Corporation |
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296 | (1) |
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5 International Banking Facility |
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296 | (1) |
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6 Correspondent Banking Relationships |
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296 | (1) |
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C International Standards |
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297 | (3) |
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Basel Committee on Banking Supervision, Core Principles for Effective Banking Supervision |
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298 | (2) |
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300 | (2) |
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1 Capital-Equivalent Deposit |
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300 | (1) |
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2 Capital-Based Prudential Rules |
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300 | (1) |
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301 | (1) |
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E U.S. Banks' Liability For Deposits At Foreign Branches |
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302 | (4) |
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Vishipco Line v. Chase Manhattan Bank, N.A. |
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302 | (1) |
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303 | (1) |
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Garcia v. Chase Manhattan Bank, N.A. |
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303 | (1) |
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304 | (1) |
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Citibank, NA. v. Wells Fargo Asia Limited |
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305 | (1) |
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306 | (1) |
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F Foreign Bank Branch as a Separate Entity |
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306 | (7) |
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Motorola Credit Corp. v. Standard Chartered Bank |
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307 | (2) |
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309 | (1) |
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309 | (4) |
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7 Supervision, Examination, and Enforcement |
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313 | (54) |
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313 | (19) |
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313 | (2) |
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Cuomo v. Clearing House Association, LLC |
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315 | (2) |
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317 | (1) |
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317 | (1) |
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318 | (2) |
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Arwin G. Zeissler and Andrew Metrick, JPMorgan Chase London Whale E: Supervisory Oversight |
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320 | (3) |
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323 | (4) |
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Builders Bank v. Federal Deposit Insurance Corporation |
