Asset management study defended. According to Reuters, Richard Berner, of the Treasury Department’s Office of Financial Research, defended his office’s report on asset managers in testimony before the Senate subcommittee on economic policy. Berner said that the report’s purpose was to highlight the risks in the industry, not to promote new regulation. (1/29/2014) Defense. See also Berner testimony.
Canadian securities regulators propose changes to the prospectus-exempt distribution of short-term debt and short-term securitized products. The Canadian Securities Administrators published for comment proposed amendments relating to the short-term debt prospectus exemption in National Instrument 45-106 “Prospectus and Registration Exemptions.” The proposals include a new prospectus exemption designed to address the prospectus-exempt distribution of short-term securitized products, primarily asset-backed commercial paper; and amendments to the short-term debt prospectus exemption to address the prospectus-exempt distribution of short-term debt, typically corporate commercial paper. Comments should be submitted by April 23, 2014. (1/23/2014) CSA press release.