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Komfie Manalo, Opalesque Asia: Despite the new laws and regulations introduced since the 2008 global
financial crisis, hedge funds and private equities remain largely
unregulated, said Mayra Rodríguez Valladares, managing principal at
capital markets and financial regulatory consulting firm MRV Associates
in an article she wrote for the New York Times.
Valladares said that one of the primary reasons is that the regulatory
framework remains fragmented and it is very difficult for the various
regulatory agencies to communicate with one another as well as to work
together to detect the next crisis.
She wrote in the article, "Not only do we have 'a dual state and federal
banking charter system,’ as former Representative Barney Frank told the
audience of regulators, bankers, lobbyists, consultants and academics,
we also have three national bank regulators, 50 state bank regulators
and two derivatives regulators, not to mention different regulators for
securities, broker-dealers and insurance companies."
Lack of transparency the Achilles' heel of finance
Valladares also cited the keynote speech of former Federal Reserve
chairman Paul A. Volcker during last week’s Federal Reserve conference
at George Washington University who said he has yet to meet a person who
is satisfied w...................... To view our full article Click here
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