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327 | (1) |
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328 | (2) |
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330 | (1) |
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331 | (1) |
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4 Other Bases for Examination: Bank Holding Companies and the Consumer Financial Protection Bureau |
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331 | (1) |
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332 | (5) |
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1 Matters Requiring (Immediate) Attention |
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333 | (1) |
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Matters Requiring Attention |
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334 | (1) |
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335 | (1) |
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336 | (1) |
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336 | (1) |
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4 Cease-and-Desist Orders |
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337 | (1) |
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337 | (1) |
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338 | (1) |
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338 | (29) |
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339 | (1) |
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Dodge v. Comptroller of the Currency |
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340 | (3) |
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343 | (1) |
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5 Suspension, Removal, and Prohibition |
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344 | (1) |
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344 | (1) |
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345 | (1) |
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346 | (1) |
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346 | (2) |
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348 | (1) |
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349 | (2) |
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351 | (1) |
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7 Terminating or Suspending Deposit Insurance |
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352 | (1) |
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8 Back-Up Enforcement Action |
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353 | (1) |
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353 | (2) |
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355 | (1) |
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a Policy Considerations in Imposing Liability |
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356 | (1) |
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b Director and Officer Liability |
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356 | (1) |
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357 | (2) |
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359 | (1) |
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c Attorney, Accountant, and Appraiser Liability |
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360 | (1) |
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O'Melveny & Myers v. FDIC |
