BlackRock Public Policy
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Financial regulatory reform fundamentally impacts asset managers and investors. As a fiduciary for our clients, BlackRock supports the creation of a regulatory regime that increases transparency, protects investors, and facilitates responsible growth of capital markets, while preserving consumer choice and assessing benefits versus implementation costs.
Securities Lending: Balancing Risks and Rewards
May 2012
In the wake of the financial crisis, securities lending has come under review by regulators in various jurisdictions. In this ViewPoint, we describe securities lending transactions, assess the risks involved, and respond to a series of questions posed by regulators. We also provide a number of recommendations for improving securities lending practices.
The JOBS Act: An Overview and Investor Perspective
May 2012
The JOBS Act, short for Jumpstart Our Business Startups Act, was signed into law by President Obama on April 5, just weeks after it won bipartisan approval in both the House and the Senate. The law redefines provisions around IPOs, expands permissible advertising for private investment products and facilitates access to startup capital. As an investment manager and a fiduciary for individual and institutional investors, we believe the JOBS Act encourages capital formation while incorporating important protections. In this ViewPoint, we summarize the key components of the law and offer an investor's perspective.
Reform of Credit Rating Agency Regulation in Europe: An End-investor Perspective
April 2012
The financial crisis brought into sharp focus a number of weaknesses in the Credit Rating Agency (CRA) business model. Regulators, globally, have sought to address these weaknesses in the CRA business model and to modify investor behaviour by discouraging an over-reliance on ratings. In Europe, the third reform of CRA regulation ("CRA3") since the financial crisis is currently underway. This paper provides background on the use of ratings in the investment process, establishes the case for further reform of CRAs and the ratings process and summarises concerns expressed by investors with respect to the CRA3 proposal in Europe.
These materials are part of a series of BlackRock public policy materials, published under the ViewPoints heading and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the dates specified in the materials posted and may change as subsequent conditions vary. The information and opinions contained in these materials are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy.
These materials may contain "forward-looking" information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in these materials is at the sole discretion of the reader.
These materials are being distributed/issued in Australia and New Zealand by BlackRock Financial Management, Inc. ("BFM"), which is a United States domiciled entity. In Australia, BFM is exempted under Australian CO 03/1100 from the requirement to hold an Australian Financial Services License and is regulated by the Securities and Exchange Commission under US laws which differ from Australian laws. In Canada, these materials are intended for permitted clients only. BFM believes that the information in this document is correct at the time of compilation, but no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BFM, its officers, employees or agents. Latin America these materials are intended for Institutional and Professional Clients only. These materials are solely for educational purposes and do not constitute an offer or a solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction within Latin America in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in these materials, it is possible that they have not been registered with the securities regulator of Brazil, Chile, Colombia, Mexico and Peru or any other securities regulator in any Latin American country and no such securities regulators have confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation.
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