UBS is the latest bank to issue a debt bonus in the form of contingent capital notes (CoCos) to its top executives. The UBS issuance follows similar programs set up by Barclays and Credit Suisse. This emerging trend has many beneficial implications but debt bonus programs for executives can be further optimized. Banks’ debt based […]
Read more "Improving Debt Bonus Programs for Executives"The FT reports (front page 2/5/2013) that UBS is issuing contingent capital notes (CoCos) to its top 6500 executives. The debt bonus in the form of CoCos will be written down to zero should the bank’s regulatory capital fall below 7 per cent or in the case of a “non-viability” loss. As I have demonstrated in several articles, hedge funds were […]
Read more "Improving UBS’s Executive CoCos"Read the article at Cayman Financial Review Read the full study This article summarises the results of a recent survey of private fund managers.* The study identifies the possible effects of hedge fund adviser registration under the Dodd-Frank Act and is intended to support policy makers in implementing new rules pertaining to the hedge fund […]
Read more "Summary of Recent Study on Hedge Fund Manager Registration under Title IV of the Dodd-Frank Act"Link to the paper: Forum Competition and Choice of Law Competition. Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Australia Bank Wulf A. Kaal University of St. Thomas, Minnesota – School of Law Richard W. Painter University of Minnesota Law School 2012 Minnesota Law Review, Vol. 97, 2012 U of St. Thomas Legal Studies Research Paper No. […]
Read more "January 6, 2013: Paper Presentation at Annual Meeting of the Association of American Law Schools"The competitiveness of US capital markets can be impacted by IPO trends and listings of US companies and non-US companies on non US stock exchanges. Corporate Governance in the United States can influence listing decisions by management. A recent report from Wilson Sonsini (http://entrepreneur.typepad.com/files/ipo-survey-2012_web.pdf) on venture-backed IPOs has several interesting findings: 98% of these companies had adopted […]
Read more "Venture Backed IPOs and the Competitiveness of US Capital Markets"Inaccurate data reporting and suboptimal evaluations may prove to be a very serious issue that could really call into question FSOC’s work. To help policy makers evaluate these issues, I present data and discuss results in my forthcoming article.
Read moreHedge Fund Manager Registration Under the Dodd-Frank Act (2013). San Diego Law Review, Vol. 50, 2013. Available at SSRN: http://ssrn.com/abstract=2150377 For the last three decades, the SEC has repeatedly yet unsuccessfully attempted to register hedge fund managers. Resolving the tension between the industry and regulators regarding the appropriate level of regulatory oversight, the Dodd-Frank Act […]
Read more "Hedge Fund Manager Registration under the Dodd-Frank Act"Should Wall Street be afraid of the new rules established by the Dodd-Frank Act? For more than thirty years until the enactment of the Dodd-Frank Act, the hedge fund industry had resisted attempts by the SEC to register hedge fund managers. The SEC’s last attempted to register hedge fund managers failed in 2006 when the […]
Read more "Wall Street Does Not Fear the Dodd-Frank Act"
Wulf Kaal 