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360 | (2) |
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362 | (1) |
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d Regulatory Malpractice as a Defense |
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363 | (1) |
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363 | (3) |
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366 | (1) |
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8 Bank Failure and Systemic Risk |
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367 | (42) |
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|
367 | (3) |
|
|
|
368 | (2) |
|
|
|
370 | (1) |
|
|
|
370 | (6) |
|
2 Grounds for Receivership |
|
|
371 | (1) |
|
|
|
372 | (1) |
|
Franklin Savings Association v. Director, Office of Thrift Supervision |
|
|
373 | (1) |
|
|
|
374 | (1) |
|
4 Conservatorship and Receivership |
|
|
375 | (1) |
|
|
|
376 | (1) |
|
|
|
376 | (3) |
|
1 How Receivership and Deposit Insurance Intertwine |
|
|
376 | (2) |
|
|
|
378 | (1) |
|
3 Least-Cost Resolution Requirement |
|
|
378 | (1) |
|
|
|
379 | (6) |
|
1 Overview of Receiver's Powers |
|
|
379 | (1) |
|
2 Avoiding Fraudulent Transfers |
|
|
380 | (1) |
|
3 Pursuing Claims Against Failed Banks' Directors and Officers |
|
|
381 | (1) |
|
|
|
381 | (1) |
|
|
|
382 | (1) |
|
4 Terminating Contracts and Leases |
|
|
383 | (1) |
|
5 Enforcing Cross-Guarantee Liability |
|
|
384 | (1) |
|
E Paying Valid Claims in Order of Priority |
|
|
385 | (7) |
|
|
|
385 | (1) |
|
|
|
386 | (1) |
|
|
|
386 | (2) |
|
|
|
388 | (1) |
|
3 Bankruptcy and Resolution |
|
|
388 | (1) |
|
|
|
389 | (2) |
|
|
|
391 | (1) |
|
F Orderly Liquidation Authority for Big Banks |
|
|
392 | (4) |
|
State National Bank of Big Spring v. Lew |
|
|
394 | (1) |
|
|
|
395 | (1) |
|
|
|
396 | (1) |
|
Federal Register, Volume
78. No. 243 |
|
|
396 | (1) |
|
|
|
397 | (1) |
|
|
|
397 | (8) |
|
1 Systemic Risk and Systemically Important Financial Institutions |
|
|
398 | (1) |
|
2 Systemic Risk Exception to Least-Cost Resolution |
|
|
399 | (1) |
|
3 Dodd-Frank's Systemic Risk Provisions |
|
|
399 | (1) |
|
MetLife, Inc. v. Financial Stability Oversight Council |
|
|
400 | (4) |
|
|
|
404 | (1) |
|
|
|
405 | (4) |
|
Wells Fargo & Company, Wells Fargo Bank, National Association, Resolution Plan Public Summary |
|
|
406 | (2) |
|
|
|
408 | (1) |
|
9 Consumers, Communities, and Other Constituents |
|
|
409 | (134) |
|
|
|
410 | (25) |
|
|
|
410 | (1) |
|
United States Department of Justice Office of Public Affairs, Five Major Banks Agree to Parent-Level Guilty Pleas |
|
|
411 | (3) |
|
United States v. Citicorp |
|
|
414 | (1) |
|
|
|
415 | (1) |
|
2 Mergers and Acquisitions |
|
|
416 | (1) |
|
|
|
416 | (1) |
|
|
|
417 | (1) |
|
b Standard Antitrust Analysis |
|
|
418 | (1) |
|
U.S. Department of Justice and the Federal Trade Commission, Horizontal Merger Guidelines |
|
|
418 | (3) |
|
|
|
421 | (4) |
|
c Bank Antitrust Analysis |
|
|
425 | (2) |
|
|
|
427 | (1) |
|
United States v. Philadelphia National Bank |
|
|
427 | (4) |
|
|
|
431 | (1) |
|
United States v. Connecticut National Bank |
|
|
432 | (1) |
|
|
|
433 | (2) |
|
|
|
435 | (7) |
|
Davis v. First National Bank of Westville |
|
|
437 | (2) |
|
Mid-State Fertilizer Co. v. Exchange National Bank of Chicago |
|
|
439 | (2) |
|
|
|
441 | (1) |
|
|
|
442 | (1) |
|
|
|
442 | (5) |
|
Gramm-Leach-Bliley Act § 501 |
|
|
443 | (1) |
|
|
|
443 | (2) |
|
|
|
445 | (2) |
|
|
|
447 | (1) |
|
|
|
