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Part VI Leveraging Banking Capacity to Support the Wider Economy, 22 A Global Perspective on Securitized Debt »

Steven L Schwarcz
From: Capital Markets Union in Europe
Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini
Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

Part II Governance Structures and Regulation, 7 Responsibility of Directors of Financial Institutions »

Steven L Schwarcz, Aleaha Jones, Jiazhen Yan
From: Governance of Financial Institutions
Edited By: Danny Busch, Guido Ferrarini, Gerard van Solinge
This chapter details the governance responsibilities of directors of financial institutions in the United States and worldwide. The fiduciary duties of directors of firms, including financial institutions, are owed primarily to the firm to act in the firm’s best interests. Invariably, the fiduciary duties of directors to the firm include the duty to consider the interests of the firm’s shareholders. Both in the United States and in the European Union, directors' fiduciary duties are often discussed as a duty of care and a duty of loyalty. While its exact formulation varies in different jurisdictions, the duty of care addresses the standard by which directors conduct business operations and activities. On the other hand, the duty of loyalty addresses conflicts of interest between a director and the firm. The chapter then examines the mechanisms for enforcing fiduciary duties.