447 | (4) |
|
|
|
450 | (1) |
|
|
|
451 | (13) |
|
|
|
451 | (1) |
|
|
|
452 | (1) |
|
2 Usury Limits on National Banks |
|
|
453 | (1) |
|
Tiffany v. National Bank of Missouri |
|
|
453 | (2) |
|
|
|
455 | (1) |
|
Marquette National Bank of Minneapolis v. First of Omaha Service Corp. |
|
|
456 | (3) |
|
|
|
459 | (1) |
|
Smiley v. Citibank (South Dakota) |
|
|
459 | (3) |
|
|
|
462 | (1) |
|
3 Usury Limits on State-Chartered Banks |
|
|
463 | (1) |
|
|
|
464 | (1) |
|
F Discrimination in Lending |
|
|
464 | (5) |
|
1 Persons Protected and Liable |
|
|
464 | (1) |
|
|
|
465 | (1) |
|
|
|
465 | (1) |
|
|
|
466 | (1) |
|
|
|
466 | (1) |
|
|
|
467 | (1) |
|
4 Special Purpose Programs |
|
|
467 | (1) |
|
|
|
468 | (1) |
|
|
|
468 | (1) |
|
|
|
468 | (1) |
|
|
|
469 | (7) |
|
1 The Statutory Framework |
|
|
469 | (2) |
|
2 What Is a "Finance Charge"? |
|
|
471 | (1) |
|
Household Credit Services, Inc. v. Pfenning |
|
|
471 | (2) |
|
|
|
473 | (1) |
|
3 Changes to Credit Card Accounts |
|
|
474 | (1) |
|
|
|
474 | (2) |
|
|
|
476 | (1) |
|
|
|
476 | (9) |
|
|
|
478 | (1) |
|
|
|
478 | (1) |
|
|
|
479 | (1) |
|
|
|
479 | (1) |
|
Safeco Ins. Co. of America v. Burr |
|
|
479 | (5) |
|
|
|
484 | (1) |
|
|
|
484 | (1) |
|
|
|
485 | (2) |
|
|
|
487 | (1) |
|
J Real Estate Transactions |
|
|
487 | (16) |
|
Bar-Gill, The Law, Economics and Psychology of Subprime Mortgage Contracts |
|
|
488 | (3) |
|
|
|
491 | (1) |
|
|
|
492 | (1) |
|
a The Borrower's Right to Rescind a Mortgage Loan |
|
|
492 | (1) |
|
Jesinoski v. Countrywide Home Loans, Inc. |
|
|
492 | (1) |
|
|
|
493 | (1) |
|
2 Real Estate Settlement Procedures Act |
|
|
494 | (1) |
|
Freeman v. Quicken Loans, Inc. |
|
|
495 | (3) |
|
|
|
498 | (1) |
|
3 Ability-to-Repay Requirements |
|
|
499 | (1) |
|
|
|
500 | (1) |
|
4 Regulation of Mortgage Originators |
|
|
500 | (1) |
|
5 Foreclosure Practices and Abuses |
|
|
501 | (1) |
|
|
|
502 | (1) |
|
|
|
503 | (4) |
|
Jerman v. Carlisle, McNellie, Rini, Kramer & Ulrich LPA |
|
|
504 | (2) |
|
|
|
506 | (1) |
|
L Unfair, Deceptive, or Abusive Acts and Practices |
|
|
507 | (5) |
|
|
|
508 | (4) |
|
|
|
512 | (6) |
|
AT&T Mobility LLC v. Concepcion |
|
|
513 | (3) |
|
|
|
516 | (1) |
|
|
|
517 | (1) |
|
N Community Reinvestment and Development |
|
|
518 | (10) |
|
|
|
521 | (1) |
|
Macey & Miller, The Community Reinvestment Act: An Economic Analysis |
|
|
521 | (2) |
|
Barr, Credit Where It Counts: The Community Reinvestment Act and Its Critics |
|
|
523 | (1) |
|
|
|
524 | (4) |
|
|
|
528 | (15) |
|
Brown v. Avemco Investment Corp. |
|
|
528 | (2) |
|
|
|
530 | (2) |
|
Connor v. Great Western Savings & Loan Association |
|
|
532 | (4) |
|
|
|
536 | (1) |
|
Kham & Nate's Shoes No. 2, Inc. v. First Bank of Whiting |
|
|
537 | (3) |
|
|
|
540 | (1) |
|
|
|
541 | (2) |
|
10 (Anti-) Money Laundering |
|
|
543 | (24) |
|
|
|
543 | (1) |
|
|
|
544 | (1) |
|
B Legal Requirements Of Bank Secrecy And Anti-Money Laundering Law |
|
|
544 | (13) |
|
1 Currency and Foreign Transactions Act of 1970 |
|
|
545 | (1) |
|
California Bankers Association v. Shultz |
|
|
546 | (2) |
|
|
|
548 | (1) |
|
2 International Emergency Economic Powers Act (1977) |
|
|
549 | (1) |
|
3 Money Laundering Control Act (1986) |
|
|
549 | (1) |
|
|
|
550 | (3) |
|
|
|
553 | (1) |
|
4 Money Laundering Prosecution Act of 1988 |
|
|
554 | (1) |
|
5 Annunzio-Wylie Money Laundering Suppression Act (1992) |
|
|
554 | (2) |
|
|
|
556 | (1) |
|
|
|
556 | (1) |
|
C Money Laundering And Federalism |
|
|
557 | (5) |
|
Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City |
|
|
557 | (4) |
|
|
|
561 | (1) |
|
D Tax Evasion And Foreign Corruption |
|
|
562 | (5) |
|
|
|
562 | (1) |
|
2 Foreign Corrupt Practices Act |
|
|
563 | (1) |
|
|
|
564 | (3) |
|
PART II NONBANK FINANCIAL INSTITUTIONS |
|
|
|
|
|
567 | (42) |
|
|
|
567 | (1) |
|
|
|
567 | (10) |
|
|
|
570 | (2) |
|
SEC v. Variable Annuity Life Insurance Co. |
|
|
572 | (2) |
|
|
|
574 | (1) |
|
Blackfeet National Bank v. Nelson |
|
|
575 | (2) |
|
|
|
577 | (1) |
|
|
|
577 | (4) |
|
French Laundry Partners v. Hartford Fire Insurance Company |
|
|
577 | (3) |
|
|
|
580 | (1) |
|
D Economic Principles Underlying The Business Of Insurance |
|
|
581 | (4) |
|
World Trade Center Properties, L.L.C. v. Hartford Fire Insurance Company |
|
|
582 | (3) |
|
|
|
585 | (1) |
|
|
|
585 | (4) |
|
|
|
588 | (1) |
|
|
|
589 | (4) |
|
|
|
590 | (1) |
|
|
|
590 | (1) |
|
|
|
590 | (1) |
|
|
|
591 | (1) |
|
|
|
591 | (1) |
|
|
|
592 | (1) |
|
7 Examination and Enforcement |
|
|
592 | (1) |
|
|
|
592 | (1) |
|
|
|
593 | (3) |
|
Schwarcz and Schwarcz, Regulating Systemic Risk in Insurance |
|
|
593 | (2) |
|
|
|
595 | (1) |
|
|
|
596 | (7) |
|
Avraham, Logue, and Schwarcz, Understanding Insurance Antidiscrimination Laws |
|
|
597 | (2) |
|
|
|
599 | (1) |
|
NAACP v. American Family Mutual Insurance Company |
|
|
600 | (2) |
|
|
|
602 | (1) |
|
I Residual Market Mechanisms |
|
|
603 | (3) |
|
Insurance Information Institute, Insurance Handbook |
|
|
603 | (3) |
|
|
|
606 | (1) |
|
J Consumer Protection Regulation |
|
|
606 | (3) |
|
12 Securities Firms, Broker-Dealers, and Investment Advisors |
|
|
609 | (48) |
|
|
|
609 | (1) |
|
|
|
610 | (4) |
|
|
|
611 | (1) |
|
2 Securities and Exchange Commission |
|
|
611 | (2) |
|
3 State Securities Regulators |
|
|
613 | (1) |
|
4 Self-Regulatory Organizations |
|
|
613 | (1) |
|
C Securities and Securities Registration |
|
|
614 | (9) |
|
|
|
614 | (1) |
|
|
|
615 | (3) |
|
|
|
618 | (1) |
|
2 Securities Registration |
|
|
619 | (3) |
|
|
|
622 | (1) |
|
|
|
623 | (3) |
|
Macey & O'Hara, The Law and Economics of Best Execution |
|
|
624 | (2) |
|
E Regulation of Underwriting |
|
|
626 | (3) |
|
|
|
628 | (1) |
|
F Broker-Dealer Regulation |
|
|
629 | (16) |
|
|
|
629 | (1) |
|
|
|
630 | (1) |
|
|
|
630 | (1) |
|
|
|
631 | (1) |
|
3 Churning, Suitability, and Unauthorized Trading |
|
|
631 | (1) |
|
Securities And Exchange Commission v. Botvinnik |
|
|
631 | (3) |
|
|
|
634 | (1) |
|
4 Market Making and Other Dealing |
|
|
634 | (1) |
|
|
|
635 | (1) |
|
Berko v. Securities and Exchange Commission |
|
|
635 | (4) |
|
|
|
639 | (1) |
|
6 Securities Investor Protection Corporation |
|
|
639 | (2) |
|
Securities and Exchange Commission v. Securities Investor Protection Corporation |
|
|
641 | (2) |
|
|
|
643 | (1) |
|
|
|
643 | (2) |
|
|
|
645 | (1) |
|
8 Regulation of Broker-Dealers and Investment Advisors |
|
|
645 | (1) |
|
|
|
645 | (4) |
|
Division of Investment Management, Securities and Exchange Commission, Regulation of Investment Advisers |
|
|
646 | (3) |
|
|
|
649 | (2) |
|
Division of Investment Management, Securities and Exchange Commission, Study on Investment Advisers and Broker-Dealers |
|
|
650 | (1) |
|
c Regulation Best Interests |
|
|
651 | (6) |
|
Jay Clayton, SEC Chair, Regulation Best Interest and the Investment Adviser Fiduciary Duty: Two Strong Standards That Protect and Provide Choice for Main Street Investors |
|
|
651 | (3) |
|
|
|
654 | (3) |
|
|
|
657 | (86) |
|
|
|
657 | (1) |
|
1 Types of Investment Companies |
|
|
658 | (1) |
|
|
|
658 | (3) |
|
b Asset Portfolios and Investment Objectives |
|
|
661 | (1) |
|
c Active Versus Passive Management |
|
|
662 | (5) |
|
|
|
663 | (1) |
|
|
|
664 | (1) |
|
2 Investment Company Structure |
|
|
665 | (1) |
|
|
|
666 | (1) |
|
|
|
667 | (6) |
|
1 Investment Company Act of 1940 |
|
|
667 | (3) |
|
2 Investment Advisers Act of 1940 |
|
|
670 | (1) |
|
|
|
671 | (1) |
|
|
|
671 | (1) |
|
|
|
672 | (1) |
|
C What Is An Investment Company? |
|
|
673 | (5) |
|
1 Two Prima Facie Definitions |
|
|
673 | (1) |
|
2 Inadvertent Investment Company |
|
|
673 | (1) |
|
SEC v. Fifth Avenue Coach Lines, Inc. |
|
|
674 | (4) |
|
|
|
678 | (1) |
|
|
|
678 | (1) |
|
|
|
678 | (1) |
|
b Private-Issuer Exceptions |
|
|
678 | (1) |
|
c Operating-Company Exceptions |
|
|
678 | (10) |
|
|
|
679 | (2) |
|
|
|
681 | (1) |
|
SEC v. National Presto Industries, Inc. |
|
|
681 | (4) |
|
|
|
685 | (1) |
|
|
|
686 | (2) |
|
D Investment Company Governance |
|
|
688 | (5) |
|
|
|
688 | (1) |
|
|
|
688 | (1) |
|
|
|
689 | (2) |
|
|
|
691 | (1) |
|
|
|
692 | (1) |
|
E Investment Advisers' Compensation |
|
|
693 | (14) |
|
Gartenberg v. Merrill Lynch Asset Management, Inc. |
|
|
694 | (4) |
|
|
|
698 | (2) |
|
|
|
700 | (1) |
|
Ribstein, Federal Misgovernance of Mutual Funds |
|
|
700 | (2) |
|
|
|
702 | (1) |
|
Jones v. Harris Associates L.P. |
|
|
703 | (3) |
|
|
|
706 | (1) |
|
|
|
707 | (23) |
|
Frankel & Laby, The Regulation of Money Managers: Mutual Funds and Advisers |
|
|
707 | (6) |
|
|
|
713 | (1) |
|
SEC v. Talley Industries, Inc. |
|
|
714 | (2) |
|
|
|
716 | (1) |
|
|
|
716 | (3) |
|
|
|
719 | (1) |
|
United States v. Ostrander |
|
|
719 | (2) |
|
|
|
721 | (2) |
|
|
|
723 | (2) |
|
State of New York v. Canary Capital Partners, LLC |
|
|
725 | (4) |
|
|
|
729 | (1) |
|
G Particular Types Of Investment Companies |
|
|
730 | (13) |
|
|
|
730 | (1) |
|
|
|
731 | (1) |
|
|
|
732 | (1) |
|
|
|
732 | (1) |
|
|
|
733 | (1) |
|
a Limits on Capital Structure and Share Redemption |
|
|
733 | (1) |
|
SEC Division of Investment Management, Protecting Investors: A Half-Century of Investment Company Regulation |
|
|
733 | (1) |
|
|
|
734 | (1) |
|
|
|
735 | (1) |
|
|
|
736 | (1) |
|
|
|
736 | (1) |
|
Birdthistle, The Fortunes and Foibles of Exchange-Traded Funds: A Positive Market Response to the Problems of Mutual Funds |
|
|
736 | (3) |
|
|
|
739 | (1) |
|
|
|
740 | (3) |
|
|
|
743 | (24) |
|
|
|
743 | (1) |
|
|
|
744 | (6) |
|
Board of Governors of the Federal Reserve System v. Dimension Financial Corporation |
|
|
744 | (4) |
|
|
|
748 | (1) |
|
1 Fintech and Regulatory Arbitrage |
|
|
748 | (1) |
|
|
|
749 | (1) |
|
|
|
750 | (9) |
|
|
|
750 | (1) |
|
Madden v. Midland Funding, LLC |
|
|
751 | (2) |
|
|
|
753 | (1) |
|
|
|
754 | (1) |
|
Vullo v. Comptroller of the Currency |
|
|
755 | (3) |
|
|
|
758 | (1) |
|
|
|
759 | (3) |
|
Lael Brainard, Federal Reserve Governor, Delivering Fast Payments for All |
|
|
759 | (2) |
|
|
|
761 | (1) |
|
|
|
762 | (4) |
|
Securities and Exchange Commission, Report of Investigation Pursuant to Section 21 (a) of the Securities Exchange Act of 1934: The DAO |
|
|
763 | (2) |
|
|
|
765 | (1) |
|
|
|
766 | (1) |
| Table of Cases |
|
767 | (4) |
| Table of Statutes and Regulations |
|
771 | (8) |
| Table of Authorities |
|
779 | (8) |
| Index |
|
787 | |
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